MIRA
INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
STANDARD GALVA STEELS PRIVATE LIMITED |
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Registered
Office : |
2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (E), Mumbai – 400009,
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.02.2008 |
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Com. Reg. No.: |
11-179071 |
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Capital
Investment / Paid-up Capital : |
Rs.74.348
millions |
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CIN No.: [Company Identification
No.] |
U27106MH2008PTC179071 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS59226G |
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PAN No.: [Permanent Account No.] |
AALCS6888E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Flexible Conduits |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 581000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
The concern is successor to Standard Engineers which was established
in year 1989 as Mr. Nikunj M Turakhia as sole – Proprietor. Subject established annual turnover can be Rs.650.000 Millions. Trade
relations are reported as fair. Payments are usually correct and as per
commitments. 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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Meejus |
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Designation : |
Accountant |
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Contact No.: |
91-22-43430300 |
|
Date: |
17.06.2011 |
LOCATIONS
|
Registered Office : |
2/3 Ashok Chambers, Devji Ratansi Marg, |
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Tel. No.: |
91-22-43430300 |
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Fax No.: |
91-22-43430333 |
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E-Mail : |
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Website : |
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Area : |
6000 sq. ft. |
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Location : |
Owned |
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Factory : |
DM E – 5, MIDC, Taloja Dist, Raigad – 410208, |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Nikunj M. Turakhia |
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Designation : |
Director |
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Address : |
141, Shaan Apartment, |
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Date of Birth/Age : |
18.08.1962 |
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Qualification : |
B. Tech |
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Date of Appointment : |
19.02.2008 |
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Name : |
Mrs. Heena N. Turakhia |
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Designation : |
Director |
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Address : |
141, Shaan Apartment, |
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Date of Birth/Age : |
12.03.1966 |
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Date of Appointment : |
19.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Meejus |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Nikunj Mansukhlal Turakhia |
7060785 |
|
Heena Nikunj Turakhia |
2500 |
|
Pacific Solutions Limited, |
371564 |
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TOTAL |
7434849 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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|
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Foreign holdings |
|
5.00 |
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Directors or relatives of directors |
|
95.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Flexible Conduits |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Bank of India, Mandvi Branch, Kanmoor House, 281/287 Narsi Natha
Street, Mumbai – 400009, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Manish Modi and Associates Chartered Accountant |
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Parent Company : |
2/3 Ashok Chambers, Devji Ratansi Marg, (Manufacturer of Flexible Conduits) |
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Memberships : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 10 each |
Rs.80.000 millions |
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|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7434849 |
Equity Shares |
Rs. 10 each |
Rs.74.348
millions |
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|
|
|
|
NOTE:
(Out of which 6358485 equity shares of Rs.10 each issued or consideration
other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
74.348 |
74.348 |
|
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2] Share Application Money |
|
0.000 |
0.000 |
|
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3] Reserves & Surplus |
|
70.902 |
44.592 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
145.250 |
118.940 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
-- |
16.459 |
|
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2] Unsecured Loans |
|
15.973 |
14.592 |
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TOTAL BORROWING |
|
15.973 |
31.051 |
|
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DEFERRED TAX LIABILITIES |
|
0.113 |
0.322 |
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TOTAL |
|
161.336 |
150.313 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
37.577 |
38.413 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
128.258 |
105.652 |
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Sundry Debtors |
|
173.536 |
178.530 |
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Cash & Bank Balances |
|
114.903 |
46.380 |
|
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Other Current Assets |
|
0.329 |
0.300 |
|
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Loans & Advances |
|
56.509 |
36.354 |
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Total
Current Assets |
|
473.535 |
367.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Sundry Creditors |
|
325.628 |
238.105 |
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Other Current Liabilities |
|
0.915 |
4.785 |
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Provisions |
|
24.907 |
14.659 |
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Total
Current Liabilities |
|
351.450 |
257.549 |
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Net Current Assets |
|
122.085 |
109.667 |
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MISCELLANEOUS EXPENSES |
|
1.674 |
2.233 |
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TOTAL |
|
161.336 |
150.313 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
|
1034.115 |
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Other Income |
|
|
5.902 |
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TOTAL (A) |
|
1196.263 |
1040.017 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
|
|
886.990 |
|
|
|
Operating Expenses |
|
|
98.814 |
|
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Personal Costs |
|
|
4.233 |
|
|
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Administrative Expenses |
|
1155.612 |
21.556 |
|
|
|
Preliminary Expenses |
|
|
0.558 |
|
|
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Increase / Decrease in Stocks |
|
|
(0.865) |
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TOTAL (B) |
|
1155.612 |
1011.286 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
NA |
28.731 |
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Less |
FINANCIAL
EXPENSES (D) |
|
NA |
17.984 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
NA |
10.747 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
1.210 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
40.651 |
9.537 |
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Less |
TAX (H) |
|
14.341 |
3.068 |
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PROFIT AFTER TAX
(G-H) (I) |
|
26.310 |
6.469 |
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|
Earnings Per
Share (Rs.) |
|
3.54 |
0.91 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.19 |
0.62 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
-- |
0.92 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.95 |
2.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.27 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.52 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.34 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for Goods |
|
297.000 |
224.680 |
|
Sundry Creditors for Expenses |
|
28.628 |
13.425 |
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|
PERFORMANCE
During the period the company has made a net profit of Rs.26.310
millions during the period ended 31.03.2010 (Last year Net Profit of Rs.6.469
millions)
FORM 8
|
This form is for |
Modification of charge |
|
Charge identification
number of the modified |
10134162 |
|
Corporate
identity number of the company |
U27106MH2008PTC179071 |
|
Name of the
company |
STANDARD GALVA
STEELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (E), Mumbai – 400009,
|
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of India, Mandvi Branch, Kanmoor House, 281/287 Narsi Natha
Street, Mumbai – 400009, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1) BOI Letter
Ref.MDV/AAV/KKR/10-11/Misc. 2)Supplemental Deed of Hypothecation of Plant and
Machinery, Stocks and Book Debts. both dated 03/04/2010 constituting single
modification to the charge. |
|
Date of
instrument Creating the charge |
03.04.2010 |
|
Amount secured by
the charge |
Rs.700.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC(St.&
BDs):1%over BPLR presently13% p.a. with monthly rests; L/C
DA/DP180days,Buyers Cre.(withinL/Climit):As per guidelines or at such other rate/s
of int.as may be notified by bank from time to time Terms of
Repayment On Demand Margin As required by
the Bank from time to time. Extent and
Operation of the charge Security in
favour of Bank as first charge for due payment of all monies including the
principal sums/interest/commission, costs, charges & expenses & all
other moneys, whatsoever due owing and payable by the borrower to Bank under
or in respect of or in connection with
or in anywise concerning or relating to the said facilities agreed to be
granted &/or granted by the Bank to the borrower as aforesaid & Also
for due repayment of all present & future Continued in: (e) Others* Others *indebtedness
& liabilities of the borrower to the Bank of any kind in any manner
whether solely or jointly, primary or collateral, accrued or accruing with
all relative interest/commission, charges, costs (between Advocate &
client) & expenses. Revised Facility
& Limits : i)CC(Stocks & Book debts): Rs.20.000 Millions,ii)L/C DA/DP
180 days: Rs.680.000 Millions iii)Buyers Credit (within L/C limit) (Rs.3000
Millions) Max.(ii & iii) Rs.680.000 Millions Aggregate Rs.700.000
Millions. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
10.12.2009 |
|
Particulars of
the present modification |
2nd Modification.
The Adhoc limit of Rs.50.000 Millions is vacated /satisfied thus charge is
reduced from Rs.550.000 Millions to Rs.500.000 Millions and the principal
amount of charge on hypothecated assets is increased from Rs.5000 Millions to
Rs.700.000 Millions. Revised Facility
& Limits : i)CC(Stocks & Book debts): Rs.20.000 Millions,ii)L/C DA/DP
180 days: Rs.680.000 Millions iii) Buyers Credit (within L/C limit)
(Rs.300.000 Millions) Max.(ii & iii) Rs.680.000 Millions Aggregate
Rs.700.000 Millions. |
TRADE REFERENCE:
- Prasad Impex Private Limited – Masjid Bunder
- National
- Steel Gujarat Limited,
- Uttam Steel Limited,
- Jindal Strips Limited,
- Steel Canada Limited,
- Ferromex N V,
- S. B. Steel,
- Adel Trading Company,
- BHP
- Metallsider Gmbh, Gemany
- S. P. Steel,
- Turakhia Enterprises,
- Lunar Electrical,
- Dynamic Prestress (
- Killick Nixon Limited,
- VSI Limited,
FIXED ASSETS:
- Land and Building
- Machineries
- Furniture and Fixtures
- Typewriters
- Office Equipments
- Cycles
- Motor Car
- Air Conditioner
- Scooter
WEBSITE DETAILS
PROFILE
Subject formerly known as Standard Engineers, is engaged in manufacturing of metallic flexible conduits, PVC coated flexible conduits. These conduits are made from Galvanized steel strip which has been formed by helical winding to produce Square lock and Inter lock construction in size range from NB 3/8 “ to 3 “. These conduits are made to very high standards and in PVC coated in order to give an unequalled combination of strength, versatility and Quality.
Metallic Flexible Conduits are widely used in various
industries such as Electrical Industry as protective covering for cables;
Automobile and Chemical Industries as Low pressure Exhaust of Dust, Fumes and
Gases, Engineering Industries as outer casing of flexible Shafts, Expansion
Joints etc. The group has its factories at Rabale, Navi Mumbai and at Taloja
Industrial Area,
They have manufacturing units well equipped with requisite state-of-the-art machines and equipment that are needed for an efficient production of flexible conduits, electro-galvanising, roofing sheets and accessories for industrial and infrastructure requirement.
MANAGEMENT TEAM
Mr. M. R. TURAKHIA
The founder and chairman of the Group, Mr. M. R. Turakhia a well known industry name and visionary with over 50 years of experience in steel. He is a founder member of Managing committee of the Loha Vyapar Association of Indore. Starting his business at small centre, Indore (M.P.) has migrated to Mumbai to expand his business and with his dedication to business, secured good place in Mumbai market. His vast experience has helped the group to prosper.
He continues to be source of motivation of the group. He has served Steel Merchants’ Association in various capacities and held as PRESIDENT of BIMA for 2 consecutive terms and successfully represented the steel industry to the government and various authorities. On social front, he is actively involved in welfare of the public in the field of education and medical facilities.
Mr. NIKUNJ TURAKHIA
The Managing Director, spear heading the group companies is Metallurgical Engineer (B. Tech.) from IIT, Mumbai. After acquiring experience in his family business of steel trade and being from technical background, in 1987 set up manufacturing unit of electro-galvanizing and flexible conduit. He has successfully expanded his manufacturing activities by setting trapezoidal and sinusoidal roofing and cladding profiles manufacturing unit.
He also has set up full flagged service centre for steel. He possesses over 24 years experience in metal trading and manufacturing and has done extensive overseas business travelling. He is responsible for over all business strategy and direction of the group.
Mr. K.M. SETHURAMAN
VP Finance - Ex- DGM Bank of
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.44.93 |
|
|
1 |
Rs.72.42 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.