MIRA INFORM REPORT

 

 

Report Date :

03.03.2011

 

IDENTIFICATION DETAILS

 

Name :

PRADEEP METALS LIMITED (w.e.f 14.01.1993)

 

 

Formerly Known As :

PRADEEP METALS PRIVATE LIMITED

 

 

Registered Office :

R 205, TTC Industrial Area, MIDC Rabale Post, Ghansoli, Navi Mumbai – 400701, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

22.01.1982

 

 

Com. Reg. No.:

11-026191

 

 

CIN No.:

[Company Identification No.]

L99999MH1982PLC026191

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEP07654D

 

 

PAN No.:

[Permanent Account No.]

AAACP9350P

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer of Precision Closed Die Forgings

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 920000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

The company can be considered for small to mediocre 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

The management non cooperative

 

 

LOCATIONS

 

Registered Office/ Factory :

R 205, TTC Industrial Area, MIDC Rabale Post, Ghansoli, Navi Mumbai – 400701, Maharashtra, India

Tel. No.:

91-22-27691026/27693173

Fax No.:

91-22-27691123

E-Mail :

pramet@vsnl.com

Website :

www.pradeepmetals.com

 

 

DIRECTORS

 

As On 27.08.2010

 

Name :

Mr. Pradeep Vedprakash Goyal

Designation :

Chairman and Managing Director

Date of Appointment :

12.08.1983

DIN No. :

00008370

 

 

Name :

Mr. Neeru Pradeep Goyal

Designation :

Director

Address :

171/172, 17th Floor, Kalpataru Horizon Tower A, S.K. Ahire Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

07.09.1958

Date of Appointment :

29.01.2009

DIN No. :

02471300

 

 

Name :

Mr. Kewel Krishan Nohria

Designation :

Director

Address :

11, Aryavartha N DRoad, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.01.1932

Date of Appointment :

14.04.2008

DIN No. :

00060015

 

 

Name :

Mr. Om Prakash Agarwal

Designation :

Director

Date of Appointment :

10.05.2001

DIN No. :

00022796

 

 

Name :

Mr. Suresh Gopal Vaidya

Designation :

Director

Date of Appointment :

24.06.2005

DIN No. :

00220956

 

 

Name :

Mr. Rakesh Kumar Hariram Agarwal

Designation :

Director

Date of Appointment :

31.10.2001

DIN No. :

00244328

 

 

Name :

Mr. Rajnikant Devidas Shroff

Designation :

Director

Date of Appointment :

26.05.1993

DIN No. :

00180810

 

 

Name :

Mr. Dinesh Trikamdas Parekh

Designation :

Director

Date of Appointment :

30.04.2003

DIN No. :

00029121

 

 

Name :

Mr. Raj Kumar Mittal

Designation :

Director

Address :

A-22, Mandhana Manonr 18, Mogul Lane, Mahim  (West), Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

05.05.1944

Date of Appointment :

29.01.2008

DIN No. :

00020255

 

 

Name :

Dr. V. R. Gopinathan

Designation :

Additional Director

Address :

50, Maruti Nagar, Krishnagiri Main Road, Kumudepalli Post, Hosur – 635109, Tamilnadu, India

Date of Appointment :

24.06.2005

 

 

Name :

Mr. Arvind Y. N.Varma

Designation :

Special Director

Address :

C-61, Soami Nagar (North), New Delhi – 110017, Delhi, India

Date of Appointment :

01.07.2005

 

 

Name :

Mr. Suresh Gopal Vaidya

Designation :

Additional Director

Address :

C-36, Goodwill Building, Behind BPL Centre, Manamala Tank Road, Mahim, Mumbai – 400016, Maharashtra, India

Date of Appointment :

24.06.2005

 

 

KEY EXECUTIVES

 

Name :

Mr. Abhinay Kapoor

Designation :

Company Secretary

Pan No. :

AJYPK9456B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 31.12.2010

 

Names of Shareholders

 

No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

1,609,700

12.65

Bodies Corporate

3,805,061

29.91

Any Others (Specify)

192,000

1.51

Any Other

192,000

1.51

Sub Total

5,606,761

44.08

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

5,606,761

44.08

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

9,000

0.07

Foreign Institutional Investors

4,100

0.03

Any Others (Specify)

1,500

0.01

Trusts

1,500

0.01

Sub Total

14,600

0.11

(2) Non-Institutions

 

 

Bodies Corporate

973,469

7.65

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

2,504,224

19.69

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

1,337,059

10.51

Any Others (Specify)

2,283,887

17.96

Clearing Members

582,702

4.58

Non Resident Indians

1,471,185

11.57

Overseas Corporate Bodies

230,000

1.81

Sub Total

7,098,639

55.81

Total Public shareholding (B)

7,113,239

55.92

Total (A)+(B)

12,720,000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

12,720,000

-

 

As On 27.08.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

13.42

Bodies corporate

6.79

Directors or relatives of Directors

42.90

Other top fifty shareholders

13.39

Others

23.42

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Precision Closed Die Forgings

 

 

Products :

Item Code No.

Product Description

73261900

Other articles of iron or steel forged stamped but not further worked other

73269015

Finished and semi – finished steel forgings n. e. s, EG flanges for steel pipes and tubes auto spares earth moving etc

73269017

Finished and semi-finished steel forgings n. e. s, for auto spares and earth moving implements etc.

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not divulged by management

 

 

Bankers :
  • Union Bank of India – Sion Branch, 169-B, New Sunita Apartments, Sion (E), Mumbai – 400022, Maharashtra, India
  • Union Bank of India – Industrial Finance Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
  • ICICI Bank Limited

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

Term loans from Union Bank of India (Secured by first charge on the fixed assets of the company, present and future)

11.362

18.947

Term loans from Union Bank of India (Secured by first charge on the fixed assets of the company, present and future)

7.333

3.766

Working capital loans from Union Bank of India

(Secured by hypothecation of inventories, book debts, including bills discounted / purchased, and other current assets and second charge on the fixed assets)

(All the above loans are secured by personal guarantee of the chairman and managing director of the company)

263.485

236.545

Loan from Union Bank of India

(Secured by hypothecation of the vehicle)

2.018

3.029

Loan from Citicrop Maruti Finance Limited

(Secured by hypothecation of the vehicle)

0.025

0.243

Loan from ICIC Bank Limited

(Secured by hypothecation of the vehicle)

0.000

0.023

 

Total

284.223

262.553

 

 

Unsecured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

Inter Corporate Deposits

27.600

35.300

Total

27.600

35.300

 

 

Financial Institute :
  • Citicrop Maruti Finance Limited

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. R. Rege and Company

Chartered Accountant

Address :

Hiramani Super Market, Lalbaug, Mumbai – 400013, Maharashtra, India

Pan No. :

AAAFS7198F

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13000000

Equity Shares

Rs. 10/- each

Rs. 130.000 Millions

700000

Preference Shares

Rs. 100/- each

Rs. 70.000 Millions

 

Total

 

Rs. 200.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

12720000

Equity Shares

Rs. 10/- each

Rs. 127.200 Millions

 

Less: Calls in Arrears

(Of the above 27600 (27600) equity shares are allotted as fully paid up pursuant to contracts without payment being received in cash and 462500 (462500) equity shares are allotted as fully paid up bonus shares by capitalizing general reserve)

 

Rs. 0.074 Millions

519800

10% Optionally Convertible Cumulative Redeemable Preference Shares

Rs. 100/- each

Rs. 51.980 Millions

 

Total

 

Rs. 179.106 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

179.106

179.106

179.106

2] Share Application Money

4.014

5.314

5.314

3] Reserves & Surplus

48.689

45.397

33.448

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

231.809

229.817

217.868

LOAN FUNDS

 

 

 

1] Secured Loans

284.223

262.553

337.483

2] Unsecured Loans

27.600

35.300

35.300

TOTAL BORROWING

311.823

297.853

372.783

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

543.632

527.670

590.651

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

156.946

159.849

162.402

Capital work-in-progress

0.675

6.360

0.743

 

 

 

 

INVESTMENT

0.100

0.100

0.100

DEFERREX TAX ASSETS

26.092

33.444

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
255.613

201.625

253.458

 

Sundry Debtors
160.176

188.179

167.669

 

Cash & Bank Balances
0.432

0.767

0.493

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
48.651

53.863

52.787

Total Current Assets
464.872

444.434

474.407

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
78.808

86.448

92.242

 

Other Current Liabilities
12.034

18.100

25.643

 

Provisions
14.285

12.065

5.065

Total Current Liabilities
105.127

116.613

122.950

Net Current Assets
359.745

327.821

351.457

 

 

 

 

MISCELLANEOUS EXPENSES

0.074

0.096

75.949

 

 

 

 

TOTAL

543.632

527.670

590.651

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

534.663

842.345

723.159

 

 

Other Income

0.000

7.280

0.000

 

 

TOTAL                                     (A)

534.663

849.625

723.159

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

443.706

685.518

579.413

 

 

Other Expenses

63.499

90.707

87.075

 

 

TOTAL                                     (B)

507.205

776.225

666.488

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

27.458

73.400

56.671

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

27.458

73.400

56.671

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

14.401

13.724

13.508

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

13.057

59.676

43.163

 

 

 

 

 

Less

TAX                                                                  (I)

9.765

(26.089)

5.500

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

3.292

85.765

37.663

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

228.717

507.480

 

TOTAL EARNINGS

228.717

507.480

 

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials and Consumable Goods

4.545

2.834

NA

 

 

Capital Goods

0.000

9.162

 

 

TOTAL IMPORTS

4.545

11.996

 

 

 

 

 

 

 

Earnings Per Share (Rs.)

(0.22)

6.74

 

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

171.500

214.800

244.000

Total Expenditure

147.300

184.000

211.500

PBIDT (Excl OI)

24.200

30.800

32.500

Other Income

0.200

0.300

1.800

Operating Profit

24.400

31.100

34.300

Interest

8.100

8.700

8.600

PBDT

16.300

22.400

25.700

Depreciation

3.600

3.700

4.000

Profit Before Tax

12.700

18.700

21.700

Tax

2.200

4.200

4.200

Profit After Tax

10.500

14.500

17.500

Net Profit

10.500

14.500

17.500

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.62

10.09

5.21

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.44

7.08

5.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.10

9.88

6.78

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.26

0.20

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.80

1.80

2.28

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.42

3.81

3.86

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

78.731

86.448

91.851

Sundry Creditors for capital goods

0.077

0.000

0.391

Total

78.808

86.448

92.242

 

 

COMPANY HISTORY

Year Events 1982 - The company was incorporated on 22nd January, as a private limited company. It was subsequently converted into a public limited company in terms of special resolution dated 01.01.1993, and certificate of change of name was issued by the registrar of companies, Maharashtra on 14.01.1993.

- The company was promoted by V P Goyal, Chartered Engineer, to manufacture closed die steel forgings with an installed capacity of 1,200 tpa.


- The company's existing unit has facilities for manufacturing forgings from 500 gms to 8 kgs single piece weight for application mainly in the automobile industry. The expanded product range will cater to the large volume requirements of automobile, defence, railways, engineering and petrochemical industries.


2000 - The Company has joined National Securities Depository Limited and Central Depository Services (India) Limited and the Shares are available for Dematerialisation.


- 10% Optionally Convertible Cumulative Redeemable Preference Shares aggregating Rs 50.000 millions have been allotted to a financial institution.


- The Company would consider a preferential allotment of 0.200 million shares of Rs 10 each at part to each of them.


- The Board has allotted 19,800 - 10 per cent optionally convertible cumulative preference shares of Rs 100 each to ICICI Limited

 

 

PERFORMANCE:

Due to global recessionary conditions and reduced demand from overseas customers, the operations of the Company have been adversely impacted during the year. The Company has achieved turnover of Rs. 528.069 millions during the year as compared to Rs. 831.922 millions in the previous year. The profit before interest, depreciation and tax has come down mainly due to rising cost of raw materials, power, consumables and logistics. The Company has been able to keep the other cost components under control. The Company has developed customers mainly in the area of gas and oil field equipments and mechanical instruments. This segment of business has suffered reduced demand this year resulting in decreased sales for the Company. The future outlook of the Company’s business is dealt within the Management Discussion and Analysis.

 

EXPORTS:

During the year, exports of the Company were Rs. 228.717 millions as compared to Rs. 507.480 millions in the previous year. This has resulted in the substantial loss of sales and revenues for the current year. Your Company has  made plans to increase its export performance in the coming years.

 

VARIATION OF TERMS OF REDEMPTION OF PREFERENCE SHARES

The Company has obtained consent from the shareholders of 5,19,800 10% Optionally Convertible Cumulative Redeemable Preference Shares of Rs. 100/- each, aggregating to Rs. 51.980 millions pursuant to Section 106 and other applicable provision of the Companies Act, 1956 and Article 8A of Articles of Association of the Company for variation of the rights of the Preference Shareholders by extending the time for redemption of the said preference shares, which are due for redemption in two yearly installments of Rs.25.990 millions each on 31.03.2010 and 31.03.2011, by further period of 3 years and that these shares would now be redeemable in two equal yearly installments of Rs.25.990 millions each on 31.03.2013 and 31.03.2014.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010

 

Particulars

Quarter ended 31.12.2010 (Unaudited)

Nine Months 31.12.2010 (Unaudited)

a) Net Sales / Income from Operations

 

 

- Export

116.500

270.800

- Domestic

127.500

359.500

b) Other Operating Income

--

--

Total

244.000

630.300

Expenditure

 

 

(a) (Increase)/decrease in Stock in Trade and work in progress

(3.800)

(15.000)

(b) Consumption of Raw Materials

135.600

341.500

(c) Purchase of traded goods

3.500

9.600

(d) Employees Cost

22.400

61.700

(e) Depreciation

4.000

11.300

(f) Other Expenditure

53.800

145.000

Total Expenditure

216.600

664.100

Profit From Operations before other Income Interest & Exceptional Items

28.500

76.200

Other Income

1.800

2.300

Profit before Interest and Exceptional items

30.300

78.500

Interest

8.600

25.400

Profit after interest before Exceptional items

21.700

53.100

Exceptional Items

--

--

Profit / (Loss) From Ordinary activities before Tax

21.700

53.100

Tax (Current)

4.200

10.600

Provision for Deferred tax asset

--

--

Net Profit/(Loss) From Ordinary activities after Tax

17.500

42.500

Extraordinary Item

--

--

Net Profit/(Loss) for the period

17.500

42.500

Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )

127.100

127.100

Redeemable preference share capital

52.00

52.000

Reserves excluding Revaluation Reserves as per balance sheet of previous year

--

--

Earnings per share (EPS)

 

 

-Basic and Diluted

1.25

2.97

Public Share Holding

 

 

- Number of Shares

7263239

7263239

- Percentage of shareholding

57.10

57.10

Promoters and Promoter group share holding

 

 

a) Pledged / Encumbered

 

- Number of Shares

1000000

1000000

- Percentage of share (as a % of the total shareholding of promoter and promoter group)

18.33

18.33

- Percentage of shares(as a % of the total share capital of the company)

7.86

7.86

b) Non-encumbered

 

- Number of Shares

4456761

4456761

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

81.67

81.67

 - Percentage of Share (as a % of the total share capital of the company)

35.04

35.04

 

Notes:

  1. The above results were reviewed by the audit committee and approved by the board of directors at their meeting held on 28.01.2011.
  2. The statutory auditors have performed a “Limited Review” of the above financial results for the quarter ended 31.12.2010.
  3. The operations of the company are considered as a single product segment.
  4. Adjustment / provision for deferred tax asset/liability, if any, will be ascertained and made at the end of the financial year.
  5. There were six investor’s complaints received and settled during the quarter. No complaint was pending at the beginning / end of the quarter.
  6. Previous period’s figures have been regrouped wherever necessary to make them comparable.
  7. Promoters Group holds 96.19% of preference share capital, which is not listed.
  8. The Board has approved to issue 1200000 equity warrants on a preferential basis to Rabale Engineering India Private Limited, (Promoters Group) subject to the approval of shareholders in the forthcoming extra ordinary general meeting.

 

 

Contingent Liabilities not provided for (As on 31.03.2010)

a) Letter of Guarantee issued by Union Bank of India (secured by 100% margin) – 0.112 million

 

 

Form 8:

 

Corporate identity number of the company

L99999MH1982PLC026191

Name of the company

PRADEEP METALS LIMITED

Address of the registered office or of the principal place of  business in India of the company

R 205 TTC Indl Area Midcrabale Post Ghansoli, Navi Mumbai - 400701, Maharashtra, India

This form is for

Modification of charge

Type of charge

Movable Property

Immovable Property

Particular of charge holder

Name :

Union Bank of India

Address :

Industrial Finance Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Email :

vkshanbhogue@unionbankofindia.com

Nature of instrument creating charge

Equitable mortgage by way deposit of Title Deeds and writings pertaining to the Company's immovable property situated at Plot No. R-205, R-206, R-207/1, TTC Industrial Area, MIDC, Rabale, Navi Mumbai 400701 together with buildings and structures thereon with fixed plant and machinery constructed / erected on installed or standing thereon both present and future.

Date of instrument Creating the charge

11.06.2009

Amount secured by the charge

Rs. 441.600 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - As per agreeable between parties.

 

Terms of Repayment - As per agreeable between parties.

 

Margin - As per agreeable between parties.

 

Extent and Operation of the charge - To secure the due repayment and redemption to Union Bank of India of all amounts advanced or to be advanced and  of all the amounts under the various facilities granted or to be granted by the Bank to the extent of Rs. 441.600 millions to the Company together with interest, compound interest and/or additional interest in case of default exchange fluctuations, costs, charges, expenses and all other monies due and payable by the Company to Union Bank of India.

Particulars of the property charged

Plot No. R-205, R-206, and R-207/1 situated at TTC Industrial Area, MIDC, Rabale, Navi Mumbai 400701

Particulars of the present modification

Vide this modification, Borrower agreed to retain the title deeds, documents and writings in respect of the immovable property already deposited on 30th January, 2007 by constructive delivery together with buildings and structures which may be erected/constructed thereon together with the fixed plant and machinery to secure the due repayment and redemption to Union Bank of India of all amounts under the various facilities granted or to be granted by the Bank to the extent of Rs. 441.600 millions.

 

 

Fixed Assets:

    • Leasehold land
    • Factory building
    • Plant and machinery
    • Furniture and fixture
    • Vehicles

 

 

AS PER WEBSITE DETAILS

 

PROFILE:

 

Started in 1982 as a private limited company. Subject commenced manufacturing precision closed die steel forgings at Dombivli, near Mumbai with an annual installed capacity of 1200 tons. In 1989 the capacity was increased to doubled to 2400 tons.


On the strength of excellent all-round performance and wide customer base, Subject set up a modern integrated forging plant in 1994 with state-of-the-art technology incorporating forging presses, induction billet heaters and sophisticated die making facilities.


With an enhanced annual capacity of 12000 tons in the hands of experienced technocrats and ISO 9002 certification, subject manufactures forgings for the defence, automobile, engineering and petrochemical industries, both for domestic and international markets.


The "Subject" family comprises of an eminent Board of Directors with long experience in managing large industrial corporations, 15000 shareholders all over the world and a workforce of more than 250 dedicated employees.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

32

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.