MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KHYATI ISPAT PRIVATE LIMITED |
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Registered
Office : |
Village Jarwah, Hirapur, Raipur-492001, Chattisgarh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.07.1996 |
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Com. Reg. No.: |
10-011006 |
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CIN No.: [Company Identification
No.] |
U27106CT1996PTC011006 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JBPK00300G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Re- Rolled Products such as MS Angles, Channels,
Beams/ Joist, H- Beams. Flats and Rounds. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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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 a well 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. |
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 |
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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
|
Registered Office/ Factory : |
Village Jarwah, Hirapur, Raipur-492001, |
|
Tel. No.: |
91-771-2325515/ 2325516/ 23.27795/ 2324798 |
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Fax No.: |
91-771-2325515/ 2327795 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Virendra Kumar Agrawal |
|
Designation : |
Director |
|
Address : |
Infront of Atul Plywood, Village- Jarwaya, Hirapur, Raipur-492099, |
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Date of Birth/Age : |
21.04.1960 |
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Date of Appointment : |
12.07.1996 |
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Name : |
Mr. Basant Kumar Agrawal |
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Designation : |
Director |
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Address : |
Behind Shitla Mandir, Danganiya, Raipur-492013, |
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Date of Birth/Age : |
20.01.1961 |
|
Date of Appointment : |
12.07.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Virendra Kumar Agrawal |
|
179600 |
|
Basant Kumar Agrawal |
|
1186900 |
|
Kundan Lal Agrawal |
|
128900 |
|
|
|
163000 |
|
Babita Agrwal |
|
135000 |
|
Sangita Agrawal |
|
397500 |
|
Mamta Agrawal |
|
281500 |
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|
|
243000 |
|
Basant Kumar Agrawal and Sons – HUF |
|
232400 |
|
Manglam Alloys and Ispat Private Limited, |
|
1540440 |
|
Sampurn Impex Private Limited, West |
|
3642000 |
|
Total |
|
8130240 |
As on 23.11.2010
|
List of Allottees |
|
No. of Shares Allotted |
|
Sampurn Impex Private Limited, West |
|
100000 |
As on 18.01.2011
|
List of Allottees |
|
No. of Shares Allotted |
|
Sampurn Impex Private Limited, West |
|
508000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
64.00 |
|
Directors or relatives of Directors |
36.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Re- Rolled Products such as MS Angles, Channels,
Beams/ Joist, H- Beams. Flats and Rounds. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Re- Rolled Products |
|
114000 |
114000 |
81046.200 |
|
Fabrication |
|
18000 |
18000 |
1608.610 |
GENERAL INFORMATION
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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 : |
Sanjib Jain and Associates Chartered Accountant |
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Address : |
243, 2nd Floor, Rishabh Complex, Raipur-492001, |
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Tel. No.: |
91-771-2325516/ 2325520/ 4283616 |
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Fax No.: |
91-771-2325515/ 19 |
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E-Mail : |
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8738240 |
Equity Shares |
Rs. 10/-
each |
Rs. 87.382
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6790240 |
Equity Shares |
Rs. 10/-
each |
Rs. 67.902
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 |
67.902 |
66.982 |
40.998 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
183.573 |
151.593 |
85.764 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
251.475 |
218.575 |
126.762 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
499.425 |
303.733 |
154.420 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
499.425 |
303.733 |
154.420 |
|
|
DEFERRED TAX LIABILITIES |
16.902 |
15.785 |
10.491 |
|
|
|
|
|
|
|
|
TOTAL |
767.802 |
538.093 |
291.673 |
|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
208.609 |
206.775 |
97.671 |
|
|
Capital work-in-progress |
11.849 |
39.192 |
61.043 |
|
|
|
|
|
|
|
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INVESTMENT |
0.350 |
0.350 |
0.350 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
537.867
|
203.126 |
180.223 |
|
|
Sundry Debtors |
55.711
|
70.266 |
29.606 |
|
|
Cash & Bank Balances |
4.624
|
2.783 |
1.129 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
98.196
|
82.637 |
52.895 |
|
Total
Current Assets |
696.398
|
358.812 |
263.853 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
102.266
|
3.747 |
26.158 |
|
|
Other Current Liabilities |
32.338
|
55.899 |
94.376 |
|
|
Provisions |
14.800
|
7.390 |
10.710 |
|
Total
Current Liabilities |
149.404
|
67.036 |
131.244 |
|
|
Net Current Assets |
546.994
|
291.776 |
132.609 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
767.802 |
538.093 |
291.673 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2075.349 |
1732.885 |
1261.866 |
|
|
|
Other Income |
2.066 |
1.166 |
0.216 |
|
|
|
TOTAL (A) |
2077.415 |
1734.051 |
1262.082 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials, Stores and Others |
1728.670 |
1220.448 |
1021.349 |
|
|
|
Cost of Trading Goods |
111.624 |
383.374 |
184.177 |
|
|
|
Manufacturing Expenses |
75.263 |
42.723 |
29.685 |
|
|
|
Selling, Administrative and Other Expenses |
7.976 |
8.847 |
7.584 |
|
|
|
Personnel Expenses |
6.115 |
3.122 |
2.384 |
|
|
|
Increase / Decrease in stock |
[29.423] |
[59.036] |
[68.417] |
|
|
|
TOTAL (B) |
1901.225 |
1599.478 |
1176.762 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
176.190 |
134.573 |
85.320 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.856 |
28.019 |
13.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.334 |
106.554 |
72.094 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.794 |
68.517 |
46.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
46.540 |
38.037 |
25.423 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.917 |
12.684 |
8.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
30.623 |
25.353 |
16.563 |
|
|
|
|
|
|
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|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
68.308 |
42.956 |
26.481 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment
relating to earlier year |
0.022 |
0.001 |
0.088 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
98.909 |
68.308 |
42.956 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.57 |
5.42 |
5.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.47
|
1.46 |
1.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.24
|
2.20 |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.14
|
6.73 |
7.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.58
|
1.70 |
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.66
|
5.35 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights:
The company witnessed a robust growth and its gross sales increased to Rs.
2280.200 Millions representing an increase of 17% over the previous year. The
net profit after taxes increased to Rs. 30.600 Millions from Rs. 25.300
Millions in the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27106CT1996PTC011006 |
|
Name of the
company |
KHYATI ISPAT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Jarwah, Hirapur, Raipur-492001, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10050421 |
|
Type of charge |
Floating Charge Others |
|
Particular of
charge holder |
UCO Bank, Main Branch, KK Road, Raipur-492001, |
|
Nature of
instrument creating charge |
Sanction of Short
Term Loan Rs. 150.000 Millions for six month rate of interest @ 11.50% per
annum |
|
Date of
instrument Creating the charge |
09.11.2010 |
|
Amount secured by
the charge |
Rs. 662.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% per annum Terms of
Repayment Repayable in
bullet after six months from the date of disbursement for which post dated cheques
has been submitted by the company. Extent and
Operation of the charge The charge is
secured on the existing properties of the company on which the original
charge is registered. The Bank has sanctioned a short term loan after
accepted post dated cheques for repayment of short term loan |
|
Short particulars
of the property charged |
Charge on the
properties earlier mortgaged with the Bank as mention in the original paper
of charge agreement of charge ID No. 10050421 |
|
Date of instrument
modifying the charge |
05.11.2010 |
|
Particulars of
the present modification |
Sanction of Short
Term Loan Rs. 150.000 Millions for six
months rate of Interest @ 11.50% per annum, the overall credit limit
enhanced form Rs. 512.700 Millions to Rs. 662.700 Millions |
Fixed Assets:
·
·
·
Factory Shed
·
·
·
Plant and Machinery
·
Rolling Mill Rolls
·
Furnace (Pusher)
·
Electrical Install
·
Mobile Cranes
·
Water Line/ Starter
·
Fire Fittings Equipments
·
Computer, UPS/ Printers
·
Cars
·
Motor Cycles
·
Air Conditioners
·
Refrigerator/ Water Cooler
·
Mobile Phone
·
Furniture and Fixtrue
·
Testing Laboratory
·
·
Office Equipments
·
Dumper, Road Roller, Trolly
AS PER WEBSITE
Profile:
Subject is an emerging market leader in the field of Steel Re-Rolled
products such as MS Angles, Channels, Beams/Joist, H Beams, Flats and Rounds.
Though late in entering manufacturing sector, the company has established
strong reputation, steady growth and confidence among the Customers.
The company is promoted by young qualified Technocrats with more than a
decade of experience in Steel Re-Rolled product's : Marketing, Stocking and
Sales. The company started manufacturing the re-rolled products in the year
2005 by employing state of art technology using sophisticated instrumentation
controls and best material handing systems starting from billets unloading to
finished goods cooling, stacking and loading.
The Products of Khyati Ispat Private Limited meets requirements of BIS
as per IS 2062 - 1999 and duly certified for ISO 9001 : 2000 standards.
The Corporate VISION statement of Khyati Ispat Private Limited are :
The vision is to emerge as a Nation wide Organization and leader in Steel
Business by adequately enhancing:
·
Quality.
·
Productivity.
·
Profitability.
·
Customer Satisfaction.
And the Objectives are:
·
To build lasting relationship with Customers based
on trust and mutual benefit.
·
To uphold high ethics to conduct the business.
·
To create and nurture a culture that support
flexibility, learning and is proactive to changes.
·
To promote challenging career to its employees with
opportunities and rewards.
·
To value the opportunity and responsibility to make
a meaningful difference in people's lives.
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.45.18 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.