MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
Note:
The registered office of the company has been shifted from Citi Mall,
IDENTIFICATION DETAILS
|
Name : |
SHREE PRECOATED STEELS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as on)
: |
30.09.2009 |
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Date of
Incorporation : |
17.09.2007 |
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Com. Reg. No.: |
11-174206 |
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CIN No.: [Company Identification
No.] |
L70109MH2007PLC174206 |
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|
Legal Form : |
Public Limited Liability Company. Company’s shares are listed on this
stock exchange. |
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Line of Business
: |
Manufacturer and Exporter of Coated Flat Steel Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Ajmera Group of Companies. It is a company having
moderate track. The company has successfully achieve sizable turnover in its very
first year of operations. Trade relations are reported as fair. Business is
active. Payments are reported to be slow. Initially, 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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22841177 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2008
|
Name : |
Mr. Chhotalal Shaji Ajmera |
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Designation : |
Director |
|
Address : |
B-6, Pramukh palace, R. B. Mehta Marg, Ghatkopar (East), Mumbai-400
077, |
|
Date of Birth/Age : |
09.09.1937 |
|
Date of Appointment : |
17.09.2007 |
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|
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Name : |
Mr. Rajnikant Shamji Ajmera |
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Designation : |
Director |
|
Address : |
B-6, Pramukh palace, R. B. Mehta Marg, Ghatkopar (East), Mumbai-400
077, |
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Date of Birth/Age : |
06.03.1953 |
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Date of Appointment : |
17.09.2007 |
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|
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Name : |
Mr. Ishwarlal Shamalji Ajmera |
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Designation : |
Director |
|
Address : |
B-6, Pramukh palace, R. B. Mehta Marg, Ghatkopar (East), Mumbai-400
077, |
|
Date of Birth/Age : |
30.10.1925 |
|
Date of Appointment : |
17.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
43,676,528 |
52.75 |
|
|
8,039,906 |
9.71 |
|
|
51,716,434 |
62.46 |
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|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
51,716,434 |
62.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
504 |
- |
|
|
77 |
- |
|
|
20,001 |
0.02 |
|
|
3,781 |
- |
|
|
24,363 |
0.03 |
|
|
|
|
|
|
3,349,647 |
4.05 |
|
|
|
|
|
|
9,347,704 |
11.29 |
|
|
17,257,332 |
20.84 |
|
|
1,102,562 |
1.33 |
|
|
25,642 |
0.03 |
|
|
1,076,920 |
1.30 |
|
|
31,057,245 |
37.51 |
|
Total Public shareholding (B) |
31,081,608 |
37.54 |
|
Total (A)+(B) |
82,798,042 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
82,798,042 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionAs on 30.09.2008
|
Category |
Percentage |
|
Bodies corporate |
80.00 |
|
Directors or relatives of Directors |
20.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
|
GENERAL INFORMATION
|
Bankers : |
Bank of Baroda, Corporate Financial Services, 3, Willchand Hirachnd
Marg, 1st Floor, Ballard Pier, Mumbai-400 001, Maharasahtra, India
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rasesh V. Parekh Chartered Accountants |
|
Address : |
37, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85000000 |
Equity Shares |
Rs.10/- Each |
Rs.850.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82798042 |
Equity Shares |
Rs.10/- Each |
Rs.827.980 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2009 (18 Months
Period Ended) |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
827.980 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
2202.846 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(1531.880) |
0.000 |
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NETWORTH |
|
1498.946 |
0.100 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4696.400 |
0.000 |
|
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2] Unsecured Loans |
|
1241.653 |
0.000 |
|
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TOTAL BORROWING |
|
5938.053 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
7436.999 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
6152.877 |
0.000 |
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Capital work-in-progress |
|
120.455 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
233.932 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
3661.561 |
0.000 |
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Sundry Debtors |
|
2213.443 |
0.000 |
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Cash & Bank Balances |
|
691.175 |
0.089 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1019.391 |
0.000 |
|
Total
Current Assets |
|
7585.570 |
0.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
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|
0.000 |
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Other Current Liabilities |
|
6631.223 |
0.000 |
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Provisions |
|
24.612 |
0.000 |
|
Total
Current Liabilities |
|
6655.835 |
0.000 |
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|
Net Current Assets |
|
929.735 |
0.089 |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.011 |
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|
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TOTAL |
|
7436.999 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
30.09.2009 (18 Months
Period Ended) |
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SALES |
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Income |
|
|
21609.664 |
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Other Income |
|
|
156.383 |
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TOTAL (A) |
|
|
21766.047 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Material Consumed |
|
|
16621.927 |
|
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Personal Expenses |
|
|
354.890 |
|
|
|
Manufacturing and other Expenses |
|
|
3733.451 |
|
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Excise duty on stock of finished goods |
|
|
133.479 |
|
|
|
Increase/ Decrease in stock |
|
|
677.215 |
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|
|
TOTAL (B) |
|
|
21520.962 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
245.085 |
|
|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
1443.276 |
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(1198.191) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
562.694 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
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(1760.885) |
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Less |
TAX (H) |
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|
4.927 |
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PROFIT AFTER TAX
(G-H) (I) |
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(1765.812) |
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|
|
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Earnings Per
Share (Rs.) |
|
|
(18.50) |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.09.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
|
(8.11) |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
|
(8.15) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(12.82) |
NA |
|
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.17) |
NA |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.40 |
0.00 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.14 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U70109MH2007PLC174206 |
|
Name of the
company |
SHREE PRECOATED
STEELS LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10163040 |
|
Type of charge |
Book Debts Movable Property Immovable Property |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services, 3, Willchand Hirachnd
Marg, 1st Floor, Ballard Pier, Mumbai-400 001, Maharasahtra, India
|
|
Nature of
description of the instrument creating or modifying the charge |
No due letter
from Bank of Baroda for Rs.2628.300 millions |
|
Date of
instrument Creating the charge |
06.02.2010 |
|
Amount secured by
the charge |
Rs.45.200
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest to be charged as
per each banks sanction terms Terms of
Repayment cash credit,
export packing, credit bills, letter of credit, bank guarantee. Margin as per earlier
sanction of each of consortium members Extent and
Operation of the charge in favour of Bank
of Baroda(lead bank) and Dena bank joint charge holder on pari passu basis to
continue. |
|
Short particulars
of the property charged |
As per terms of
original understanding First charge on
current assets and second charge on fixed assets |
|
Date of latest
modification prior to the present modification |
12.01.2010 |
|
Particulars of
the present modification |
Amount of Charge is
reduced from Rs.2673.500 millions to Rs.45.200 millions by repayment to lead
bank i.e. Bank of Baroda of Rs.2628.300 millions. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.