MIRA
INFORM REPORT
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Report Date : |
25.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ABHISHEK ISPAT PRIVATE LIMITED |
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Registered
Office : |
223, Navvyapar Bhavan, Second Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.01.1997 |
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Com. Reg. No.: |
04-197274 |
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Capital
Investment / Paid-up Capital : |
Rs.22.620 Millions |
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CIN No.: [Company Identification
No.] |
U27100MH1997PTC197274 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Mild Steel, Hot Rolled Plates and Hot Rolled Coil Plate. |
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No. of Employees
: |
3 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
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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 289000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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. The company can be considered for business dealings with some caution. |
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. Kalpesh |
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Designation : |
Sales Manager |
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Contact No.: |
91-9820256088 |
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Date : |
23.06.2011 |
LOCATIONS
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Registered Office : |
223, Navvyapar Bhavan, Second Floor, |
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Tel. No.: |
91-22-66379716 |
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Mobile No.: |
91-9820256088 (Mr. Kalpesh) |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 22, |
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Tel. No.: |
91-261-2759470 |
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Fax No.: |
91-261-2759105 |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Atul Hastimal Mehta |
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Designation : |
Director |
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Address : |
1-C, Tribhovan Complex, |
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Date of Birth/Age : |
04.10.1963 |
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Date of Appointment : |
15.06.2000 |
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DIN No. : |
01459700 |
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Name : |
Mrs. Rita Atul Mehta |
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Designation : |
Director |
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Address : |
1-C, Tribhovan Complex, |
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Date of Birth/Age : |
22.10.1968 |
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Date of Appointment : |
15.06.2000 |
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DIN No. : |
01968027 |
KEY EXECUTIVES
|
Name : |
Mr. Kalpesh |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Atulkumar Hastimal |
|
680180 |
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Ritaben Atulkumar |
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527520 |
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Sarlaben Hastimal |
|
43000 |
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Atul H. Mehta (HUF) |
|
48800 |
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Atul Mehta for D. Kunal |
|
250500 |
|
Budhiya Agencies Private Limited |
|
40000 |
|
Mobile Merchantile Private Limited |
|
20000 |
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PNC Capital Trust Limited |
|
20000 |
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P.V Textile and Finance Private Limited |
|
20000 |
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Rima Impex Private Limited |
|
20000 |
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Shaharsh Fiscal Services Private Limited |
|
20000 |
|
Up and Up Traders Private Limited |
|
20000 |
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Vishesh Plastics Private Limited |
|
20000 |
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Gopalka Savings and Investment Private Limited |
|
20000 |
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Kantilal B. |
|
8000 |
As on 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
34.76 |
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Directors or relatives of Directors |
62.86 |
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Other top fifty shareholders |
0.33 |
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Others |
2.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Mild Steel, Hot Rolled Plates and Hot Rolled Coil Plate. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Trader |
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No. of Employees : |
3 (Approximately) |
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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 : |
Rasesh Shah and Associates Chartered Accountant |
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Address : |
O-1, Silver Palm, Timaliawad Nanpura, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1937200 |
Equity Shares |
Rs.10/-each |
Rs.19.372
Millions |
|
406000 |
Equity Shares |
Rs.8/- each |
Rs.3.248
Millions |
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Total |
|
Rs.22.620 Millions |
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 |
22.620 |
22.620 |
11.372 |
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2] Share Application Money |
23.520 |
23.520 |
0.000 |
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3] Reserves & Surplus |
26.077 |
24.074 |
11.745 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.217 |
70.214 |
23.117 |
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LOAN FUNDS |
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1] Secured Loans |
100.915 |
102.132 |
0.000 |
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2] Unsecured Loans |
48.835 |
29.884 |
24.939 |
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TOTAL BORROWING |
149.750 |
132.016 |
24.939 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.338 |
0.408 |
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TOTAL |
221.967 |
202.568 |
48.464 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.972 |
10.833 |
10.289 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.557 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.181 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
139.980
|
115.532 |
62.759 |
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Sundry Debtors |
224.440
|
142.422 |
88.205 |
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Cash & Bank Balances |
10.707
|
6.805 |
0.280 |
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Other Current Assets |
0.000
|
0.008 |
0.234 |
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Loans & Advances |
14.400
|
5.611 |
0.357 |
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Total
Current Assets |
389.527
|
270.378 |
151.835 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
183.832 |
77.864 |
73.634 |
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Other Current Liabilities |
3.614
|
0.009 |
38.771 |
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Provisions |
0.824
|
0.770 |
1.255 |
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Total
Current Liabilities |
188.270
|
78.643 |
113.660 |
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Net Current Assets |
201.257
|
191.735 |
38.175 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
221.967 |
202.568 |
48.464 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1174.075 |
943.591 |
813.515 |
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Other Income |
6.109 |
2.462 |
0.451 |
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TOTAL (A) |
1180.184 |
946.053 |
813.966 |
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Less |
EXPENSES |
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Purchase A/c |
1141.868 |
945.316 |
745.813 |
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Direct Expenses |
29.017 |
24.082 |
25.967 |
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Administrative Expenses |
15.185 |
17.050 |
12.165 |
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Increase / (Decrease) in Stock |
(24.447) |
(52.773) |
19.273 |
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TOTAL (B) |
1161.623 |
933.675 |
803.218 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.560 |
12.378 |
10.748 |
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Less |
FINANCIAL
EXPENSES (D) |
14.630 |
8.667 |
5.966 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.930 |
3.711 |
4.782 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.507 |
1.602 |
1.287 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.424 |
2.109 |
3.495 |
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Less |
TAX (I) |
0.421 |
0.742 |
1.256 |
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PROFIT AFTER TAX
(G-I) (J) |
2.003 |
1.367 |
2.239 |
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BALANCE CARRIED
TO THE B/S |
2.003 |
1.367 |
2.239 |
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Earnings Per
Share (Rs.) |
0.89 |
0.61 |
2.23 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.17
|
0.14 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.20
|
0.22 |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.60
|
0.75 |
2.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.68
|
3.00 |
6.00 |
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Current Ratio (Current Asset/Current Liability) |
|
2.07
|
3.44 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
|
Particulars |
31.03.2010 (Rs.
in Millions) |
31.03.2009 (Rs.
in Millions) |
31.03.2008 (Rs.
in Millions) |
|
Creditors for expenses |
4.548 |
3.830 |
6.878 |
|
Sundry Creditors |
179.284 |
74.034 |
66.756 |
|
Total |
183.832 |
77.864 |
73.634 |
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from Plot No. 5713,
Road No. 57, GIDC, Sachin,
FORM 8 :
|
Corporate
identity number of the company |
U27100MH1997PTC197274 |
|
Name of the
company |
ABHISHEK ISPAT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
223, Navvyapar Bhavan, Second Floor, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10122165 |
|
Type of charge |
Immovable
property Book debts Others |
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Particular of
charge holder |
Axis Bank Limited, |
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Nature of
instrument creating charge |
Supplemental deed
of Hypothecation and Memorandum of
Entry (Extension of Equitable Mortgage) |
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Date of
instrument Creating the charge |
28.10.2010 |
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Amount secured by
the charge |
Rs.236.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Base Rate +4%
i.e. 11.75% with monthly rest Terms of
repayment : Cash Credit ,
letter of Credit and Buyers Credit facility for period or one year Margin : 25% on stock and
40% on book debts Extent and
operation of the charge : Charge to secure
credit facilities |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
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Particulars of
the present modification |
The amount
secured by charge increased to Rs.236.500 Millions. |
FIXED ASSETS :
- Computer
- Electric Equipments
- Furniture and Fixtures
- Land and Building
- Plant and Machinery
- Vehicles
- Air Conditioner
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
36 |
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.