MIRA
INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CENTENNIAL STEEL COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
19.08.2009 |
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Com. Reg. No.: |
11-195034 |
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Capital Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company
Identification No.] |
U27205MH2009PLC195034 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC17004B |
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PAN No.: [Permanent
Account No.] |
AADCC7215M |
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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 : |
Information not divulged by the management |
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 66000000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Tata Steel Limited. It is a new company establishing
itself gradually. Trade relations are reported as fair. Business is active.
Payments terms are not known, keeping in view young business. The company can be considered for business dealings with some caution,
initially. |
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. Subhash Savant |
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Designation : |
Company Secretary |
LOCATIONS
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Registered Office/ Factory : |
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Tel. No.: |
91-22-66658282/66657323/66657278 |
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Fax No.: |
91-22-66658113 / 7725/7724 |
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E-Mail : |
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Area : |
Owned |
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Site and
Correspondence: |
Room No. 123, 1st Floor, |
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Tel No.: |
91-657-6645879 |
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Fax N.: |
91-657-2426085 |
DIRECTORS
As on 13.08.2010
|
Name : |
Mr. Hemant Madhusudan Nerurkar |
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Designation : |
Director |
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Address : |
No. 36, |
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Date of Birth/Age : |
20.10.1948 |
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Date of Appointment : |
19.08.2009 |
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Election Commission Identity Card No.: |
JVN4233342 |
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Name : |
Mr. Koushik Chandrasekhar Chatterjee |
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Designation : |
Director |
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Address : |
NCPA Residential Apartments, A Wing, 14th Floor, Flat No. 142,
Nariman Point, Mumbai-400021, Maharashtra, India |
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Date of Birth/Age : |
03.09.1968 |
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Date of Appointment : |
19.08.2009 |
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Name : |
Mr. Sandip Santoshkumar Biswas |
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Designation : |
Director |
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Address : |
BF-84, Sector I, |
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Date of Birth/Age : |
07.04.1968 |
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Date of Appointment : |
19.08.2009 |
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Name : |
Mr. Varun Kumar Jha |
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Designation : |
Director |
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Address : |
No. 42, Road No. 21, Circuit House, Area Old Northern Town,
Jamshedpur-831001, |
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Date of Birth/Age : |
06.07.1961 |
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Date of Appointment : |
27.08.2009 |
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Election Commission Identity Card No.: |
BR/50/292/333308 |
KEY EXECUTIVES
|
Name : |
Mr. Varun Kumar Jha |
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Designation : |
Manager |
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Address : |
No. 42, Road No. 21, Circuit House, Area Old Northern Town,
Jamshedpur-831001, |
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Date of Birth/Age : |
06.07.1961 |
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Date of Appointment : |
27.08.2009 |
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Election Commission Identity Card No.: |
BR/50/292/333308 |
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Name : |
Ms. Anita Jaggie Kalyani |
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Designation : |
Secretary |
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Address : |
D-73, Tata Symphony CHD Limited, Off |
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Date of Birth/Age : |
05.11.1965 |
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Date of Appointment : |
27.08.2009 |
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Name : |
Mr. Subhash Savant |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.08.2010
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Names of Shareholders |
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No. of Shares |
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Tata Steel Limited, |
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49994 |
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Tata Steel Limited, |
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1 |
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Tata Steel Limited, |
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1 |
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Tata Steel Limited, |
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1 |
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Tata Steel Limited, |
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1 |
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Tata Steel Limited, |
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1 |
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Tata Steel Limited, |
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1 |
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Total |
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50000 |
As on 13.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Bengal Intelligent Park, Building Alpha, 1st Floor, Sector
V, Block EP and GP, Salt |
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Holding Company: |
Tata Steel Limited (CIN No. : L27100MH1907PLC000260) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000000 |
Equity Shares |
Rs.10/- each |
Rs.25000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
Note: Above shares are held by Tata Steel Limited,
the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
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2] Share Application Money |
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16717.230 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(25.330) |
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NETWORTH |
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16692.400 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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16692.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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17247.265 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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10.649 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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263.633 |
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Total
Current Assets |
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274.282 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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828.799 |
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Other Current Liabilities |
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0.348 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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829.147 |
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Net Current Assets |
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(554.865) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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16692.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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SALES |
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Income |
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0.000 |
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Other Income |
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0.000 |
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TOTAL |
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0.000 |
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Less |
EXPENSES |
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Manufacturing and other expense |
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25.330 |
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TOTAL |
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25.330 |
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PROFIT BEFORE
TAX |
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(25.330) |
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Less |
TAX |
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0.000 |
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PROFIT AFTER TAX
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(25.330) |
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Earnings Per
Share (Rs.) |
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(506.61) |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(9.23) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05 |
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Current Ratio (Current Asset/Current Liability) |
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0.33 |
LOCAL AGENCY FURTHER INFORMATION
Project Status:
The Company was incorporated on 19th August 2009 as a
wholly-owned subsidiary of Tata Steel Limited (TSL) to undertake partial
implementation of its 2.9 mtpa project at
The project cost of Rs. 82000.000 Millions is proposed to be financed by
equity/shareholders loan by the promoter of upto Rs. 25000.000 Millions and
debt of Rs. 57000.000 Millions. Financial closure for the project has been
achieved. The entire project is expected to get commissioned by March 2012.
Financial
information:
The Company was incorporated on 19th August 2009 and the
financials of the Company pertain to the period 19th August 2009 to
31st March 2010. During this period the Company received a total
amount of Rs. 16720.000 Millions from TSL as equity contribution which included
Rs. 16410.000 Millions towards transfer of capital work in progress and Rs.
310.000 Millions. Fund transfer, statutory payments (like VAT, Sales Tax, ED
etc) made on behalf of the Company by TSL and transfer of advances and
retentions amounted to another Rs 30.000 Millions. There was no capitalisation
during the year and the capital work in progress during the year stood at Rs.
17250.000 Millions.
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.44.89 |
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|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.