MIRA
INFORM REPORT
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Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CONROS STEELS PRIVATE LIMITED |
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Registered Office : |
44 A, Dheeraj Heritage, Second Floor, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.01.2005 |
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Com. Reg. No.: |
11-150550 |
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Paid-up Capital : |
Rs. 69.000 Millions |
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CIN No.: [Company
Identification No.] |
U51420MH2005PTC150550 |
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IEC No.: |
0304083917 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC13464D |
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PAN No.: [Permanent
Account No.] |
AACCC5103B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Galvanized Pipes etc |
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No. of Employees : |
250 (In Office) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 740000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filled latest financials of the company with the Government
Departments. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 PARTED BY
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Name : |
Mr. Sanjay |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-26615454 |
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Date : |
05.05.2011 |
LOCATIONS
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Registered Office : |
44 A, Dheeraj Heritage, Second Floor, |
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Tel. No.: |
91-22-26615454 |
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Fax No.: |
91-22-26605454 |
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E-Mail : |
kalpesh@conros-group.com
sanjay@conros-group.com |
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Website : |
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Area : |
2486 Sq. fts |
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Location : |
Owned |
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Factory : |
Survey No. 26. 27, 28 and 12, Ajiwali Phata, Village Vanavathe,
Khopoli Pen Road, Taluka- Khalapur, District Raigad – 410202, Maharashtra,
India |
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Tel. No.: |
91-2192-278574/ 382 |
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Fax No.: |
91-2192-278346 |
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E-Mail : |
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Area : |
14 Acres |
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Location : |
Owned |
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International
Marketing Office : |
Located at: ·
·
·
·
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DIRECTORS
As On 31.03.2008
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Name : |
Mr. Shehzad S Hemani |
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Designation : |
Director |
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Address : |
8 B, Chand Terraces, |
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Date of Birth/Age : |
21.08.1979 |
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Qualification : |
B.Com, MBA |
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Experience : |
12 Years |
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Name : |
Mr. Porus P Buhariwala |
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Designation : |
Director |
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Address : |
8 B, Chand Terraces, |
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Date of Birth/Age : |
27.08.1979 |
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Qualification : |
B.Com, MBA |
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Experience : |
10 Years |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Ramesh Pawar |
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Designation : |
Senior Manager – Finance and Accounts |
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Mobile No. : |
91-9323609561 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
After 31.03.2008:-
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Names of Shareholders |
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No. of Shares |
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Shehzad S Hemani |
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6292617 |
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Porus P Buhariwala |
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700291 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Galvanized Pipes etc |
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Products : |
· Water, Gas and Air Pipelines · Black and Zinc Coated Pipes · Black Steel Pipes · Fence Tube · Welded Steel Tubes
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS (As On 31.03.2008)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Black and Gavanized ERW Steel Tubes and Pipes |
MTPA |
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80000 |
70000 |
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MS Flat Bar |
MTPA |
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80000 |
60000 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
250 (In Office) |
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Bankers : |
·
Bank of ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R S Negi and Company Chartered Accountant |
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Address : |
B-7, Ground Floor, Jadhav Nivas, S. N. Road, Mulund (West),
Mumbai-400080, |
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Tel. No.: |
91-22-32976131 |
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E-Mail : |
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Group Companies : (As On 31.03.2008) |
· Conros Steels
Private Limited · Conros and Steel
Company Limited · Conros Tubes and
Pipes Limited · Mashreq Steel
Industries Private Limited Address: 2-44, Dheeraj Heritage, Line of Business: Manufacturer
of Black ERW Steel Tubes and Pipes |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6900000 |
Equity Shares |
Rs. 10/-
each |
Rs.69.000
Millions |
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After 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7187945 |
Equity Shares |
Rs. 10/-
each |
Rs.71.879
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
69.000 |
69.000 |
41.500 |
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2] Share Application Money |
35.000 |
35.000 |
0.000 |
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3] Reserves & Surplus |
43.740 |
3.624 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.061] |
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NETWORTH |
147.740 |
107.624 |
41.439 |
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LOAN FUNDS |
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1] Secured Loans |
134.221 |
153.824 |
103.282 |
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2] Unsecured Loans |
75.000 |
75.000 |
0.640 |
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TOTAL BORROWING |
209.221 |
228.824 |
103.922 |
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DEFERRED TAX LIABILITIES |
0.899 |
0.000 |
0.068 |
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TOTAL |
357.860 |
336.448 |
145.429 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
201.485 |
55.832 |
14.588 |
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Capital work-in-progress |
0.000 |
140.855 |
111.363 |
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INVESTMENT |
0.100 |
0.100 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.044 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
138.730
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83.554 |
2.944 |
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Sundry Debtors |
99.597
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24.824 |
0.034 |
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Cash & Bank Balances |
0.357
|
5.351 |
0.349 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
73.096
|
84.331 |
27.170 |
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Total
Current Assets |
311.780
|
198.060 |
30.497 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
131.088
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55.940 |
11.495 |
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Provisions |
24.655
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2.860 |
0.000 |
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Total
Current Liabilities |
155.743
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58.800 |
11.495 |
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Net Current Assets |
156.037
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139.260 |
19.002 |
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MISCELLANEOUS EXPENSES |
0.238 |
0.357 |
0.476 |
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TOTAL |
357.860 |
336.448 |
145.429 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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Income |
1372.659 |
161.968 |
9.164 |
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Other Income |
7.009 |
10.224 |
0.104 |
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TOTAL (A) |
1379.668 |
172.192 |
9.268 |
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Less |
EXPENSES |
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Administrative Expenses |
18.845 |
8.363 |
0.000 |
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Selling and Distribution Expenses |
11.994 |
1.472 |
0.686 |
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Purchases made for re-sale |
1257.814 |
218.057 |
10.520 |
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Direct Expenses |
23.873 |
9.607 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(55.386) |
(80.403) |
(2.944) |
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TOTAL (B) |
1257.140 |
157.096 |
8.262 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
122.528 |
15.096 |
1.006 |
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Less |
FINANCIAL
EXPENSES (D) |
32.554 |
5.519 |
0.068 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
89.974 |
9.577 |
0.938 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.118 |
3.180 |
0.885 |
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PROFIT BEFORE
TAX (E-F) (G) |
62.856 |
6.397 |
0.053 |
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Less |
TAX (I) |
22.740 |
2.712 |
0.103 |
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PROFIT AFTER TAX
(G-I) (J) |
40.116 |
3.685 |
[0.050] |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
75.200 |
6.598 |
NA |
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TOTAL EARNINGS |
75.200 |
6.598 |
NA |
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Earnings Per
Share (Rs.) |
5.81 |
---- |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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5780.000 |
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Expected Sales (2011-12) : Rs. 7000.000 Millions
The above information has been parted by Mr. Sanjay
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.91
|
2.14 |
[0.54] |
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Net Profit Margin (PBT/Sales) |
(%) |
4.58
|
3.95 |
0.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.25
|
2.52 |
0.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.43
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0.06 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.47
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2.67 |
2.79 |
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Current Ratio (Current Asset/Current Liability) |
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2.00
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3.37 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
Form
8:
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Corporate
identity number of the company |
U51420MH2005PTC150550 |
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Name of the
company |
CONROS STEELS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
44a Dheeraj Heritagesecond Floor, S V Road Santacruz (W), Mumbai- 400054, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Joint deed of Hypothecation
in favour of Bank of India Consortium |
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Date of
instrument Creating the charge |
26.02.2011 |
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Amount secured by
the charge |
Rs. 2275.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Joint deed of Hypothecation in favour of Bank of India Consortium Terms of
Repayment - As may be specified by the Members of Bank of India Consortium
from time to time Margin - As may
be decided by the Bank of India Consortium from time to time Extent and
Operation of the charge - First Charge on Current Assets of the Company and
Second Charge on Plant and Machinery of the Company located at Survey No.
12,26,27,28 and 29 Village Vananvathe, Ajiwali Phata, Khopoli, |
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Particulars of
the property charged |
First Charge on
Current Assets of the Company Second Charge on
Plant and Machinery of the Company located at Survey No. 12,26,27,28 and 29
Village Vanavathe, Ajiwali Phata, Khopoli, |
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Date of
instrument modifying the charge |
03.12.2010 |
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Particulars of
the present modification |
Dena Bank for
300.000 Millions and Bank of Baroda for 200.000 Millions inducted in Bank of
India Consortium consequently Working Capital limit increased to 2275.0000
Millions from 1775.0000 Millions |
Fixed Assets:
·
Land
·
Office Premises
·
Furniture and Fixtures
·
Motor Car
·
Computer
·
Office Equipments
·
·
Plant and Machinery
·
Electrical Installation
AS PER WEBSITE
Conros Group is a diversified business House,
currently into the steel manufacturing segments. The Group has manufacturing
plants at Khopoli,
Subject is being promoted by Mr. Shehzad
Hemani and Mr. Porus Buhariwala and is flagship company of the group. It has
setup as fully integrated steel plant, manufacturing steel form the secondary
route (IMF route); at Khopoli,
Objectives:
·
To meet and exceed the customer’s specific
requirements and thus ensure customer satisfaction and be more customer
oriented.
·
Focus more on new product developments to satisfy
the needs of the customers.
·
To ensure employee welfare, motivation and
development through a continuous process of training and interaction.
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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.