MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORANGE CITY STEEL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
215, Small Factory Area, Bagadganj, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.07.1998 |
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Com. Reg. No.: |
11 - 115887 |
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Capital
Investment / Paid-up Capital : |
Rs. 40.002 Millions |
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CIN No.: [Company Identification
No.] |
U27204MH1998PTC115887 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPO00174G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of Iron and Steel. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 595000 |
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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 : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Profit and Loss Statement are Not Available. |
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 |
LOCATIONS
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Registered Office : |
215, Small Factory Area, Bagadganj, |
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Tel. No.: |
91-712-2760589/ 2762802 |
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Fax No.: |
91-712-2765004/ 2770401 |
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E-Mail : |
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Website : |
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Factory : |
Ranala, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Hardik Bharat Doshi |
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Designation : |
Director |
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Address : |
Plot No.62, |
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Date of Birth/Age : |
31.12.1985 |
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Date of Appointment : |
27.12.2008 |
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DIN No.: |
02503096 |
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Name : |
Mr. Rajendrakumar Bhogilal Doshi |
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Designation : |
Director |
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Address : |
Old Motor stand, |
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Date of Birth/Age : |
20.11.1957 |
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Date of Appointment : |
01.09.2001 |
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DIN No.: |
01399980 |
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Name : |
Mr. Ashish P. Doshi |
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Designation : |
Director |
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Address : |
118 – B, Arihant, |
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Date of Birth/Age : |
15.01.1981 |
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Date of Appointment : |
21.12.2004 |
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DIN No.: |
00558775 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Nagpur Industrial Suppliers Private Limited, |
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50000 |
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Surmanju Securities Private Limited, |
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50000 |
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Mr. Bhogilal R. Doshi |
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7000 |
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Mr. Prafulchandra Doshi |
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20000 |
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Mr. Bharatkumar Doshi |
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5010 |
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Mr. Rajendrakumar Doshi |
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5010 |
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Mrs. Vinaben Doshi |
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1000 |
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Mrs. Nilaben Doshi |
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1000 |
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Mrs. Kalpana Doshi |
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1000 |
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Dolly Weigh Bride Private Limited, |
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160000 |
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Hardik Steels Private Limited, |
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100000 |
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Total |
|
400020 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
90.00 |
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Directors or relatives of Directors |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Iron and Steel. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agrawal Challani and Company Chartered Accountant |
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Address : |
51, New Colony, |
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Tel. No.: |
91-712-2595653/ 2595750 |
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PAN.: |
AACFA2753L |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
400020 |
Equity Shares |
Rs.100/-
each |
Rs. 40.002 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.002 |
40.002 |
40.002 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
108.763 |
90.564 |
59.864 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
148.765 |
130.566 |
99.866 |
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LOAN FUNDS |
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1] Secured Loans |
151.517 |
123.477 |
166.680 |
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2] Unsecured Loans |
114.968 |
88.082 |
42.130 |
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TOTAL BORROWING |
266.485 |
211.559 |
208.810 |
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DEFERRED TAX LIABILITIES |
3.625 |
7.946 |
0.473 |
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TOTAL |
418.875 |
350.071 |
309.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.829 |
92.358 |
71.963 |
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Capital work-in-progress |
24.732 |
0.801 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.001 |
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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 |
204.025
|
184.444 |
158.129 |
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Sundry Debtors |
129.784
|
81.555 |
81.994 |
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Cash & Bank Balances |
0.967
|
1.077 |
1.079 |
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Other Current Assets |
0.000
|
0.000 |
22.583 |
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Loans & Advances |
78.727
|
65.212 |
7.242 |
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Total
Current Assets |
413.503
|
332.288 |
271.027 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
65.250
|
36.011 |
29.811 |
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Other Current Liabilities |
21.529
|
25.326 |
3.388 |
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Provisions |
10.410
|
14.039 |
0.643 |
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Total
Current Liabilities |
97.189
|
75.376 |
33.842 |
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Net Current Assets |
316.314
|
256.912 |
237.185 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
418.875 |
350.071 |
309.149 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
2.20 |
2.43 |
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Current Ratio (Current Asset/Current Liability) |
|
4.25
|
4.41 |
8.00 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U27204MH1998PTC115887 |
|
Name of the
company |
ORANGE CITY STEEL
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
215, Small Factory Area, Bagadganj, |
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This form is for |
Modification
of charge. |
|
Charge
identification (ID) number of the charge to be modified |
10074766 |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Bank of India, Nagpur Mid Corporate Branch, Mezannine Floor, S V Patel
Marg, Nagpur – 440001, Maharasahtra, India |
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Nature of
instrument creating charge |
|
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Date of
instrument Creating the charge |
08.01.2011 |
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Amount secured by
the charge |
Rs. 173.700
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Term laon - 3.50%
above base rate + tenor premium of 1.00% i.e. 13.50% p. A. Cash credit-
3.50% above base rate i.e. 12.50% p. A. At present Bank gurantee -
normal charges- as per extant charges Terms of
Repayment Cash credit-
repayable on demand Term loan-
repayable in 55 monthly installments of Rs.1.000 Millions (commenced from
April 2008) Margin Fund based limit- Term loan-
38.40% Cash
credit-against stock- 25.00% Cash
credit-against book debts up to 60 days- 40.00% Bank
guarantee(performance/financial)- 25.00% Extent and
Operation of the charge The charge
operates as a primary security to secure due repayment by the company to bank
of india of its term loan of Rs. 23.700 Millions and cash credit limit of Rs.
150.000 Millions (including bank guarantee of Rs. 20.000 Millions within cash
credit limit) aggregating to Rs 173.700 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
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Date of
instrument modifying the charge |
23.10.2007 |
|
Particulars of
the present modification |
The Orignal Charge
Was Created On 23/10/2007 Amounting Rs.155.000 Millions. Now Said Charge
Is Modified On 08/01/2011 As - Term Loan - Reduced To
Rs. 23.700 Millions Cash Credit Increases To Rs. 150.000 Millions (Including
Bank Guarantee Of Rs. 20.000 Millions Within Cash Credit Limit) Total Amount To
Rs. 173.700 Millions |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Electrical Installation
- Material Handballing Equipment
- Lab Equipment
- Weight and Measures
- Epbs – Telephone System
- Cycles
- Office Equipment
- Four Wheelers
- Two Wheelers
- Computer and Peripherals Account
- Furnance
- Rolls for Rolling Mills
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.