MIRA
INFORM REPORT
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Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
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Name : |
BASAI STEELS AND POWER PRIVATE LIMITED (w.e.f. Financial year 2009-10) |
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Formerly Known as : |
BASAI STEELS PRIVATE LIMITED |
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Registered Office : |
A – 23 / 5 and 6, A.P.I.E. Balanagar, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.01.2002 |
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Com. Reg. No.: |
01-38411 |
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CIN No.: [Company
Identification No.] |
U27109AP2002PTC038411 |
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IEC No.: |
0903011328 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDB01504G |
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PAN No.: [Permanent
Account No.] |
AAEFB2274R |
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Legal Form : |
A Private Limited Liability Company |
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Line of Business : |
Authorised Dealer of Iron and Steel for SAIL and VSP. Also
Manufacturer of MS Sheets, MS Sections and MS bars. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 5593000 |
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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. The 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 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) |
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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
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Name : |
Mr. Srinivas |
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Designation : |
Account Manager |
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Date : |
12.01.2011 |
LOCATIONS
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Registered Office : |
A – 23/ 5 and 6, A.P.I.E. Balanagar, |
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Tel. No.: |
91-40-23774178 / 23776265 / 65290501 |
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Mobile No. : |
91-9885300500 (Mr. Mayur Agarwal) |
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Fax No.: |
91-40-23774180 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
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Location : |
Owned |
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Project Office : |
59, D / 1, Parvathi nagar, 3rd |
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Tel. No.: |
91-8392-268477 |
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Factory : |
Ward No. 3, Plot No. 412, |
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Tel. No.: |
91-8392-213085 / 86 |
DIRECTORS
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Name : |
Mrs. Pushpa Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 22, Road No. 5, TMG Colony, Mahendra Hills, Secunderabad, |
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Date of Birth/Age : |
10.11.1969 |
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Qualification : |
B. Sc |
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Date of Appointment : |
29.01.2002 |
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Name : |
Mr. Piyush Agarwal |
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Designation : |
Joint Managing Director (appointed w.e.f. 01.07.2009) |
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Address : |
Plot No. 22, Road No. 5, TMG Colony, Mahendra Hills, Secunderabad, |
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Date of Birth/Age : |
31.12.1982 |
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Qualification : |
M. B. A. |
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Date of Appointment : |
29.01.2002 |
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Name : |
Mr. Gopal Agarwal |
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Designation : |
Managing Director |
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Address : |
Plot No. 22, Road No. 5, TMG Colony, Mahendra Hills, Secunderabad, |
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Date of Birth/Age : |
11.11.1958 |
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Date of Appointment : |
18.06.2007 |
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Name : |
Ms. Sweta Kumari |
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Designation : |
Director |
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Address : |
Plot No. 22, Road No. 5, TMG Colony, Mahendra Hills, Secunderabad, |
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Date of Birth/Age : |
06.09.1982 |
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Qualification : |
Physiologist |
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Date of Appointment : |
18.06.2007 |
KEY EXECUTIVES
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Name : |
Mr. Srinivas |
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Designation : |
Account Manager |
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Name : |
Ms. Tulsi Agarwal |
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Designation : |
Secretary |
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Address : |
5-7-231/A, Agapura Charkand, |
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Date of Birth/Age : |
20.11..1988 |
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Date of Appointment : |
22.06.2010 |
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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Associated Commercial Transport |
|
213150 |
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Gopal Agarwal HUF |
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51472 |
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Gopal Agarwal |
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24403104 |
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Mayur Agarwal |
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2997476 |
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Pushpa Agarwal |
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14143934 |
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S.K. Agarwal |
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50000 |
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Sadhan Devi Agarwal |
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11700 |
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Mamata Agarwal |
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50000 |
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Matrabhakt Party ( |
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1000000 |
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V. |
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60000 |
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Piyush Agarwal |
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9226840 |
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Shweta Agarwal |
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2297200 |
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Girish Agarwal |
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1427332 |
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Sanjana Agarwal |
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600000 |
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Sojiram Ispat Private Limited ( |
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940000 |
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U. Padma |
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20000 |
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U. Rajeshwar |
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190000 |
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Samchera DMCC (UAE) |
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397792 |
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Bhagwan Gupta |
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200000 |
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Anjaneya Steels ( |
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3750000 |
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M.A. Jyothi |
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450000 |
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Swarnim Credit and Holding Limited ( |
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240000 |
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Techno Strength ( |
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280000 |
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Total |
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63000000 |
Equity Share Break up as on 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
0.63 |
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Bodies corporate |
3.46 |
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Directors or relatives of Directors |
87.71 |
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Other top fifty shareholders |
8.20 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Dealer of Iron and Steel for SAIL and VSP. Also
Manufacturer of MS Sheets, MS Sections and MS bars. |
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Products : |
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Agencies Held : |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days and 90 days ) |
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Purchasing : |
Cash, Credit (30 days, 60 days and 90 days ) |
GENERAL INFORMATION
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Customers : |
Manufacturer, End users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Rastogi and Rastogi Chartered Accountant |
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Address : |
202, Badam Sahana, 2nd Floor, 6-3-1085, Raj |
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Tel. No.: |
91-40-23396197 / 23311237 / 66616197 |
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Fax No.: |
91-40-23325440 |
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E-Mail : |
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Website : |
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Membership : |
ISO 9001 : 2000 |
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Holding Company: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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65000000 |
Equity Shares |
Rs. 10 /- each |
Rs. 650.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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63000000 |
Equity Shares |
Rs. 10 /- each |
Rs. 630.000 Millions |
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 |
600.000 |
270.000 |
150.000 |
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2] Share Application Money |
736.959 |
598.413 |
152.910 |
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3] Reserves & Surplus |
61.335 |
47.424 |
34.027 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1398.294 |
915.837 |
336.937 |
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LOAN FUNDS |
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1] Secured Loans |
2254.880 |
1458.879 |
651.763 |
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2] Unsecured Loans |
2.749 |
7.891 |
10.439 |
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TOTAL BORROWING |
2257.629 |
1466.770 |
662.202 |
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DEFERRED TAX LIABILITIES |
8.219 |
0.000 |
0.000 |
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TOTAL |
3664.142 |
2382.607 |
999.139 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
438.917 |
34.574 |
15.580 |
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Capital work-in-progress |
2100.763 |
1698.403 |
188.910 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
1.187 |
0.217 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
618.543 |
214.182 |
196.596 |
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Sundry Debtors |
920.464 |
457.457 |
637.798 |
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Cash & Bank Balances |
3.610 |
8.223 |
9.099 |
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Other Current Assets |
160.878 |
115.233 |
40.508 |
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Loans & Advances |
95.052 |
16.069 |
20.072 |
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Total
Current Assets |
1798.547 |
811.164 |
904.073 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
418.379 |
79.843 |
20.470 |
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Other Current Liabilities |
248.250 |
73.058 |
82.027 |
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Provisions |
7.543 |
9.994 |
7.403 |
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Total
Current Liabilities |
674.172 |
162.895 |
109.900 |
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Net Current Assets |
1124.375 |
648.269 |
794.173 |
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MISCELLANEOUS EXPENSES |
0.087 |
0.174 |
0.259 |
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TOTAL |
3664.142 |
2382.607 |
999.139 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
4178.004 |
3527.770 |
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Other Income |
7.726 |
1.332 |
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TOTAL (A) |
4185.730 |
3529.102 |
3747.800 |
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Less |
EXPENSES |
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|
Increase / (Decrease) in Stock |
(33.901) |
(11.660) |
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|
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Purchase / Raw Material Consumed |
3983.728 |
3429.386 |
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Manufacturing Consumed |
28.755 |
0.000 |
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Salaries and Wages |
6.924 |
4.730 |
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Other Expenses |
31.501 |
19.834 |
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Preliminary Expenses Written Off |
0.086 |
0.086 |
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TOTAL (B) |
4017.093 |
3442.376 |
3731.300 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
168.637 |
86.726 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
117.509 |
60.969 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
51.128 |
25.757 |
NA |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
27.809 |
4.920 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
23.319 |
20.837 |
16.500 |
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Less |
TAX (I) |
9.408 |
7.440 |
7.100 |
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PROFIT AFTER TAX
(G-I) (J) |
13.911 |
13.397 |
9.400 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
47.424 |
34.027 |
NA |
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BALANCE CARRIED
TO THE B/S |
61.335 |
47.424 |
NA |
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IMPORTS |
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Raw Materials |
28.600 |
0.000 |
NA |
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|
Stores, Chemicals and Other materials |
0.000 |
0.000 |
NA |
|
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Capital Goods |
0.000 |
0.000 |
NA |
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TOTAL IMPORTS |
28.600 |
0.000 |
NA |
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Earnings Per
Share (Rs.) |
0.22 |
0.61 |
0.81 |
|
Expected Sales (2010-11) : Rs.5000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.33 |
0.38 |
0.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.56 |
0.59 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.04 |
2.46 |
1.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.10 |
1.78 |
2.29 |
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Current Ratio (Current Asset/Current Liability) |
|
2.67 |
4.98 |
8.23 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
During the year, the company has successfully started the commercial
operations of its steel plant and has set a new benchmark for its operating
performance, growth and earnings.
The turnover for the year 2009-10 was Rs.4178.000 Millions against
Rs.3527.800 Millions for the previous year. Profits after Taxes for year were
Rs.13.900 Millions against Rs.13.400 Millions for the previous year.
Form 8:
|
This form is for |
Modification of
charge |
|
Name of the
company |
BASAI STEELS AND POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A – 23/5 and 6, A.P.I.E. Balanagar, |
|
Type of charge |
Movable Property Book Debts Floating Charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in overall limit.
Letter regarding grant of individual limit with in the overall limit all
dated 09.12.2010 |
|
Date of
instrument Creating the charge |
09.12.2010 |
|
Amount secured by
the charge |
Rs. 950.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 6% above Base
Rate, presently 13.60% p.a. at monthly rests, subject to change in base rate
from time to time Terms of
Repayment On Demand Margin Stocks - 25% Receivables
(cover 90 days) - 25% LC- 15% BG-15%. Extent and
Operation of the charge Charge on entire
current assets and fixed assets of trading division of the company |
|
Short particulars
of the property charged |
|
|
Particulars of
present modifications |
Renewal of
Working Capital Limits of Trading Division. Limit enhanced from Rs. 630.000
Millions to 950.000 Millions. |
Fixed Assets:
- Land
- Plant and
Machinery
- Scooters
- Cars
- Furniture
- Truck
- Office
Equipments
- Generators
- Crane
- Printer
- Computer
- Pollution
Control Equipment
- Electrical
Equipments
WEBSITE DETAILS:
They are pleased to introduce ourselves as one of
the leading company in all kinds of Iron and Steels viz.,Ms Channels, Angles, Beams, Rounds, Plates,
Sheets, Flats etc….They are having more than 30 years
splendid background in dealing with Large Medium and Small scale Industries,
The Prospect of the organization has become go large in number that they have
now started our own INTEGRATED
STEEL PLANT Which include Sponge Iron Plant, Power, Induction Furnace and Rolling
Mill.
They are authorized dealers for Steel Authority of India Limited (SAIL) and VSP Products they do have close understanding of competition as such they are very competitive in their dealings, keeping in view of their long established customers. They are ISO 9001-2000 Company, with a business turnover of more than Rs. 4000.000 millions per annum.
Their long years in this business had kept us quite close with their clients for their services hospitality public relation and commitment to quality with promptness.
They are very much interested with open hands and mind to start their dealing with you for enabling them to serve you to the best of the satisfaction. Hence they wish to have the preliminary order for enabling them to enlist the name in the list of their valuable clients. They value the patronage as their honour.
Subject is a
company incorporated on 29th January 2002 with the main objective of
manufacturing steel and related items as well as into associated activities
such as mining as well as selling or trading in steel products.
The company was founded by Mrs. Pushpa Agarwal and Mr. Piyush Agarwal
and is presently engaged in trading of Iron and Steel Products such as Angles,
Channels, Beams, Joists, Bars, TOR-Steel, Strips, Flats, MS Rounds etc.
The Company Presently has the authorized dealership of SAIL and VSP and almost 60% of its annual purchases are from SAIL. BSPL has Show progressive growth in turnover with expected sales of Rs.4000.000 millions turn over by the end of this fiscal year 2006-07.
The Company was formed with the object to manufactured steel and related items and has taken steps for implementation of this object in a phased manner.
Power
Capacity
6 MW--WHR
Based
14MW-- FBC Based
The proposed plant shall be configured with 3 nos of Waste Heat Recovery Boilers (WHRB) of capacity of 10 TPH each Boiler operating at 67 kg/cm2 and 485±5°C
The balance steam for generating the rated power will be generated by one nos. of Fluidized Bed Combustion Boiler (AFBC) using Coal and Char of capacity 80 TPH operating at 67 kg/cm2 and 485±5°C.
The proposed one 20 MW Steam
Turbine shall have one uncontrolled extraction connected to one constant
pressure detector normally working at 125°C feed water temperature.
The steam generated in the boilers would be
sufficient to generate 20.0 MW of power.
The feed water system of Boilers
is sized to support the installed capacity of boilers to enable 20 MW power
generation.
One induced draft RCC counter flow
1 x 15 m3/hr rated flow capacity single
stream fully manual operated outdoor type DM plant is envisaged for the
proposed CPP.
All electrical equipment will conform
to relevant IS/IEC standards and recommendations of IEEE standards.
One centralized Control System is
envisaged for the operation of major equipment (Boiler, STG, CW System) in the
plant and other auxiliary systems (Compressors and DM plant) shall be operated
from their relay based local control panels/stations.
The steam at required parameter to STG
would be provided through a main steam header. All Boilers will be
connected to this main steam header. The variation in the steam
generation of WHRB will vary in line with the variation in the hot gas
parameters and its flow. As discussed above, the total steam requirement for 20
MW power generation, as per the suppliers of turbine and generator, shall be
minimum 80 TPH operating at 67 kg/cm2 and 485±5°C. Therefore, the heat energy
available from 300 TPD DRI kilns feeding to 3X10 TPH capacity WHRB boilers and
one 80 TPH capacity FBC boiler will be sufficient for generating
sufficient steam to run 20 MW turbine and generator. As per the standard
practice and efficiency ratio of turbines clubbed with generation system, the
average steam requirement for generation of 1 MW works out to 4 TPH with
specified temperature and pressure of steam, as such each of the boilers (WHRB
and FBC) have been selected with higher rated capacities for the reasons
elaborated below-
Most of the power generated is to be
consumed by the melt shop and rolling sections of the unit and to ensure
continuous power supply to these sections, even if DRI plant is completely shut
down, FBC boiler will generate adequate power to feed both melt shop and
rolling mill.
The rotary kilns in the DRI section will be
subjected to regular annual maintenance at different intervals, so that at
least two of the kilns are always operational and generating adequate heat to feed
WHRB boilers connected to it and providing minimum 20 TPH of steam for
turbine/generator.
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 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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
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 |
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.