MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PARIKH STEEL PRIVATE LIMITED |
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Registered
Office : |
Gujarat Centre, 4th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.12.1971 |
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Com. Reg. No.: |
21-043848 |
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CIN No.: [Company Identification
No.] |
U28999WB1971PTC043848 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALP00688C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer, Trader and Agency House Dealing in Import-Export
of Mild Steel, Special Steel, Tubular Products and Oilfield Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 87000 |
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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 an established company having moderate track. There appears
some losses incurred by the company in current year. 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.
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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
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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 DECLINED BY
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Name : |
Mr. Ranjana |
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Designation : |
Operator |
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Date: |
06.01.2011 |
LOCATIONS
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Registered Office : |
Gujarat Centre, 4th Floor, |
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Tel. No.: |
91-33-4353600 / 22814716 / 22814716 / 4021 |
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Fax No.: |
91-33-4353602 / 22814451 |
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E-Mail : |
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Website : |
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Warehouse : |
Steel stockyard, BL-5, Sumat, K
P Docks, S E Railway Colony, Kolkata-700043, West Bengal, India |
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Tel. No.: |
91-33-24392194 |
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Marketing Head Office: |
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Marketing Support Office : |
Located at
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Administrative Office : |
703,
Galleria, DLF City IV, Gurgaon-122002, |
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Tel. No.: |
91-124-5050777-80 |
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Fax No.: |
91-124-5050781/82 |
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E-Mail : |
DIRECTORS
AS ON 27.09.2010
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Name : |
Mr. Rajen A Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
19.06.1956 |
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Date of Appointment : |
26.07.1976 |
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Name : |
Mr. Rajendra Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
09.04.1955 |
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Date of Appointment : |
26.08.1988 |
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Name : |
Ms. Karuna Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
12.11.1984 |
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Date of Appointment : |
15.12.2008 |
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Name : |
Mr. Sushil Kapoor |
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Designation : |
Director |
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Date of Birth/Age : |
23.01.1939 |
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Date of Appointment : |
25.04.2000 |
KEY EXECUTIVES
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Name : |
Mr. Ranjana |
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Designation : |
Operator |
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Date of Appointment : |
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Name : |
Mr. Debasish Mukhopadhyay |
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Designation : |
Company Secretary |
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Address : |
73/1, |
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Name : |
Mr. S. Pathak |
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Designation : |
General Manager - Steel Import Division |
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E-Mail : |
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Name : |
Mr. Arunabha Dutt |
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Designation : |
General Manager - Pipe & Tube Marketing |
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E-Mail : |
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Name : |
Mr. Amitava Datta |
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Designation : |
Territory Head - |
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E-Mail : |
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Name : |
Mr. R. Shankar Raman |
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Designation : |
Area Manager - Mumbai |
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E-Mail : |
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Name : |
Mr. M. A. Ravi |
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Designation : |
Marketing Manager - Special Steels |
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E-Mail : |
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Name : |
Mr. G. Ragothaman |
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Designation : |
Area Manager-South |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
No. of Shares |
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Rajen A Parikh |
87900 |
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Rajendra Parikh |
172 |
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Padma Parikh |
17592 |
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Hematika Puri |
1000 |
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Kalpana Parikh |
33332 |
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Dhanika Parikh |
20000 |
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Nayantara Parikh |
20000 |
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Karuna Parikh |
20000 |
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Jawaharlal Joshi |
2 |
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Sushil Kapoor |
2 |
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Total |
200000 |
AS ON 27.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Other top fifty shareholders |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer, Trader and Agency House Dealing in Import-Export
of Mild Steel, Special Steel, Tubular Products and Oilfield Equipments. |
GENERAL INFORMATION
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No. of Employees : |
250 approximately |
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sarkar Mitra and Mitra Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs. 100 each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs. 100 each |
Rs.20.000 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 |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.882 |
25.676 |
17.102 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.882 |
45.676 |
37.102 |
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LOAN FUNDS |
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1] Secured Loans |
103.383 |
99.722 |
96.780 |
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2] Unsecured Loans |
16.429 |
9.309 |
9.145 |
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TOTAL BORROWING |
119.812 |
109.031 |
105.925 |
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DEFERRED TAX LI |
0.676 |
0.676 |
0.676 |
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TOTAL |
142.370 |
155.383 |
143.703 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
85.189 |
93.462 |
99.342 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
34.200 |
41.318 |
32.800 |
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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 |
0.000
|
2.010 |
2.580 |
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Sundry Debtors |
12.846
|
4.580 |
2.842 |
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Cash & Bank Balances |
6.077
|
5.696 |
8.621 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
47.783
|
31.872 |
22.142 |
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Total
Current Assets |
66.706
|
44.158 |
36.185 |
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Less : CURRENT LI |
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Sundry Creditors |
0.000 |
0.000 |
0.000 |
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Other Current Liabilities |
28.738
|
8.568 |
15.918 |
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Provisions |
14.987
|
14.987 |
8.706 |
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Total
Current Liabilities |
43.725
|
23.555 |
24.624 |
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Net Current Assets |
22.981
|
20.603 |
11.561 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
142.370 |
155.383 |
143.703 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Other Income |
|
78.795 |
173.086 |
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TOTAL (A) |
|
78.795 |
173.086 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
102.590 |
158.231 |
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Advertising Expenses |
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TOTAL
(B) |
|
102.590 |
158.231 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(23.795) |
14.855 |
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Less |
FINANCIAL
EXPENSES (D) |
|
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(23.795) |
14.855 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
|
(23.795) |
14.855 |
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Earnings Per
Share (Rs.) |
|
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(30.19)
|
8.58 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(15.66)
|
10.79 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.08)
|
0.32 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.50
|
2.91 |
3.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.87 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details Not Available
ACCOUNTS
The company made a Book Loss for a sum of
Rs.23.794 millions for the year as referred.
The company executed Sales and Services including other income from other
services totaling to the tune of Rs. 78.795 millions against expenditure to the
tune of Rs. 102.590 millions vide Auditor's Report Dt. 14.09.10,
ACTIVITIES
World-wide Currency devaluation leads to recessation in the world trade
markets and thereby, small fry, like them was seriously effected in the
international trade and to full fill the commitments of the Contractual
obligations, they find no other way to continue business which ultimately
attracts heavy loss in the process of business of the year under review. It is
the, first time, Company witnessed a Loss in business since Incorporation.
Your Director have pleasure to report that the year; the Employees of the
company extended their full co-operation in the process of business and administration.
Fixed Assets:
- Building
- Furniture and
Fixtures
- Motor Car
- Fans
- Office
Equipments
- Scooter
- Bicycle
- Fax Machine
- Computer
- Motor Cycle
FORM 8
|
Corporate
identity number of the company |
U28999WB1971PTC043848 |
|
Name of the
company |
PARIKH STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gujarat Centre, 4th Floor, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
Punjab National Bank, Biren Apartment, Fatehgunj, VArodara 390002, Email. jpscs2007@gmail.com |
|
Nature of
instrument creating charge |
Letter Of Deposit
Of Title Deeds Dated 20.03.09 (Loan Sanctioned To Indobel Steels Private
Limited As Under) Cash Credit (Hyp)
Limit Of Rs.10.000 millions ILC (Inland
Letter Of Credit) (Da) Limit Of Rs.4.500
millions(Within Cc) Term Loan I -
Rs.2.565 millions Term Loan Ii -
Rs.4.928 millions Term Loan Ii-
Rs.0.511 million Aggregating Total Limit Of Rs.18.004 millions |
|
Date of
instrument Creating the charge |
20.03.2009 |
|
Amount secured by
the charge |
Rs. 18.004
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest By This
Submission, The Company Has Created Charge On Immovable Property At Mumbai -
Flat No.206, Adm.630 Sq.Ft. Carpet Area, Wing A, Building No.1, Akruti Orchid
Park, Cts No.693 and 699 Situate, Lying Being At Village Mohilli, Tal.Kurla,
Mumbai For Loan Sanctionedto Indobel Steel Private Limited . Information
Regarding Rate Of Interest Does Not
Appear In The Enclosed Document. Terms Of Repayment By This Submission,
The Company Has Created Charge On Immovable Property At Mumbai - Flat No.206,
Adm.630 Sq.Ft. Carpet Area, Wing A, Building No.1, Akruti Orchid Park, Cts
No.693 and 699 Situate, Lying Being At Village Mohilli, Tal.Kurla, Mumbai For
Loan Sanctionedto Indobel Steel Private Limited . Information Regarding
Repayment Of Loan Does Not Appear In
The Enclosed Document. Margin By This
Submission, The Company Has Created Charge On Immovable Property At Mumbai -
Flat No.206, Adm.630 Sq.Ft. Carpet Area, Wing A, Building No.1, Akruti Orchid
Park, Cts No.693 and 699 Situate, Lying Being At Village Mohilli, Tal.Kurla,
Mumbai For Loan Sanctionedto Indobel Steel Private Limited . Information
Regarding Margin Does Not Appear In The
Enclosed Document. Extent And Operation Of The Charge Rs.18.004
millions And Operation Of Charge On -
Flat No.206, Adm.630 Sq.Ft. Carpet Area, Wing A, Building No.1, Other Limit Sanctioned
By Punjab National Bank, Fatehgunj Branch, Varodara And Document Issued By
Punjab National Bank, Borivali Branch, Mumbai. |
|
Short particulars
of the property charged (Including location of the property) |
Flat No.206,
Adm.630 Sq.Ft. Carpet Area, Wing A, Building No.1, Akruti Orchid Park, Cts
No.693 and 699 Situate, Lying Being At Village Mohilli, Tal.Kurla, Mumbai |
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--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.