MIRA
INFORM REPORT
|
Report Date : |
27.01.2011 |
Note: The correct name of the company is B. R. Steel
Products Private Limited
IDENTIFICATION DETAILS
|
Name : |
B. R. STEEL PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before Electronic Zone,
Pawne, Navi Mumbai – 400 705, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
02.09.1960 |
|
|
|
|
Com. Reg. No.: |
11-011799 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1960PTC011799 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07552G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Ceramics Colours. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 785356 |
|
|
|
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Manoj Jena |
|
Designation : |
Accounts Manager |
|
Date : |
28.12.2010 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. C 39/B MIDC Area Turbhe Mahape Road, Before Electronic Zone,
Pawne, Navi Mumbai – 400 705, Maharashtra, India |
|
Tel. No.: |
91-22-27631483 |
|
Mobile No.: |
91-9833107030 (Mr. J M Mankad) |
|
Fax No.: |
91-22-27684519 |
|
E-Mail : |
|
|
Area : |
5000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Jagdish Kumudrai Dholakia |
|
Designation : |
Director |
|
Address : |
701, Hem Niketan, |
|
Date of Birth/Age : |
11.12.1942 |
|
Qualification : |
BSC |
|
Date of Appointment : |
03.02.2004 |
|
|
|
|
Name : |
Mrs. Ila Jagdish Dholakia |
|
Designation : |
Director |
|
Address : |
701, Hem Niketan, |
|
Date of Birth/Age : |
27.06.1944 |
|
Qualification : |
BSC |
|
Date of Appointment : |
03.02.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Jena |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Equity Shares |
|
|
|
Ms. Vishakha Dholakia |
|
1 |
|
Ms. Sheetal Sabharwal |
|
1 |
|
Mr. Jegmeet Singh |
|
1 |
|
Ms. Ila Dholakia |
|
108647 |
|
Mr. Jagdish Dholakia |
|
342650 |
|
Total
|
|
451300 |
|
Preference
Shares |
|
|
|
Ms. Ila Dholakia |
|
2923 |
|
Mr. Jagdish Dholakia |
|
2927 |
|
Total
|
|
5850 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ceramics Colours. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Ceramics Colours |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
China |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit (30, 60, 90 days) |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit (30, 60, 90 days) |
GENERAL INFORMATION
|
Customers : |
End Users, OEM’s |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
100 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Citi Bank, Bandra(E), Mumbai-400051, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
CC Rs.92.500 Millions
Notes : Loan from banks are secured by hypothecation of factory building, Plant
And Machineries, Stocks of raw materials, packing materials, finished and
semi finished goods, book debts and further personally guranteed by both the
directors of the company. Amount repayable towards Term Loan in next 13 months Rs.15.004
millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. M V Krishnamoorthy Chartered Accountants |
|
Address : |
15, Srivali, Rifle Range, Ghatkopar (West), Mumbai – 400
086, |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48700 |
Equity Shares |
Rs.100/- each |
Rs.48.700 Millions |
|
6000 |
6% Participating Preference Shares |
Rs.100/- each |
Rs.0.600 Million |
|
7000 |
Unclassified Shares |
Rs.100/- each |
Rs.0.700 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
451300 |
Equity Shares |
Rs.100/- each |
Rs.45.130
Millions |
|
5850 |
6% Participating Preference Shares |
Rs.100/- each |
Rs.0.585
Millions |
|
|
Total |
|
Rs.45.715 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
300.000 |
Expected Sales (2010-2011) : Rs.400.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.715 |
45.715 |
45.715 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
72.750 |
31.972 |
18.623 |
|
|
4] Profit And Loss Account |
77.874 |
95.437 |
57.317 |
|
|
NETWORTH |
196.339 |
173.124 |
121.655 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
70.599 |
58.142 |
80.880 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
70.599 |
58.142 |
80.880 |
|
|
DEFERRED TAX LIABILITIES |
4.548 |
2.731 |
1.413 |
|
|
|
|
|
|
|
|
TOTAL |
271.486 |
233.997 |
203.948 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
82.009 |
70.646 |
41.778 |
|
|
Capital work-in-progress |
0.000 |
4.912 |
8.564 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.550 |
21.400 |
3.625 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
72.524
|
72.923 |
69.715 |
|
|
Sundry Debtors |
65.627
|
50.690 |
77.160 |
|
|
Cash & Bank Balances |
1.792
|
6.025 |
6.053 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
61.510
|
30.949 |
22.132 |
|
Total
Current Assets |
201.453
|
160.587 |
175.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.315
|
3.996 |
11.426 |
|
|
Other Current Liabilities |
28.211
|
19.552 |
13.653 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
37.526
|
23.548 |
25.079 |
|
|
Net Current Assets |
163.927
|
137.039 |
149.981 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
271.486 |
233.997 |
203.948 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
277.795 |
223.800 |
219.492 |
|
|
|
Other Income |
13.804 |
14.590 |
9.215 |
|
|
|
TOTAL (A) |
291.599 |
238.390 |
228.707 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Stock |
(1.033) |
(4.555) |
5.101 |
|
|
|
Materials Cost |
172.225 |
121.086 |
118.721 |
|
|
|
Other Expenditures |
48.837 |
43.872 |
39.884 |
|
|
|
TOTAL (B) |
220.029 |
160.403 |
163.706 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
71.570 |
77.987 |
65.001 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.570 |
77.987 |
65.001 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.439 |
2.071 |
1.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
68.131 |
75.916 |
63.805 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
8.447 |
4.479 |
3.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
59.684 |
71.437 |
60.270 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
95.437 |
57.317 |
18.265 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
41.143 |
13.714 |
5.714 |
|
|
|
Appropriation for Dividend |
34.286 |
18.286 |
14.857 |
|
|
|
Differed Tax Liability |
1.818 |
1.317 |
0.646 |
|
|
BALANCE CARRIED TO
THE B/S |
77.874 |
95.437 |
57.317 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
131 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
20.46
|
29.96 |
26.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.52
|
33.92 |
29.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.03
|
32.83 |
29.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.43 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.47 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.36
|
6.81 |
6.98 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs.
In Millions)
|
Particulars |
31.03.2009
|
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
9.315
|
3.996 |
11.426 |
TRADE REFERENCES:
· Johnson and Johnson Limited, Mumbai
·
H and R Johnson (
· Sai Sagar Enterprises
· Vistat Electrical
· Pearl Polymers Limited
· B. D. Universal Traders
· Universal Trade
· Amit Appartment Limited
· Multoweld Wire Company
· Gama Investments (Private) Limited
· Madhuri Sales Corporation
· National Steel and Wire Company
·
Pacific
· Premium Estates (Private) Limited
·
West
Form 8:
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
-- |
|
Corporate
identity number of the company |
U99999MH1960PTC011799 |
|
Name of the
company |
B. R. STEEL
PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No C 39/B
M I D C Areaturbhe Maphe Road, Before Electronic Awne, Navi Mumbai,
Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Citibank N. A. Trent House, 2nd
Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai-400051,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry. |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs.92.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment On Demand Margin As may be stipulated
by the Bank from time to time. Extent and
Operation of the charge Equitable
mortgage created by deposit of title deeds with the Bank, in respect of
immovable properties described in Column No.15 below as security for
repayment of its Rs.92.500 millions by Company, together with interest,
additional interest, liquidated damages, commitment charges, premia on
repayment or on redemption, costs, expenses & other monies due and
payable by the Company to the Bank. Others NIL |
|
Short particulars
of the property charged |
Equitable
Mortgage of the Property including land and building situated at C-39
(B&C), MIDC, TTC Industrial Area, Pawane, Turbhe- Mahape Road, Navi
Mumbai- 400705. |
Fixed Assets :
- Roads
- Furniture and
Fixtures
- Electrical
Fittings
- Laboratory
Equipments
- Plant and
Machineries
- Reserve and
Water Work
- Air –
Conditioners
- Computers
- Fire
Extinguishers
- Mobile
Instruments
- Tea / Coffee
Wending Machine
- Water Cooler
- Motor Car
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.455.53 |
|
|
1 |
Rs.72.77 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.