MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SARVOTTAM ROLLING MILLS PRIVATE LIMITED |
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Registered
Office : |
101, Gujrat Vuhar, 2nd Floor, Vikas Marg, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.10.2005 |
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Com. Reg. No.: |
55 – 141997 |
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Capital Investment
/ Paid-up Capital : |
Rs. 77.000 Millions |
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CIN No.: [Company Identification
No.] |
U27106DL2005PTC141997 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of MS TMT Bar. |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 340000 |
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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. 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
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
|
Name : |
Mr. Ankit |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9917470700 |
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Date : |
14.06.2011 |
LOCATIONS
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Registered Office : |
101, Gujrat Vuhar, 2nd Floor, Vikas Marg, |
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E-Mail : |
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Corporate Office : |
4th Km Stone, |
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Tel. No.: |
91-131-2962455 |
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Fax No.: |
91-131-2622757 |
DIRECTORS
As on 16.08.2010
|
Name : |
Mr. Anil Kumar Jain |
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Designation : |
Director |
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Address : |
Flat No. 2- A36, |
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Date of Birth/Age : |
01.07.1957 |
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Date of Appointment : |
05.11.2007 |
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DIN No.: |
00008258 |
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Name : |
Mr. Sanjay Kumar Jain |
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Designation : |
Director |
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Address : |
House No.56, Prempuri, Muzaffarnagar – 251002, |
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Date of Birth/Age : |
13.06.1965 |
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Date of Appointment : |
05.11.2007 |
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DIN No.: |
00807948 |
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Name : |
Mr. Rajeev Jain |
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Designation : |
Director |
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Address : |
House No.56, Prempuri, Muzaffarnagar – 251002, |
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Date of Birth/Age : |
20.03.1969 |
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Date of Appointment : |
05.06.2008 |
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DIN No.: |
00807963 |
KEY EXECUTIVES
|
Name : |
Mr. Ankit |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shree Parashnath Re- Rolling Mills Private Limited, |
|
1967000 |
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Sanjay Kumar Jain |
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3715000 |
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Rajeev Jain |
|
365000 |
|
Sonia Jain |
|
320000 |
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Deepa Jain |
|
666500 |
|
Narendra Kumar Jain |
|
245000 |
|
Sudesha Jain |
|
221500 |
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Total |
|
7500000 |
As on 16.08.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
26.00 |
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Directors or relatives of Directors |
74.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of MS TMT Bar. |
GENERAL INFORMATION
|
No. of Employees : |
80 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
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Auditors : |
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Name : |
A Jain Agarwal and Company Chartered Accountant |
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Address : |
Sadar Bazar Upper Storey, Near Atrey Nursing Home, Muzaffrnagar –
251001, |
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Tel. No.: |
91-131-2437493 |
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Fax No.: |
91-131-2436685 |
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E-Mail : |
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PAN.: |
AAMFA6693H |
CAPITAL STRUCTURE
As on 16.08.2010
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 |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
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|
1] Share Capital |
75.000 |
75.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
4.200 |
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3] Reserves & Surplus |
12.035 |
5.690 |
1.428 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.035 |
80.690 |
55.628 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
169.875 |
136.223 |
90.890 |
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2] Unsecured Loans |
52.085 |
52.444 |
35.359 |
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TOTAL BORROWING |
221.960 |
188.667 |
126.249 |
|
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DEFERRED TAX LIABILITIES |
0.513 |
0.568 |
0.803 |
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TOTAL |
309.508 |
269.925 |
182.680 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.095 |
90.936 |
96.523 |
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Capital work-in-progress |
41.884 |
8.971 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
87.722
|
49.308 |
52.258 |
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Sundry Debtors |
155.561
|
123.864 |
81.024 |
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Cash & Bank Balances |
31.998
|
9.391 |
3.794 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
50.833
|
31.852 |
15.223 |
|
Total
Current Assets |
326.114
|
214.415 |
152.299 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Sundry Creditors |
111.836
|
32.114 |
54.747 |
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Other Current Liabilities |
31.392
|
9.602 |
6.668 |
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Provisions |
5.406
|
2.755 |
4.827 |
|
Total
Current Liabilities |
148.634
|
44.471 |
66.242 |
|
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Net Current Assets |
177.480
|
169.944 |
86.057 |
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MISCELLANEOUS EXPENSES |
0.049 |
0.074 |
0.100 |
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TOTAL |
309.508 |
269.925 |
182.680 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
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Other Income |
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TOTAL (A) |
935.222 |
891.739 |
186.252 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
891.860 |
852.852 |
176.252 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.362 |
38.887 |
10.000 |
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Less |
FINANCIAL
EXPENSES (D) |
20.316 |
18.122 |
3.485 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
23.046 |
20.765 |
6.515 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.664 |
14.811 |
4.022 |
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PROFIT BEFORE
TAX (E-F) (G) |
9.382 |
5.954 |
2.493 |
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Add |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.055 |
0.000 |
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Less |
TAX (I) |
3.038 |
1.747 |
1.065 |
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PROFIT AFTER TAX
(G-I) (J) |
6.344 |
4.262 |
1.428 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.690 |
1.428 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
12.034 |
5.690 |
1.428 |
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|
Earnings Per
Share (Rs.) |
0.84 |
0.57 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.68
|
0.48 |
0.77 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
1.95 |
1.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.07 |
0.04 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.26
|
2.89 |
3.46 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
4.82 |
2.30 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
Registered office of the company has been shifted from 813,
Operations:
The production of M.S. Bar was 36652.920 M.T. (Previous year 30191.350
M.T.) and sale of M.S. Bar was 36165.159 M.T. (Previous Year 30303.900 M.T.).
The company has started the production of M.S. Ingots w.e.f. 05.04.2010. The
Directors are hopeful to achieve the better results in the ensuring year and
all efforts are being made to increase the production and sales.
Form 8:
|
Corporate
identity number of the company |
U27106DL2005PTC141997 |
|
Name of the
company |
SARVOTTAM ROLLING
MILLS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
101, Gujrat Vuhar, 2nd Floor, Vikas Marg, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10039972 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others
(Hypothecation of Stocks) |
|
Particular of
charge holder |
State Bank of |
|
Nature of instrument
creating charge |
Letter of
Arrangement |
|
Date of
instrument Creating the charge |
10.09.2009 |
|
Amount secured by
the charge |
Rs. 248.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital:
Interest @ minimum of 11.75% per annum with monthly rests. Term Loan:
Interest @ 0.5% above SBAR (SBAR 11.75%) with a minimum of 12.25% per annum
with monthly rests. Terms of
Repayment Working Capital: Repayable
on demand. Term Loan: Old
Term Loan as per schedule. Term Loan
Repayable in 60 monthly installments first 40 of Rs. 0.500 Millions and rest
20 of Rs. 1.000 Millions from April 2010 and last installment falling due on
March 2015. Margin Raw Materials,
Semi-Finished Goods, Finished Goods, Components, Spares etc. : 25% Domestic
Receivables : 35% Letter of Credit
, Bank Guarantee : 20% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of instrument
modifying the charge |
15.07.2008 |
|
Particulars of
the present modification |
The enhanced
credit facilities aggregating to Rs.248.800 Millions shall now also be
collaterally secured by equitable mortgage of company's immovable properties. |
Fixed Assets:
- Land and Site Development
- Building
- Plant and Machinery
- Air Conditioner
- Electric Installation
- Furniture and Fixture
- Computer
- Office Equipment
- Vehicles
- Car
- Trucks
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.44.68 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.