MIRA
INFORM REPORT
|
Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MESCO STEEL LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
08.09.1995 |
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Com. Reg. No.: |
15-004125 |
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CIN No.: [Company Identification
No.] |
U27101OR1995PLC004125 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BBNM01088D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Consultancy Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 294000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
It is reported that there was no manufacturing activities from the year
2007 to 2009. It is further reported that the company has started the
business of consultancy. Trade relations are 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.
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Viswaber |
|
Designation : |
Accounts Department |
|
Date : |
23.03.2011 |
LOCATIONS
|
Registered/ Sales Office 1 : |
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Tel. No.: |
91-674-2432759/ 3094414/ 3094560 |
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Fax No.: |
91-674-2432256 |
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E-Mail : |
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Website : |
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Head Office : |
D-/12, Freedom Fighter Enclave, Gate No. 4, IGNOU Road, Neb Sarai, New
Delhi - 110 068, India |
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Tel. No.: |
91-11-29532307/ 32906529/ 65631600 |
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E-Mail : |
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Corporate Office : |
MESCO Heliport, Juhu Aerodrome , Mumbai -
400 054, |
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Tel. No.: |
91-22-26614572/ 26603173/ 26603175 |
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Fax No.: |
91-22-26610014 |
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E-Mail : |
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Sales Office 2 : |
4, Fairly Place, HMP House, 2nd
Floor, Kolkata – 700 001, West |
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Tel. No.: |
91-33-64517549 |
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Fax No.: |
91-33-22313523 |
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E-Mail : |
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Mines, Ports and Steel Plant – |
8-9-A, |
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Malagtoli Iron |
At-Villages Sirkagutu, Kadakala, Lohakala, Via-Kalimati,
PO-Dubuna, Tahasil-Telkoi, District Keonhar, |
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E-Mail : |
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Sudergardh Iron |
At-Villages Jaldihi, Kensara, Batagaon, Raisuan
and Lusi, Taluka-Bonei, District-Sundargardh, |
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E-Mail : |
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Steel Plant – Jaipur : |
Kalinga Nagar Industrial Complex, Khurunti, PO
Danagadi 755 026, District Jaipur, |
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Tel. No.: |
91-671-2383100 |
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Fax No.: |
91-6726-266041 |
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E-Mail : |
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Roida-1 |
At-Villages Tanto, Kasia, Via-Bhadrasahi, PO
Bhadrasahi, Tahasil-Barbil, District – Keonjhar – 758 035, Orissa, |
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E-Mail : |
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Logistics – |
Hb-9, Gaurab Vihar, Near |
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Tel. No.: |
91-6722-221630 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Jitendra Kumar Singh |
|
Designation : |
Director |
|
Address : |
D-3A, Ansal Villa, Satbari, |
|
Date of Birth/Age : |
25.09.1945 |
|
Date of Appointment : |
08.11.2006 |
|
DIN No.: |
00090649 |
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Directorship in other companies:
|
Name of the company: Mesco OMC Mining Corporation Limited CIN of company: U51102OR1995PLC004024 Designation: Director Name of the company: Mesco Kalinga Steel Limited CIN of company: U36104OR1994PLC003616 Designation: Director Name of the company: Mesco Logistics Limited CIN of company: U60210OR1995PTC004126 Designation: Director Name of the company: Mideast Integrated Steels Limited CIN of company: U74899DL1992PTC050216 Designation: Director Name of the company: Mideast ( CIN of company: L63090DL1977PLC008684 Designation: Director Name of the company: Mesco Hotels Limited CIN of company: U55101DL1986PLC025133 Designation: Director Name of the company: Mesco India Limited CIN of company: U99999DL1994PTC061006 Designation: Director Name of the company: Mesco Aviation and Technical Services Limited CIN of company: U99999DL1995PTC071543 Designation: Director |
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|
Name : |
Mrs. Rita Singh |
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Designation : |
Director |
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Address : |
D-3A, Ansal Villa, Satbari, |
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Date of Birth/Age : |
23.04.1950 |
|
Date of Appointment : |
08.11.2006 |
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DIN No.: |
00082263 |
|
Directorship in other companies:
|
Name of the company: Mesco OMC Mining Corporation Limited CIN of company: U51102OR1995PLC004024 Designation: Director Name of the company: Mesco Kalinga Steel Limited CIN of company: U36104OR1994PLC003616 Designation: Director Name of the company: Mesco Logistics Limited CIN of company: U60210OR1995PTC004126 Designation: Director Name of the company: Mideast Integrated Steels Limited CIN of company: U74899DL1992PTC050216 Designation: Director Name of the company: Mideast ( CIN of company: L63090DL1977PLC008684 Designation: Director Name of the company: Mesco Hotels Limited CIN of company: U55101DL1986PLC025133 Designation: Director Name of the company: Mesco India Limited CIN of company: U99999DL1994PTC061006 Designation: Director Name of the company: Mesco Aviation and Technical Services Limited CIN of company: U99999DL1995PTC071543 Designation: Director |
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|
Name : |
Mrs. Natasha Singh |
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Designation : |
Director |
|
Address : |
D-3A, Ansal Villa, Satbari, |
|
Date of Birth/Age : |
25.09.1971 |
|
Date of Appointment : |
08.11.2006 |
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DIN No.: |
00812380 |
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Directorship in other companies:
|
Name of the company: Mesco OMC Mining Corporation Limited CIN of company: U51102OR1995PLC004024 Designation: Director Name of the company: Mesco Kalinga Steel Limited CIN of company: U36104OR1994PLC003616 Designation: Director Name of the company: Mesco Logistics Limited CIN of company: U60210OR1995PTC004126 Designation: Director Name of the company: Mideast Integrated Steels Limited CIN of company: U74899DL1992PTC050216 Designation: Director Name of the company: Mideast ( CIN of company: L63090DL1977PLC008684 Designation: Director Name of the company: Mesco Hotels Limited CIN of company: U55101DL1986PLC025133 Designation: Director Name of the company: Mesco India Limited CIN of company: U99999DL1994PTC061006 Designation: Director Name of the company: Mesco Aviation and Technical Services Limited CIN of company: U99999DL1995PTC071543 Designation: Director |
KEY EXECUTIVES
|
Name : |
Mr. Viswaber |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jitendra Kumar Singh (HUF) |
|
10 |
|
Vijay Laxmi Dhillon |
|
50010 |
|
Ashoka Kumari |
|
5010 |
|
|
|
5010 |
|
Shipra Singh |
|
240010 |
|
Dhruv Singh |
|
10 |
|
Samir Singh |
|
10 |
|
Gautam Sinha |
|
15000 |
|
Mesco OMC Mining Corporation Limited, |
|
126000 |
|
Rita Singh |
|
20000 |
|
Jitendra Kumar Singh |
|
80000 |
|
Total |
|
541070 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
23.00 |
|
Directors
or relatives of directors |
|
77.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Consultancy Services. |
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GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sangram Paul and Company Chartered Accountants |
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Address : |
267, Kharavela Nagar, Bhubneshwar – 751 001, |
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Group Companies: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
541070 |
Equity Shares |
Rs.10/- each |
Rs.5.411
Millions |
|
|
|
|
|
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
401070 |
Equity Shares |
Rs.10/- each |
Rs.4.011
Millions |
|
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|
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
4.011 |
2.751 |
2.751 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
69.451 |
7.339 |
0.011 |
|
|
4] (Accumulated Losses) |
0.000 |
(0.436) |
0.000 |
|
|
NETWORTH |
73.462 |
9.654 |
2.762 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.248 |
0.134 |
0.000 |
|
|
|
|
|
|
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TOTAL |
73.710 |
9.788 |
2.762 |
|
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
6.683 |
7.272 |
0.000 |
|
|
Capital work-in-progress |
0.645 |
0.282 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
131.468 |
131.468 |
124.129 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
2.123
|
1.036
|
0.557 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
6.129
|
0.903
|
0.604 |
|
Total
Current Assets |
8.252
|
1.939
|
1.161 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.014
|
0.015 |
0.015 |
|
|
Other Current Liabilities |
76.158
|
133.679
|
125.979 |
|
|
Provisions |
0.187
|
0.079
|
0.000 |
|
Total
Current Liabilities |
76.359
|
133.773
|
125.994 |
|
|
Net Current Assets |
(68.107)
|
(131.834)
|
(124.833) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.021 |
2.600 |
3.466 |
|
|
|
|
|
|
|
|
TOTAL |
73.710 |
9.788 |
2.762 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Professional Fees |
6.050 |
6.350 |
1.100 |
|
|
|
Other Income |
0.049 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
6.099 |
6.350 |
1.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
2.000 |
3.600 |
0.176 |
|
|
|
Administrative and Selling & Distribution Expenses |
2.693 |
1.780 |
0.039 |
|
|
|
Miscellaneous Expenses Written Off |
0.437 |
0.867 |
0.866 |
|
|
|
Reversal of Pre-operative Expenses |
(0.859) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
4.271 |
6.247 |
1.081 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.828 |
0.103 |
0.019 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.012 |
0.010 |
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.816 |
0.093 |
0.018 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.706 |
0.328 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.110 |
(0.235) |
0.018 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.302 |
0.213 |
0.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.808 |
(0.448) |
0.012 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.436) |
0.012 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.372 |
(0.436) |
0.012 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.49 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
13.25
|
(7.06)
|
1.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.35
|
(3.70)
|
1.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.43
|
(2.55)
|
1.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(0.02)
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
13.86
|
45.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.11
|
0.01
|
0.01 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
These were no manufacturing
and activities during the year under consideration. However the company started
the business of consultancy.
FIXED ASSETS:
·
Air Conditioner
·
Aqua Guard
·
Car – Mercedes
·
Computers
·
Electrical Item
·
Furniture and
Fixture
·
Vehicle
·
Mixer Grinder
·
MW Oven
·
Refrigerator
·
Stabilizer
·
Tata Sky Dish
·
Television Utensils
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 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.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.