MIRA INFORM REPORT
|
Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASARCO STEEL PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
MARSH STEELS ( |
|
|
|
|
Registered
Office : |
302, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of
Incorporation : |
04.01.2006 |
|
|
|
|
Com. Reg. No.: |
11-158627 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27105MH2006PTC158627 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM28804G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM5404F |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Trading, Stockiest and Suppliers of Iron and Steel Plants |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 23696 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financial of the company with the
Government Departments. 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. |
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 |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Dinesh |
|
Designation : |
Accounts Department |
|
Date : |
25.01.2011 |
LOCATIONS
|
Registered Office : |
302, |
|
Tel. No.: |
91-22-66368709 |
|
Fax No.: |
91-22-28082009 |
|
E-Mail : |
|
|
Area : |
1100sq.ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Ambrish L Shah |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
301B, |
|
Date of Birth/Age : |
23.01.1961 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
04.01.2006 |
|
|
|
|
Name : |
Mrs. Mita A Shah |
|
Designation : |
Director |
|
Address : |
301B, |
|
Date of Birth/Age : |
26.04.1964 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
04.01.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Dinesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Ambrish Shah |
|
7500 |
|
Mita Shah |
|
7500 |
|
Total |
|
15000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading, Stockiest and Suppliers of Iron and Steel Plants |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
Bhumic and Company ·
Anmol Steel, Processors Private Limited ·
Asian Hardware and Tools ·
Benite Steels Limited ·
BN Industries ·
D Madhukant Company ·
Essar Industries ·
Hemant Enterprises ·
Honesty Steel ·
H R Steel Corporation ·
Jain Steel Corporation ·
Jayambe Steel Traders ·
Jayantilal and Sons ·
Jaynil Enterprises ·
Khandelwal ·
Malav Enterprises ·
Malmo Steels Private Limited ·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
30 (In office) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Punjab and Maharashtra Co-Operative Bank Limited, Unit No. 1, Sardar Pratap
Singh Industrial Estate, L.B.S. Marg Branch, Bhandup (West), Mumbai-400078,
Maharashtra, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D M Jani and Company Chartered Accountant |
|
|
|
|
Name : |
Prashant Wakhariya and Company Chartered Accountant |
|
Address : |
B-1, Sadichha Apartment, Ground Floor, |
|
Tel. No.: |
91-22-28922369/ 22937350/ 28957162 (R) |
|
Mobile No.: |
91-9324657162 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Anmol Steels Processors Private Limited Address: 15, Taluja MIDC, Navi Mumbai Activity: Trader of Steel Iron. |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs.10/- each |
Rs.0.150
Million |
|
|
Share Application Money Ambrish L Shah |
|
Rs.5..495
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.150 |
0.150 |
0.150 |
|
|
2] Share Application Money |
5.495 |
5.495 |
0.000 |
|
|
3] Reserves & Surplus |
0.279 |
0.001 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
[0.003] |
|
|
NETWORTH |
5.924 |
5.646 |
0.147 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.157 |
5.017 |
0.017 |
|
|
TOTAL BORROWING |
0.157 |
5.017 |
0.017 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.081 |
10.663 |
0.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
107.835
|
3.222 |
0.000 |
|
|
Sundry Debtors |
167.124
|
8.736 |
0.000 |
|
|
Cash & Bank Balances |
8.335
|
0.055 |
0.048 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
283.294
|
12.013 |
0.048 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
190.082
|
|
|
|
|
Other Current Liabilities |
86.970
|
1.472 |
0.006 |
|
|
Provisions |
0.758
|
|
|
|
Total
Current Liabilities |
277.810
|
1.472 |
0.006 |
|
|
Net Current Assets |
5.484
|
10.541 |
0.042 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.097 |
0.122 |
0.122 |
|
|
|
|
|
|
|
|
TOTAL |
6.081 |
10.663 |
0.164 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
235.784 |
0.000 |
|
|
|
Other Income |
|
0.451 |
0.000 |
|
|
|
Closing Stock |
|
107.835 |
3.222 |
|
|
|
TOTAL |
|
344.070 |
3.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock |
|
3.222 |
0.000 |
|
|
|
Purchases |
|
332.873 |
3.130 |
|
|
|
Audit Fees |
|
0.017 |
0.000 |
|
|
|
Remuneration to Director |
|
0.210 |
0.000 |
|
|
|
Discounting Charges |
|
1.911 |
0.000 |
|
|
|
Salaries |
|
1.518 |
0.000 |
|
|
|
Other Expenses |
|
3.873 |
0.087 |
|
|
|
TOTAL |
|
343.624 |
3.217 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.446 |
0.005 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.168 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.278 |
0.005 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.001 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
0.279 |
0.005 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
18.53 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.08
|
0.16 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.19
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.16
|
0.04 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.00 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
46.92
|
1.15 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
8.16 |
8.00 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
Rs. in Millions 31.03.2010 |
Rs. in Millions 31.03.2009 |
Rs. in Millions 31.03.2008 |
|
Sundry Creditors |
|
|
|
|
1.Creditors For Expenses Prashant Wakhariya And Co. Rlna Pradip Jaln |
0.020 0.017 |
0.037 |
NA |
|
2.Creditors For Expenses-Brokerage Shree Raksha Allied Services V.Chhaganlal And Co. |
0.016 0.095 |
0.111 |
NA |
|
3.Creditors For Others P.R. Fiber |
0.167 |
0.167 |
NA |
|
4.Creditors For Transport Anls Ahmed |
0.003 |
0.003 |
NA |
|
5. Creditors For Salary Mlta Shah |
0.059 |
0.059 |
NA |
|
6. Creditors For Purchases Ispat Industries Limited Teco Industries Ushdev International Limited. |
3.254 181.452 4.996 |
189.703 |
NA |
Note:
The registered office address of the company has been shifted from 203,
Trade References:
·
H R Steel Corporation
·
Jain Steel Corporation
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27105MH2006PTC158627 |
|
Name of the
company |
MARSH STEELS ( |
|
Address of the
registered office or of the principal place of business in |
203, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Punjab and Maharashtra Co-Operative Bank Limited, Unit No. 1, Sardar Pratap
Singh Industrial Estate, L.B.S. Marg Branch, Bhandup (West), Mumbai-400078,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
08.01.2008 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
decided, from time to time, by the bank Margin As may be decided,
form time to time, by the bank Extent and
Operation of the charge To secure the due
repayment of Letter of credit facility of Rs. 100.000 Millions granted by the
bank to the company. |
|
Short particulars
of the property charged |
1) All, present and future, stocks of goods
such as raw materials, goods in process finished goods and other items of
stock in trade of the company. 2) All, present and future, book-debts
outstanding, moneys receivables, claims and bills due to 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.72.77 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.