MIRA
INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KARAMTARA STEEL PRIVATE LIMITED (w.e.f. 13.06.2008) |
|
|
|
|
Formerly Known
As : |
KARAMTARA TRANSMISSION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
117 Mourya Estate, Oshiwara Link Road, Andheri (West), Mumbai 400053,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.05.2005 |
|
|
|
|
Com. Reg. No.: |
153385 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.125.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200MH2005PTC153385 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK18284A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK5915D |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacturer of Angels and Plates |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 1137132 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, the company is improving 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
117 Mourya Estate, Oshiwara Link Road, Andheri (West), Mumbai 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-40710000 |
|
E-Mail : |
|
|
|
|
|
Corporate Office: |
705 Morya Landmark II Near Infinite Mall New Link Road, Andheri West,
Mumbai 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26731000 |
|
Fax No.: |
91-22-26731015 |
|
|
|
|
Factory : |
Survey 48, 53, 58 Plot No. OS-55 MIDC, Village Saravali, Tarapur, Palghar, Thane 401506, Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Shreyans J Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.05.1974 |
|
Date of Appointment : |
15.10.2008 |
|
|
|
|
Name : |
Mr. Rajiv Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.03.1973 |
|
Date of Appointment : |
18.05.2005 |
|
|
|
|
Name : |
Mr. Tanveer Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.01.1970 |
|
Date of Appointment : |
18.05.2005 |
|
|
|
|
Name : |
Mr. Hanwant M Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.03.1938 |
|
Date of Appointment : |
18.05.2005 |
|
|
|
|
Name : |
Mr. Inderjeet Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.12.1947 |
|
Date of Appointment : |
18.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Rajiv Singh |
2500 |
|
Mr. Tanveer Singh |
2500 |
|
Mr. Hanwant M Singh |
2500 |
|
Mr. Inderjeet Singh |
2500 |
|
Karamtara Engineering Private Limited, Mumbai, Maharashtra, India |
12490000 |
|
Total |
12500000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
99.92 |
|
Directors or relatives of directors |
|
0.08 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Angels and Plates |
PRODUCTION STATUS
AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Angles and Plates |
MT |
90000.00 |
44216.39 |
GENERAL INFORMATION
|
Bankers : |
·
Andhra Bank, 18 Homi Modi Street, Nanavathi
Mahalaya, Fort, Mumbai 400001, Maharashtra, India ·
Punjab National Bank ·
Kotak Mahindra Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Rs. In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chokshi and Chokshi Chartered Accountant |
|
Address : |
15/17, Raghavji B Building, Ground Floor, Raghavji Road, Kemps Corner,
Mumbai 400036, Maharashtra, India |
|
|
|
|
Holding Company: |
Karamtara Engineering Private Limited, Mumbai, Maharashtra, India |
|
|
|
|
Fellow Subsidiaries: |
Karamtara Fasteners Private Limited |
|
|
|
|
Associates: |
·
Poona Galvanizers Private Limited ·
Karamtara Agro-tech Private Limited ·
Karamtara Financials Private Limited ·
Karamtara Reality Private Limited ·
Zeon Teleservices Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10 each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs. 10 each |
Rs.125.000 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 |
|
|
|
|
|
1] Share Capital |
125.000 |
125.000 |
0.100 |
|
|
2] Share Application Money |
75.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
84.283 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(6.259) |
(0.045) |
|
|
NETWORTH |
284.283 |
118.741 |
0.055 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
337.031 |
150.580 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
337.031 |
150.580 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
13.620 |
8.234 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
634.934 |
277.555 |
0.055 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
323.909 |
262.419 |
0.000 |
|
|
Capital work-in-progress |
1.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
221.858
|
47.435 |
0.000 |
|
|
Sundry Debtors |
354.460
|
0.391 |
0.000 |
|
|
Cash & Bank Balances |
47.388
|
11.719 |
0.095 |
|
|
Other Current Assets |
3.565
|
3.565 |
0.000 |
|
|
Loans & Advances |
105.656
|
26.316 |
2.199 |
|
Total
Current Assets |
732.927
|
89.426 |
2.294 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
384.484
|
73.532 |
2.328 |
|
|
Other Current Liabilities |
1.089
|
0.065 |
0.000 |
|
|
Provisions |
39.101
|
2.450 |
0.000 |
|
Total
Current Liabilities |
424.674
|
76.047 |
2.328 |
|
|
Net Current Assets |
308.253
|
13.379 |
(0.034) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.472 |
1.757 |
0.089 |
|
|
|
|
|
|
|
|
TOTAL |
634.934 |
277.555 |
0.055 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
11.553 |
NA |
|
|
|
Other Income |
|
0.045 |
NA |
|
|
|
TOTAL (A) |
1580.084 |
11.598 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
35.948 |
0.000 |
|
|
|
Employees Remuneration |
1381.079 |
0.861 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
(31.748) |
0.000 |
|
|
|
Direct Expenses |
|
0.623 |
0.000 |
|
|
|
Administrative Expenses |
|
0.992 |
0.013 |
|
|
|
TOTAL
(B) |
1381.079 |
6.676 |
0.013 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
199.005 |
4.922 |
(0.013) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.906 |
0.897 |
0.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166.099 |
4.025 |
(0.017) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.171 |
1.470 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
130.928 |
2.555 |
(0.017) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.386 |
8.768 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
90.542 |
(6.213) |
(0.017) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
47.913 |
NA |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.24 |
(0.49) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.73
|
(53.56) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
22.11 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.38
|
0.72 |
(0.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.02 |
(0.31) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
1.97 |
42.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.17 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Factory Land and Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Motor Car
·
Electrical Equipments
·
Cranes
·
Rolls
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.44.99 |
|
|
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
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 |
YES |
|
--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.