MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PATEL ALLOY STEEL PRIVATE LIMITED |
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|
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|
Registered
Office : |
297-300, Phase III, GIDC, Vatva, Ahmedabad-382445, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
22.01.1979 |
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Com. Reg. No.: |
04-003273 |
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Capital
Investment / Paid-up Capital : |
Rs. 79.998 millions |
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CIN No.: [Company Identification
No.] |
U27320GJ1979PTC003273 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
AHMP00896A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Iron Casting
and Windmill Parts. |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 7800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitment. The company can be considered good for normal 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Naresh Parekh |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9824566726 |
|
Date : |
19.07.2011 |
LOCATIONS
|
Registered Office
/ Factory : |
297-300, Phase III, GIDC Industrial Estate, Vatva, Ahmedabad-382445,
Gujarat, India |
|
Tel. No.: |
91-79-25898221-2/3/4 |
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Fax No.: |
91-79-25898226 -7 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Kamalnayan H. Javeri |
|
Designation : |
Managing Director |
|
Address : |
2, Maitri Society, Opp. Goyal Tower, Near Gulbai Tekara, Ambawadi,
Ahmedabad - 380015, Gujarat, India |
|
Date of
Birth/Age : |
23.11.1954 |
|
Qualification : |
B.E. (Electric) |
|
Date of
Appointment : |
12.10.1988 |
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DIN No : |
00118050 |
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|
|
|
Name : |
Mr. Abhishek K. Javeri |
|
Designation : |
Executive Director |
|
Address : |
2, Maitri Society, Opp. Goyal Tower, Near Gulbai Tekara, Ambawadi,
Ahmedabad - 380015, Gujarat, India |
|
Date of
Birth/Age : |
26.06.1983 |
|
Qualification : |
B.E. (Mechanical) |
|
Date of
Appointment : |
28.06.2001 |
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DIN No : |
00118117 |
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|
|
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Name : |
Mr. Narsinhbhai Kalyandas Patel |
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Designation : |
Chairman |
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Address : |
15, Kairavi Bunglow, Near Sarthi Hotel, Bodakdev, Vastapur Road,
Ahmedabad - 380054, Gujarat, India |
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Date of
Birth/Age : |
05.03.1926 |
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Date of
Appointment : |
22.01.1979 |
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DIN No : |
00911484 |
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Date of Ceasing : |
21.03.2010 |
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|
|
|
Name : |
Mrs. Anjana K. Javeri |
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Designation : |
Director |
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Address : |
2, Maitri Society, Opp. Goyal Tower, Near Gulbai Tekara, Ambawadi,
Ahmedabad - 380015, Gujarat, India |
|
Date of Birth/Age
: |
16.09.1956 |
|
Date of
Appointment : |
12.12.1996 |
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DIN No : |
00118096 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Haribhai Jashibhai Patel |
15000 |
|
Sikander Umerbhai |
2000 |
|
Mariamben Rasul Savdi |
2000 |
|
Jainaben Mohmed Kasam |
2000 |
|
Rehmat Noormohmed Sea |
2000 |
|
Kaliben Mohmed |
2000 |
|
Sakiben Gani Mithapirji |
2000 |
|
Hafiiji Suleman Vali |
10000 |
|
Hafiji Zelekhan Iqbal |
4000 |
|
Hafiji Iqbal Vali |
6000 |
|
Hafiji Abdul Vali |
6000 |
|
Hafiji Yusuf Rasul |
10000 |
|
Hafiji Vali Rasul |
8000 |
|
Hafiji Siddique Mohmed |
6000 |
|
Bikkis Asaraf |
10000 |
|
Dilsad Asaraf |
2000 |
AS ON 29.09.2010
|
Category |
Percentage |
|
Bodies corporate |
22.19 |
|
Directors or relatives of Directors |
76.84 |
|
Other top fifty shareholders |
0.97 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Iron Casting
and Windmill Parts. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management. |
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Bankers : |
·
Standard Chartered Bank, Abhijeet II, Ground
Floor, Near Mithakhali Six Road, Ahmedabad-380006, Gujarat, India ·
IDBI Bank Limited, IDBI Complex, Near Lal
Bungalow, Off. C.G. Road,
Ahmedabad-380006, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Dinesh R. Shah and Company Chartered Accountant |
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Address : |
51, Madhuban, Near |
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|
|
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Subsidiaries : |
PASL Wind Solutions Private Limited CIN No.: U31100GJ2008PTC055104 PWS Towers Private Limited CIN No.: U28110GJ2008PTC055185 |
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Associates : |
PASL Windtech Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7999840 |
Equity Shares |
Rs.10/- each |
Rs. 79.998
Millions |
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|
|
|
|
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 |
79.998 |
79.998 |
79.998 |
|
|
2] Share Application Money |
0.0000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1878.804 |
1628.633 |
1348.675 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1958.802 |
1708.631 |
1428.673 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
157.419 |
234.411 |
0.075 |
|
|
2] Unsecured Loans |
0.000 |
0.089 |
8.700 |
|
|
TOTAL BORROWING |
157.419 |
234.500 |
8.775 |
|
|
DEFERRED TAX LIABILITIES |
159.818 |
130.725 |
83.944 |
|
|
|
|
|
|
|
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TOTAL |
2276.039 |
2073.856 |
1521.392 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
1162.925 |
1132.918 |
704.401 |
|
|
Capital work-in-progress |
9.926 |
14.453 |
4.573 |
|
|
|
|
|
|
|
|
INVESTMENT |
114.009 |
167.936 |
331.024 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
183.967
|
132.380
|
99.541
|
|
|
Sundry Debtors |
214.750
|
237.028
|
160.001
|
|
|
Cash & Bank Balances |
572.487
|
415.481
|
196.635
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
329.562
|
231.001
|
196.289
|
|
Total
Current Assets |
1300.766
|
1015.890 |
652.466 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
73.603
|
77.139 |
100.391 |
|
|
Other Current Liabilities |
147.884
|
179.382
|
58.273
|
|
|
Provisions |
90.100
|
0.820
|
12.408
|
|
Total
Current Liabilities |
311.587
|
257.341 |
171.072 |
|
|
Net Current Assets |
989.179
|
758.549
|
481.394
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2276.039 |
2073.856 |
1521.392 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
901.110 |
1343.374 |
884.670 |
|
|
|
Other Income |
148.757 |
14.820 |
50.786 |
|
|
|
TOTAL (A) |
1049.867 |
1358.194 |
935.456 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
598.296 |
842.755 |
600.508 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
598.296 |
842.755 |
600.508 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
450.571 |
515.439 |
334.948 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.092 |
16.749 |
0.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
433.479 |
498.690 |
334.014 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.116 |
50.896 |
35.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
369.363 |
447.794 |
298.389 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
119.192 |
167.836 |
101.766 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
250.171 |
279.958 |
196.623 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1628.296 |
1348.338 |
1151.715 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1878.467 |
1628.296 |
1348.338 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
317.613 |
577.082 |
84.382 |
|
|
TOTAL EARNINGS |
317.613 |
577.082 |
84.382 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
169.542 |
117.581 |
|
|
TOTAL IMPORTS |
NA |
169.542 |
117.581 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.27 |
35.00 |
24.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
23.83
|
20.61
|
21.02
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
40.99
|
33.33
|
33.73
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.99
|
20.83
|
21.99
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.26
|
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.29
|
0.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.17
|
1.34
|
3.81 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
73.603
|
77.139 |
100.391 |
OPERATIONS
The Company has
achieved Sales of Rs. 901.110 millions as compared to previous year's figure of
Rs. 1343.374 millions. The profit after tax for the year under report is Rs.
250.171 millions as compared to the previous years' profit after tax of Rs.
279.958 millions.
FORM 8
|
Corporate
identity number of the company |
U27320GJ1979PTC003273 |
|
Name of the
company |
PATEL ALLOY STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
297-300, Phase III, GIDC, Vatva, Ahmedabad - 382445, |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Standard Chartered Bank, Address: Abhijeet II Ground Floor, Near Mithakhali Six Roads,
Ahmedabad – 380006, Email: kaveri.das@sc.com |
|
Nature of
instrument creating charge |
Unattested Memorandum of Hypothecation dated 10.09.2009 |
|
Date of
instrument Creating the charge |
10.09.2009 |
|
Amount secured by
the charge |
Rs. 100.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest At the rate as negotiated with and agreed by the Bank Terms of
repayment As prescribed by the Bank Margin At the rate as negotiated with and agreed by the Bank Extent and
operation of the charge The assets being movable machinery, book debts and stocks as set out
in Schedule to the Unattested Memorandum of Hypothecation dated 10.09.2009
are hypothecated by way of pari passu charge on current assets in favour of
the Bank against the Credit Facilities up to a maximum amount of Rs. 100.000
millions/- as continuing security for the performance of the secured
obligations. Other The charge shall be a pari passu charge under multiple banking
arrangement with the other bank being IDBI Bank Ltd. which has issued 'No
Objection Certificate' dated 04.06.2009 for ceding charge on pari passu basis |
|
Short particulars
of the property charged (Including location of the property) |
All present and future movable machineries, book debts and stocks as
indicated in the Schedule to the Unattested Memorandum of Hypothecation dated
10.09.2009 |
FIXED ASSETS:
- Land
- Furniture
- Vehicles
- Plant and Machinery
- Electric Fittings
- Office Equipments
- Moulding Box
- Match Plate
- Furnace
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. 44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.