MIRA
INFORM REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SKK STEEL ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
286, Victoria Overbridge Road, Opposite Britannia, Industries Limited,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155471 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2005PTC155471 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS52108A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS2912D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Iron and Steel |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 118996 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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) |
|
|
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 : |
286, Victoria Overbridge Road, Opposite Britannia, Industries Limited,
|
|
Tel No.: |
91-22-27422930 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Plot No. 1467, Kalamboli Steel Market, Opposite Shreenath Warehouse,
Navi Mumbai – 410218, Maharashtra, India |
|
Tel. No.: |
91-22-23740211 |
|
Fax No.: |
91-22-23740212 |
|
|
|
DIRECTORS
AS ON : 30.09.2010
|
Name : |
Mr. Sudarshan Agarwal |
|
Designation : |
Director |
|
Address : |
Brindavan Society, Dwarka, Bunglow No. 4, Deonar Pharm Road, Mumbai – 400088,
Maharashtra, India |
|
Date of Birth/Age : |
20.11.1941 |
|
Date of Appointment : |
19.08.2005 |
|
|
|
|
Name : |
Mr. Ajay Agarwal |
|
Designation : |
Director |
|
Address : |
Brindavan Society, Dwarka, Bunglow No. 4, Deonar Pharm Road, Mumbai – 400088,
Maharashtra, India |
|
Date of Birth/Age : |
22.09.1962 |
|
Date of Appointment : |
19.08.2005 |
|
|
|
|
Name : |
Mr. Kartik Agarwal |
|
Designation : |
Director |
|
Address : |
Brindavan Society, Dwarka, Bunglow No. 4, Deonar Pharm Road, Mumbai – 400088,
Maharashtra, India |
|
Date of Birth/Age : |
25.12.1987 |
|
Date of Appointment : |
20.11.2007 |
|
|
|
|
Name : |
Mr. Karan Agarwal |
|
Designation : |
Director |
|
Address : |
Brindavan Society, Dwarka, Bunglow No. 4, Deonar Pharm Road, Mumbai – 400088,
Maharashtra, India |
|
Date of Birth/Age : |
31.08.1989 |
|
Date of Appointment : |
01.01.2008 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sudarshan Agarwal |
|
915000 |
|
Ajay Agarwal |
|
65000 |
|
Kartik Agarwal |
|
10000 |
|
|
|
|
|
Total |
|
990000 |
AS ON : 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.00 |
|
Bodies corporate |
0.00 |
|
Directors or relatives of Directors |
100.00 |
|
Other top fifty shareholders |
0.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Iron and Steel |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.D. Mehta and Associates Chartered Accountant |
|
Address : |
Bal Krishna Chambers, Office No.18, 2nd Floor, |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
990000 |
Equity Shares |
Rs.10/- each |
Rs. 9.900
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 |
9.900 |
9.900 |
9.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.849 |
18.674 |
15.512 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.749 |
28.574 |
25.412 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.480 |
40.246 |
8.367 |
|
|
2] Unsecured Loans |
17.745 |
0.997 |
44.202 |
|
|
TOTAL BORROWING |
62.225 |
41.243 |
52.569 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
91.974 |
69.817 |
77.981 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.753 |
0.388 |
0.369 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.024 |
0.057 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51.878
|
54.881 |
47.679 |
|
|
Sundry Debtors |
70.398
|
99.508 |
81.298 |
|
|
Cash & Bank Balances |
2.469
|
2.313 |
1.438 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
49.621
|
2.394 |
6.795 |
|
Total
Current Assets |
174.366
|
159.096 |
137.210 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
82.779
|
88.489 |
55.469 |
|
|
Provisions |
0.490
|
1.352 |
4.263 |
|
Total
Current Liabilities |
83.269
|
89.841 |
59.732 |
|
|
Net Current Assets |
91.097
|
69.255 |
77.478 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.100 |
0.117 |
0.134 |
|
|
|
|
|
|
|
|
TOTAL |
91.974 |
69.817 |
77.981 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
476.275 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
476.275 |
554.927 |
457.143 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
474.589 |
550.506 |
445.242 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
474.589 |
550.506 |
445.242 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.686 |
4.421 |
11.901 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.686 |
4.421 |
11.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.686 |
4.421 |
11.901 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.511 |
1.258 |
4.235 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1.175 |
3.163 |
7.666 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.19 |
3.19 |
7.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.24
|
0.56 |
1.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.35
|
0.79 |
2.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.96
|
2.77 |
8.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.15 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.89
|
4.58 |
4.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
1.77 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
:
The directors of the company are pleased to inform the Members that Net Profit
After Tax has Rs. 1.175 millions for the year under review as against Net
Profit After Tax of Rs. 3.162 millions for the corresponding previous year.
Fixed Assets :
Warehousing Plot
Construction of Warehouse
Electrical Installation
Furniture and Fixtures
Office Equipments
Computer
Indica Car
NOTE :
The Registered office address of the company
has been shifted from Plot No. 1467 Steel Market Kalamboli, Navi Mumbai –
410208,
Form : 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51420MH2005PTC155471 |
|
Name of the
company |
SKK STEEL
ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 1467
Steel Marketkalamboli, Navi Mumbai - 410208, |
|
Type of charge |
Book debts Others |
|
Particular of
charge holder |
UCO Bank, Belapur
C. B. D. Branch, Navi Mumbai, - 400614, Email : ucocbd@gmail.com |
|
Nature of
instrument creating charge |
Hypothecation
Deed Dated 22nd January, 2008 |
|
Date of
instrument Creating the charge |
22/01/2008 |
|
Amount secured by
the charge |
Rs. 10.000 millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Rate Of Interest:
Bplr 1.00% Present Bplr Is 13.50% Effective Roi Is 12.50% P. A. At Monthly Rests
Or As Per H. O./RBI Guidelines Issued From Time To Time Personal
Guarantee Of Directors Margin: Nil Terms Of Repayment : Repayment On
Demand Margin : Margin: Nil Extent And Operation Of The Charge : Principal Amount
& Interest Including Penal Interest If Any. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
Book debts &
Stock Remains In The Custody Of The Company From The Time To Time & Any
Offices Of The Company. |
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. 45.53 |
|
|
1 |
Rs. 72.55 |
|
Euro |
1 |
Rs. 60.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.