MIRA INFORM REPORT

 

 

Report Date :

20.05.2011

 

IDENTIFICATION DETAILS

 

Name :

KALAPURNA STEEL AND ENGINEERING COMPANY PRIVATE LIMITED

 

 

Registered Office :

Office No.1, Ground Floor, R.K. Building No.3, 8th Khetwadi Lane , PB No.3726, Mumbai – 400 004, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

21.03.2006

 

 

Com. Reg. No.:

160598

 

 

Capital Investment / Paid-up Capital :

Rs.19.500 millions

 

 

CIN No.:

[Company Identification No.]

U27100MH2006PTC160598

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMK15572E

 

 

Legal Form :

Private limited Liability Company

 

 

Line of Business :

Trader of Ferrous and Non-Ferrous Metal and Scrap.

 

 

No. of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit;

USD 197288

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is an 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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Umesh Jain

Designation :

Director

Contact No.:

91-22-23895056

Date :

19.05.2011

 

 

LOCATIONS

 

Registered Office :

Office No.1, Ground Floor, R.K. Building No.3, 8th Khetwadi Lane , PB No.3726, Mumbai – 400 004, Maharashtra, India.

Tel. No.:

91-22-23895056 / 42209999

Mobile No.:

91-9869859674 (Mr. Jayesh Shah)

Fax No.:

91-22-23820628

E-Mail :

nonferrousmetals@vsnl.net / kalpurnasteel@gmail.com

Website :

www.kalapurnasteel.com

Area :

850 Sq.ft.

Location :

Rented

 

 

Factory  :

Located at: Hyderabad and Baroda

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Naresh S. Chandan

Designation :

Director

Address :

19/20, Haji Allarakha Building, 1st Floor, 9th Khetwadi Lane, Mumbai – 400 004, Maharashtra, India.

Date of Birth/Age :

01.02.1971

Qualification :

B.Com

Pan No :

AAKPC5639D

Tel No:

91-22-23895683

 

 

Name :

Mr. Umesh Jain

Designation :

Director

Address :

Ambika Niwas, 3rd Floor, 5th Khetwadi Lane, Mumbai – 400 004, Maharashtra, India.

Date of Birth/Age :

29.11.1974

Qualification :

B.Com

Pan No :

AACPC8542R

 

 

KEY EXECUTIVES

 

Name :

Mrs. Jyoti

Designation :

Accountant

 

 

Name :

Mr. RadhaKrishna

Designation :

Marketing Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

No. of Shares

Naresh Kumar Siremal Shah HUF

1399000

Umesh K Jain

126000

Naresh Siremal Chandan

425000

Total

1950000

 

AS ON 30.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Ferrous and Non-Ferrous Metal and Scrap.

 

 

Products :
  • Aluminium
  • Austenitic
  • Copper Alloys
  • Graphite
  • Nickel
  • Niobium Alloy
  • Tin Lead Bronze
  • Aluminium Alloys
  • Duplex Ss
  • Carbon Fibre
  • Martensitic
  • Nickel Alloys
  • Nitrogen Strengthened Austenitic Ss
  • Tzm Alloys
  • Aluminum Bronze
  • Copper
  • Ferritic Ss
  • Molybdenium
  • Niobium
  • Tantalum Different Grades

 

 

Imports :

 

Products :

Ferrous and Non-Ferrous Metal

Countries :
  • China
  • Sweden
  • Germany
  • European Countries (world Wide)
  • USA
  • South East Asia

 

 

Terms :

 

Selling :

Cash, Credit  (30 days, 60 days, 90 days)

 

 

Purchasing :

Cash, Credit  (30 days, 60 days, 90 days)

 

 

GENERAL INFORMATION

 

Customers:

·         End Users

·         OEM’s

 

 

No. of Employees :

20

 

 

Bankers :

Bank of Baroda, C P Tank Road, Mumbai – 600004

 

 

Facilities :

 

SECURED LOAN

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

HDFC Bank Car Loan (Honda City)

 

HDFC Bank Car Loan ( 1-10)

 

HDFC Bank Car Loan (Logan)

(All Secured Against Hypothecation of Respective Vehicle)

 

Bank of Baroda

Cash Credit

LC Money Margin and Bank Guarantee

(Secured By Hypothecation of Stock and Book Debts as Prime Security And Collateral Security In The Form of Property of Company and Personal Gurantee and Property of Directors And Their Relatives)

0.629

 

 

0.199

 

0.299

 

 

 

 

 

--

 

--

 

--

 

 

0.313

 

0.458

 

 

 

 

 

--

 

--

 

TOTAL

1.128

0.770

 

 

 

UNSECURED LOAN

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

From Directors

From Others

9.128

177.350

0.200

210.848

TOTAL

218.837

218.837

 

 

 

 

 

Banking Relations :

--

 

 

Auditor :

D.C Bothra and Company

Chartered Accountant

Address:

297, Tardeo Road, Willie Mansion, Nanachowk, Mumbai – 400007, Maharashtra, India

Tel No.:

91-22-23875734

Fax No.:

91-22-23876943

 

 

Associates:

Creative Metals

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs. 10/- Each

Rs.20.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1950000

Equity Shares

Rs. 10/- Each

Rs.19.500 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2011

Sales Turnover

 

 

400.000

 

Expected Sales (2011-2012) : Rs.500.000  Millions

 

The above information has been parted by Mr. Umesh Jain (Director)

 

 

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

19.500

0.100

0.100

2] Share Application Money

0.000

13.900

13.900

3] Reserves & Surplus

29.822

14.343

6.892

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

49.322

28.343

20.892

LOAN FUNDS

 

 

 

1] Secured Loans

1.128

0.770

48.027

2] Unsecured Loans

186.478

211.048

31.321

TOTAL BORROWING

187.606

211.818

79.348

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

236.928

240.161

100.240

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

11.866

0.528

10.617

Capital work-in-progress

0.000

0.102

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
117.424

105.359

68.288

 

Sundry Debtors
106.631

106.153

173.371

 

Cash & Bank Balances
37.820

12.847

1.198

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
27.931

26.034

41.613

Total Current Assets
289.806

250.393

284.470

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
61.190

12.881

92.022

 

Other Current Liabilities
0.161

8.860

96.172

 

Provisions
3.401

0.136

6.677

Total Current Liabilities
64.752

21.877

194.871

Net Current Assets
225.054

228.516

89.599

 

 

 

 

MISCELLANEOUS EXPENSES

0.008

0.016

0.024

 

 

 

 

TOTAL

236.928

240.161

100.240

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

TOTAL                                    

373.620

326.170

363.260

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

16.929

9.180

13.541

 

 

 

 

 

Less

TAX                                                                 

6.350

1.730

6.673

 

 

 

 

 

 

PROFIT AFTER TAX

10.579

7.450

6.868

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

14.343

6.892

0.024

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

10.000

0.000

0.000

 

 

Dividend

0.513

0.000

0.000

 

 

Tax on Dividend

0.087

0.000

0.000

 

BALANCE CARRIED TO THE B/S

14.322

14.343

6.892

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

148.685

133.402

NA

 

TOTAL IMPORTS

148.685

133.402

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

20.62

745.01

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.83

2.28

1.89

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.61

3.66

4.59

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.34

0.32

0.65

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.12

8.24

13.12

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.47

11.45

1.46

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars

 

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

 

 

 

Creditors for Goods

54.639

7.061

84.037

Creditors for Expenses

6.551

5.820

7.985

 

OPERATIONAL RESULTS

 

The Company has achieved a turnover of Rs. 373.620 Millions against Rs. 326.170 Millions in the previous year. The Board expects growth in turnover and margin considering order in hand and growing product demand in the domestic market for the core line of business

 

FORM 8:

 

Corporate identity number of the company

U27100MH2006PTC160598

Name of the company

KALAPURNA STEEL AND ENGG. PRIVATE LIMITED

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

Office No.1,Ground Floor,R K Building No.3,8th Khetwadi Lane,P B No.3726, Mumbai-400004, Maharashtra, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Others

Particular of charge holder

BANK OF BARODA

Nature of instrument creating charge

Composite Hypothecation Agreement

Date of instrument Creating the charge

05/03/2010

Amount secured by the charge

Rs.150.000 Millions 

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

Rate of Interest

1.5% Above Bplr P.A. With Monthly Rest

 

Terms of Repayment

On Demand

 

Margin

25% On Stocks and

40% On Book Debts

 

Extent and Operation of the charge

1) Cash Credit (Hypothecation of Stocks and Book Debts)

2) Inland / Import Lcs, Da/Dp (Raw Material)

3) Inland / Foreign Guarantees (Performance / Financial)

Short particulars of the property charged

1) Cash Credit (Hypothecation of Stocks and Book Debts)

2) Inland / Import Lcs, Da/Dp (Raw Material)

3) Inland / Foreign Guarantees (Performance / Financial)

 

 

 

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.44.98

UK Pound

1

Rs.72.68

Euro

1

Rs.64.16

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

 

44

 

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.