MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
READYMADE STEEL INDIA LIMITED |
|
|
|
|
Registered
Office : |
203, Joshi Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
21.03.2006 |
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|
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|
Com. Reg. No.: |
11-160602 |
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Capital
Investment / Paid-up Capital : |
Rs.75.512
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U27100MH2006PTC160602 |
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|
|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Steel. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 330000 |
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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. 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 |
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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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Naren |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered Office : |
203, Joshi Chambers, |
|
Tel. No.: |
91-22-67439360 |
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Fax No.: |
91-22-67439360 |
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E-Mail : |
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Website : |
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Head Office : |
101/ 102, Shreya House, |
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Tel. No.: |
91-22-67156715 |
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Fax No.: |
91-22-67156716 |
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Factory : |
Village Vanwathe, Khopoli – |
|
Tel. No.: |
91-2192-278194 |
|
Fax No.: |
91-2192-278163 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Anil Dhanpatlal Agarwal |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Bungalow No.8/A, Eden Bungalows CHS Limited, |
|
Date of Birth/Age : |
20.01.1976 |
|
Date of Appointment : |
21.03.2006 |
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|
|
|
Name : |
Mrs. |
|
Designation : |
Director |
|
Address : |
Krishna Trading Corporation, 203, Joshichambers, |
|
Date of Birth/Age : |
10.08.1953 |
|
Date of Appointment : |
13.08.2007 |
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|
Name : |
Mr. Mohit Prem Jain |
|
Designation : |
Director |
|
Address : |
6, |
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Date of Birth/Age : |
17.08.1984 |
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Date of Appointment : |
02.06.2010 |
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|
Name : |
Mr. Anand Hariram Goel |
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Designation : |
Director |
|
Address : |
New Timber Market, Fafadih Raipur, Chattisgarh, Raipur-492001, |
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Date of Birth/Age : |
25.07.1965 |
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Date of Appointment : |
25.08.2010 |
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Name : |
Mr. Mahesh Kumar Hariram Garg |
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Designation : |
Director |
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Address : |
I-267, Naraina Vihar, New Delhi-110028, |
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Date of Birth/Age : |
10.10.1948 |
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Date of Appointment : |
25.08.2010 |
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|
Name : |
Mr. Abhijit Vidyanand Ranade |
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Designation : |
Director |
|
Address : |
A1/1, Rambag Colony, Parijat Bunglow, Navi Peth, Pune-411030, |
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Date of Birth/Age : |
10.11.1968 |
|
Date of Appointment : |
29.09.2010 |
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|
|
|
Name : |
Mr. Sandeep Mittal |
|
Designation : |
Additional Director |
|
Address : |
107, Fiorello, Nahar S Amrit Shakti, Sector R2, Phase II, Chandivali,
Andheri (E), Mumbai-400072, |
|
Date of Birth/Age : |
15.05.1976 |
|
Date of Appointment : |
30.09.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Umakanta Uttamchandra Das |
|
Designation : |
Secretary |
|
Address : |
104, Gokul Galaxy, |
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Date of Birth/Age : |
23.12.1965 |
|
Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anil Dhanpatlal Agarwal |
|
5265000 |
|
|
|
10000 |
|
Kridhan Infrastructures Private Limited, |
|
2276200 |
|
Mahesh Kumar Hariram Garg |
|
1000 |
|
Radhika Agrawal |
|
1000 |
|
Seema Gupta |
|
1000 |
|
Mukul Gupta |
|
1000 |
|
|
|
|
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Total |
|
7555200 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
30.12 |
|
Directors
or relatives of directors |
|
69.87 |
|
Other
top fifty shareholders |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel. |
GENERAL INFORMATION
|
Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
U.B. Lakhani and Company Chartered Accountant |
|
Address : |
A-202, |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7555200 |
Equity Shares |
Rs.10/- each |
Rs.75.552
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
755120 |
Equity Shares |
Rs.10/- each |
Rs.75.512
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 |
75.512 |
42.750 |
42.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.083 |
0.658 |
0.192 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
83.595 |
43.408 |
42.942 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
72.765 |
60.448 |
19.509 |
|
|
2] Unsecured Loans |
0.000 |
0.285 |
22.095 |
|
|
TOTAL BORROWING |
72.765 |
60.733 |
41.604 |
|
|
DEFERRED TAX LIABILITIES |
2.694 |
0.676 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
159.054 |
104.817 |
84.546 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
85.492 |
103.370 |
56.802 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
72.705
|
17.245 |
0.000 |
|
|
Sundry Debtors |
170.638
|
12.485 |
0.000 |
|
|
Cash & Bank Balances |
2.338
|
0.674 |
0.000 |
|
|
Other Current Assets |
5.655
|
1.743 |
0.000 |
|
|
Loans & Advances |
2.949
|
8.029 |
32.257 |
|
Total
Current Assets |
254.285
|
40.176 |
32.257 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
179.218
|
2.896 |
|
|
|
Other Current Liabilities |
0.931
|
35.757 |
3.965 |
|
|
Provisions |
1.548
|
0.396 |
0.913 |
|
Total
Current Liabilities |
181.697
|
39.049 |
4.878 |
|
|
Net Current Assets |
72.588
|
1.127 |
27.379 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.974 |
0.320 |
0.365 |
|
|
|
|
|
|
|
|
TOTAL |
159.054 |
104.817 |
84.546 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
323.743 |
48.948 |
13.466 |
|
|
|
Other Income |
3.174 |
1.540 |
0.444 |
|
|
|
TOTAL (A) |
326.917 |
50.488 |
13.910 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
274.162 |
23.767 |
|
|
|
|
Manufacturing Expenses |
14.308 |
7.058 |
|
|
|
|
Employees Cost |
7.870 |
3.841 |
|
|
|
|
Selling and Administrative Expenses |
7.033 |
5.210 |
10.140 |
|
|
|
Preliminary Expenses Written Off |
0.046 |
0.046 |
|
|
|
|
Other Adjustments |
0.000 |
(0.008) |
|
|
|
|
TOTAL (B) |
303.419 |
39.914 |
10.140 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.498 |
10.574 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.881 |
5.719 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.617 |
4.855 |
3.770 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.925 |
3.730 |
0.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.692 |
1.125 |
2.907 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.095 |
0.841 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.597 |
0.284 |
2.907 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.658 |
0.374 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Demand for AY 2007-08 |
0.173 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
8.082 |
0.658 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Machineries and Couplers and Consumable |
2.137 |
1.430 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.33 |
0.67 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.32
|
0.56 |
20.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.30
|
2.25 |
21.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.15
|
0.78 |
3.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.03 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.04
|
2.30 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.03 |
6.61 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the fiscal
year 2010,
the Company continued to
strengthen its market position in "RMS" in
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27100MH2006PLC160602 |
|
Name of the
company |
READYMADE STEEL
INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
203, Joshi Chambers, |
|
Type of charge |
Others |
|
Particular of
charge holder |
Union Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
guarantee (sd-01) |
|
Date of
instrument Creating the charge |
02.05.2011 |
|
Amount secured by
the charge |
Rs.11.208
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as
determined by the bank from time to time. Terms of
Repayment On Demand Margin As per sanction
terms. Extent and
Operation of the charge To Guarantee The
Repayment of An Aggregate Amount of Rs.11.208 Milllions Granted By The Bank
To Kridhan Infrastructure Private Limited. |
|
Short particulars
of the property charged |
I)
Readymade
Steel India Limited Guarantees The Repayment of An Aggregate Amount of
Rs.11.208 Millions Granted By Union
Bank of II)
Letter
of Guarantee Dated 02/05/2011 In Favour of the Said Bank. |
FIXED ASETS:
- Computer and
Accessories
- Furniture and
Fixtures
- EOT Crane
- Mobile Crane
- Plant and
Machinery (Mumbai)
- Plant and
Machinery
- Electric
Installation
- Plant and
Machinery [W.I.P.]
- Factory and
Building
- Land and Building
(Khopoli)
WEBSITE DETAILS:
PROFILE:
Subject was
started in 2006 as a steel service provider to the infrastructure sector.
Although the concept of prefabricated steel was prevalent in many parts of the
world, it was not as widely known here in
Their
ideology persuades us to constantly improvise their production process,
marketing strategies and client satisfaction. They aim to provide the best
products and services. There is continuous R and D of existing technologies and
that of possible new introductions.
Keeping with
their mantra of constant evolution in all spheres, they shortly intend to
introduce the welded wire mesh.
The
construction industry is constantly evolving. Shortage of skilled manpower has
led to new ways of working. But there is also a sharp increase in costs and the
pressure to ensure the completion of a project on time is enormous. RMS keeps
abreast of all these demands and is conveniently placed to cope with the increasing
demands of the construction industry. They have a team of engineers and
technicians who ensure the well defined process flow is strictly adhered tofor
delivering high quality products well within the stipulated time. They have a
dedicated client servicing team who ensure that all the queries, during
production and after delivery to the site, are prioritized and dealt with.
Subject is
used in commercial and residential projects and various infrastructure works
like the metro/mono-rail, bridges, highways, power plants, etc. Cut and bent
steel is used in columns, beams, foundations and slabs.
They are
proud to have an esteemed clientele which includes construction giants like
Larsen and Toubro, Nagarjuna Construction Company Limited Etc.
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 |
2 |
|
--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 |
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.