MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORTRAN STEEL PRIVATE LIMITED |
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Registered Office
: |
35, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.09.1991 |
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Com. Reg. No.: |
11-063422 |
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CIN No.: [Company Identification
No.] |
U27106MH1991PTC063422 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03286D MUMF03616E MUMF01112G |
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PAN No.: [Permanent Account No.] |
AAACF4202A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Hot Rolled Steel and
Structural Steel Products Including Steel Angles, Steel Flat Bars etc. |
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 849000 |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Jayashree |
|
Designation : |
Accounts Department |
|
Date : |
11.02.2011 |
LOCATIONS
|
Registered/ Sales Office : |
35, |
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Tel. No.: |
91-22-23485121 |
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Tele Fax No.: |
91-22-21023361/ 21026023 |
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E-Mail : |
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Website : |
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Corporate Office |
A-111, |
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Tel. No.: |
91-22-21026023 |
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Fax No.: |
91-22-21023361 |
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Factory : |
B-51,
M.I.D.C. Taloja, Raighad – 410 208, |
|
Tel. No.: |
91-22-27410329/
21023361/ 21026023 |
|
Fax No.: |
91-22-27410429/
21026023 |
|
|
|
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Branch Office |
D-108, M.I.D.C Nasik, Ambad - 422 010, |
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Fax No.: |
91-22-21023361 |
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E-Mail : |
DIRECTORS
As on 05.08.2010
|
Name : |
Mr. Sharad Amrutlal Parekh |
|
Designation : |
Director |
|
Address : |
302, Smit Apartment, |
|
Date of Birth/Age : |
22.03.1955 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
01491752 |
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|
|
|
Name : |
Mr. Jatin Gopaldas Parekh |
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Designation : |
Director |
|
Address : |
1302/A |
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Date of Birth/Age : |
23.01.1974 |
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Date of Appointment : |
31.03.1994 |
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DIN No.: |
01491767 |
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|
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Name : |
Mr. Rasesh Sharad Parekh |
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Designation : |
Director |
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Address : |
Smeet Apartments, 3rd Floor, Flat No-302 Plot No-17,
Khokhani Lane, Tilak Road, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1980 |
|
Date of Appointment : |
01.04.2010 |
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DIN No.: |
01577930 |
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|
|
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Name : |
Mr. Gopal Amrutlal Parekh |
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Designation : |
Director |
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Address : |
1302/A |
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Date of Birth/Age : |
01.02.1949 |
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Date of Appointment : |
16.09.1996 |
|
DIN No.: |
01578305 |
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|
|
|
Name : |
Mr. Dilipkumar Amrutlal Parekh |
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Designation : |
Director |
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Address : |
2/Lathi Villa, |
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Date of Birth/Age : |
31.01.1952 |
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Date of Appointment : |
01.06.2003 |
|
DIN No.: |
01578396 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Gopal A. Parekh Jointly M.G. Parekh |
|
149900 |
|
Madhukanta G. Parekh Jointly Gopal A. Parekh |
|
149900 |
|
Gopal A. Parekh (H.U.F.) |
|
200 |
|
Jatin G. Parekh Jointly Gopal A. Parekh |
|
149900 |
|
Hemali J. Parekh Jointly Jatin G. Parekh |
|
149900 |
|
Jatin G. Parekh (H.U.F.) |
|
200 |
|
Dilip A. Parekh Jointly Sharda D. Parekh |
|
149900 |
|
Sharda D. Parekh Jointly Dilip A. Parekh |
|
149900 |
|
Dilip A. Parekh (H.U.F) |
|
200 |
|
Sharad A. Parekh Jointly Varsha S. Parekh |
|
149900 |
|
Varsha |
|
149900 |
|
Sharad A. Parekh (H.U.F.) |
|
200 |
|
Rasesh |
|
149900 |
|
Poonam R. Parekh Jointly Rasesh S. Parekh |
|
149900 |
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Rasesh S. Parekh (H.U.F.) |
|
200 |
|
Adeshwar Cotton Industries Limited |
|
40000 |
|
Indra Varun Sales Agency Private Limited |
|
100000 |
|
Nupur Management Consultancy Private Limited |
|
125000 |
|
Tiscon Sales Agency Private Limited |
|
50000 |
|
Tisscot Management Consultancy Private Limited |
|
100000 |
|
Tribhun Housing Limited |
|
85000 |
|
Total
|
|
2000000 |
As on 05.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Hot Rolled Steel and
Structural Steel Products Including Steel Angles, Steel Flat Bars etc. |
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Products : |
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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 : |
U.B. Sura and Company Chartered Accountants |
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Address : |
14, Krishna Kunj, 144/ 45, |
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Tel. No.: |
91-22-21022735/ 21022095 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
(Out of the above 740000 Equity Shares of Rs.10/- each have been issued
as Bonus Shares by Capitalisation of Capital Reserve/ General Reserve)
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 |
20.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
192.289 |
45.971 |
43.346 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
212.289 |
55.971 |
53.346 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
169.704 |
51.868 |
65.469 |
|
|
2] Unsecured Loans |
13.612 |
24.545 |
19.153 |
|
|
TOTAL BORROWING |
183.316 |
76.413 |
84.622 |
|
|
DEFERRED TAX LIABILITIES |
3.006 |
1.655 |
1.416 |
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|
|
|
|
|
|
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TOTAL |
398.611 |
134.039 |
139.384 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
181.056 |
53.403 |
51.423 |
|
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Capital work-in-progress |
2.600 |
11.339 |
0.063 |
|
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|
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INVESTMENT |
3.910 |
0.675 |
0.676 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
128.502
|
36.626 |
47.897 |
|
|
Sundry Debtors |
104.075
|
36.045 |
35.556 |
|
|
Cash & Bank Balances |
2.485
|
0.239 |
0.658 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.785
|
10.293 |
6.542 |
|
Total
Current Assets |
252.847
|
83.203 |
90.653 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.110
|
13.239 |
0.838 |
|
|
Other Current Liabilities |
1.658
|
0.361 |
0.643 |
|
|
Provisions |
1.525
|
0.981 |
1.950 |
|
Total
Current Liabilities |
42.293
|
14.581 |
3.431 |
|
|
Net Current Assets |
210.554
|
68.622 |
87.222 |
|
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|
MISCELLANEOUS EXPENSES |
0.491 |
0.000 |
0.000 |
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|
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TOTAL |
398.611 |
134.039 |
139.384 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
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|
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Turnover |
763.326 |
596.112 |
519.451 |
|
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|
|
|
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PROFIT BEFORE
TAX |
8.634 |
3.843 |
5.501 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.99
|
2.81 |
3.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
1.63 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.98
|
5.71 |
26.42 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The company has achieved a turnover of Rs.763.326 millions as against the
turnover of Rs.596.112 millions during the previous year. After providing for
depreciation, the company has earned a net profit (before tax) of Rs.8.634
millions as against the net profit (before tax) of Rs.3.843 millions during the
previous year. During the current year, it is expected to have a further
improvement in the performance.
AMALGAMATION:
During the year Payal Enterprises Private
Limited has been amalgamated with the company effective from 1st
January 2010. this amalgamation will enhance the growth of the company.
FORM 8:
|
Corporate
identity number of the company |
U27106MH1991PTC063422 |
|
Name of the
company |
FORTRAN STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
35, E-Mail: sandeep@sppc.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
The Dhanalakshmi Bank Limited, Sion East Branch, Mumbai – 400 022, E-Mail: roopa.nagula@dhanbank.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
General
hypothecation agreement |
|
Date of
instrument Creating the charge |
08/10/2010 |
|
Amount secured by
the charge |
Rs.105.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest: 4%
above base rate and the base rate as on date is 7.0%. minimum rate applicable
for the facility shall be 11.0% with monthly rests. Terms of Repayment: N.A being cash
credit limit Margin: 25% Extent and
Operation of the charge: The bank has
sanctioned a cash credit limit of Rs.105.000 millions to the borrower. To
secure the repayment of the said limit along with interest, the borrower has
created charge in favour of the bank, by way of hypothecation of its plant
and machinery, book debts and stocks. |
FIXED ASSETS:
·
·
·
Office Premises
·
Plant and Machineries
·
Consumable Tolls
·
Office Equipments
·
Computers
·
Furniture and Fixture
·
Vehicles
·
Laboratory Equipments
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.