MIRA
INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ARCELORMITTAL DISTRIBUTION SOLUTIONS INDIA PRIVATE LIMITED (w.e.f.
29.07.2009) |
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|
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Formerly Known
As : |
ARCELORMITTAL-STAINLESS INTERNATIONAL INDIA PRIVATE LIMTIED (w.e.f
27.05.2008) ARCELOR STAINLESS INDIA PRIVATE LIMITED |
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Registered
Office : |
205, Sentinel, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.05.2003 |
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Com. Reg. No.: |
11-140373 |
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Paid-up Capital
: |
Rs. 2.724 Millions |
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CIN No.: [Company Identification
No.] |
U51420MH2003PTC140373 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22249D |
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PAN No.: [Permanent Account No.] |
AAECA5521B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Steel |
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No. of Employees
: |
50 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 120000 |
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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 an established company having satisfactory track. There
appears to be a dip in the turnover of the company due to market slowdown.
However, trade relations are 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. Shashikant Desphande |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-67025544 |
|
Date : |
18.05.2011 |
LOCATIONS
|
Registered Office : |
205, Sentinel, |
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Tel. No.: |
91-22-67025566/42489519/67025544 |
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Fax No.: |
91-22-67029546 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft |
|
Location : |
Owned |
DIRECTORS
As On 23.09.2010
|
Name : |
Mr. Vivek Ram Lal Bhatia |
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Designation : |
Director |
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Address : |
3E/37, N.I.T. Faridabad – 121001, |
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Date of Birth/Age : |
14.05.1968 |
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Date of Appointment : |
24.09.2009 |
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DIN No.: |
00185182 |
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Name : |
Mr. Vijaykumar Braham Swaroop Bhatnagar |
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Designation : |
Director |
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Address : |
1/H,Temple Trees, S.I. Properties Siddarth Nagar Layout, |
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Date of Birth/Age : |
21.08.1947 |
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Date of Appointment : |
24.09.2009 |
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DIN No.: |
02200026 |
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Name : |
Mr. Manjumath Gopal Raghavelu |
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Designation : |
Director |
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Address : |
Flat No. 2B, 2nd Floor, Lotia Mansion, 453, 15th
Road, Opposite Khar Gymkhana Ground, Khar (West), Mumbai – 400052, Maharashtra,
India |
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Date of Birth/Age : |
09.06.1976 |
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Date of Appointment : |
12.08.2009 |
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DIN No.: |
02491745 |
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Name : |
Mr. Eric Pierre Michel Jacque |
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Designation : |
Director |
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Address : |
12, Allee |
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Date of Birth/Age : |
21.01.1958 |
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Date of Appointment : |
09.05.2003 |
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DIN No.: |
02513539 |
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Name : |
Mr. Guillaume N. P. Bazetoux |
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Designation : |
Director |
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Address : |
28 RUE Wauthier – 78100, Saint – Germain En Laye, France |
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Date of Birth/Age : |
05.02.1961 |
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Date of Appointment : |
19.09.2005 |
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DIN No.: |
02518862 |
KEY EXECUTIVES
|
Name : |
Mr. Shashikant Desphande |
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Designation : |
Finance Controller |
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|
|
|
Name : |
Naren Shroff and Associates |
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Designation : |
Company Secretaries |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bhatia Ramlal Vivek |
|
1 |
|
Arcelormittal-Stainless International SA – France |
|
272398 |
|
Total |
|
272399 |
As On 23.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Steel |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 30.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hinesh R. Doshi and Company Chartered Accountant |
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Address : |
12, A-Wing, Rajgir Court, 6, Kohinoor Road, Near Pritam Hotel, Dadar
(E), Mumbai – 4000014, Maharashtra, India |
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Tel. No.: |
91-22-24132475/24128111 |
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Fax No.: |
91-22-24184061 |
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E-Mail : |
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Pan No.: |
AACFH3118C |
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Wholly Owned Company : |
Arcelor-Mittal Stainless International Sa |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
272399 |
Equity Shares |
Rs. 10/- each |
Rs. 2.724
Millions |
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|
|
|
|
Note:
All the above shares are held by Arcelormittal
Stainless International SAand its nominee)
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 |
2.724 |
2.724 |
2.724 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29.462 |
28.253 |
34.312 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32.186 |
30.977 |
37.036 |
|
|
LOAN FUNDS |
|
|
|
|
|
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 |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
32.186 |
30.977 |
37.036 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.371 |
0.942 |
2.033 |
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Capital work-in-progress |
1.200 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.193 |
0.184 |
0.095 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.818
|
1.600 |
9.245 |
|
|
Sundry Debtors |
0.041
|
4.190 |
37.779 |
|
|
Cash & Bank Balances |
2.308
|
28.699 |
36.498 |
|
|
Other Current Assets |
0.000
|
0.000 |
1.774 |
|
|
Loans & Advances |
26.232
|
14.873 |
19.914 |
|
Total
Current Assets |
84.399
|
49.362 |
105.210 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.600 |
0.376 |
|
|
|
Other Current Liabilities |
3.952
|
1.287 |
35.528 |
|
|
Provisions |
0.425
|
17.848 |
34.774 |
|
Total
Current Liabilities |
57.977
|
19.511 |
70.302 |
|
|
Net Current Assets |
26.422
|
29.851 |
34.908 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.186 |
30.977 |
37.036 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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|
|
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TOTAL |
83.308 |
180.372 |
|
|
|
|
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|
|
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|
Less |
EXPENSES |
|
|
|
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|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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|
|
|
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TOTAL |
80.772 |
162.091 |
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.536 |
18.281 |
NA |
|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.714 |
0.546 |
|
|
|
|
|
|
|
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|
|
|
PROFIT BEFORE
TAX |
1.822 |
17.735 |
|
|
|
|
|
|
|
|
|
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Less |
TAX |
0.614 |
6.265 |
|
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
1.208 |
11.470 |
18.173 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.291 |
32.496 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.147 |
NA |
|
|
|
Dividend |
0.000 |
14.982 |
|
|
|
|
Dividend Distribution Tax |
0.000 |
2.546 |
|
|
|
BALANCE CARRIED
TO THE B/S |
26.499 |
25.291 |
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
2.387 |
|
|
|
Commission |
14.381 |
32.147 |
29.359 |
|
|
TOTAL EARNINGS |
14.381 |
32.147 |
31.746 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
98.371 |
135.299 |
261.446 |
|
|
TOTAL IMPORTS |
98.371 |
135.299 |
261.446 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.44 |
42.11 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
100.000 |
Expected Sales (2011-12) : Rs. 150.000 Millions
The above information has been parted by Mr. Shashikant Deshpande.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.45
|
6.36 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.05
|
35.56 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.57 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.80
|
0.63 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
2.53 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Expenses |
3.885 |
0.376 |
NA |
|
For Goods |
49.715 |
0.000 |
NA |
|
Total |
53.600 |
0.376 |
NA |
Business
operations and future outlook:
Since its inception the company was mainly dealings in stainless steel
and its products only. The company’s performance, during the year, remained
marginal as the company worked to create basic platform and infrastructure for
setting up a country wide distribution network dealing in trading of all types
of steel products in
The company has started two stock yard one in Mumbai and other in
Chennai. As a objective to have selling and distribution network in India to sell
steel material cross the county, company ahs planned to open six more new stock
yard as well as sales office in different region of country by end of 2011.
They are happy to let you know that the company has made good progress
in supply of material to wind energy sector / fabricators / infrastructure
projects. They mainly deals with plates, sections and sheet piles to cater to
these segments. And now company ahs also planned to include more product like
HR Coil / TMT / Tubes in to the basket to capture other market in next year.
However, as dealing in steel and distribution and sales of steel
products in India by ArcelorMittal is envisaged through this company and
considering the trust being given to infrastructure sector in India, increasing
network of stock yard and by addition more product the turnover of the company
is expected to increase manifolds in the years to come which will substantially
improve the bottom line of the company.
Form 8:
|
This form is for |
Creation of
charge |
||||||
|
Corporate
identity number of the company |
U51420MH2003PTC140373 |
||||||
|
Name of the
company |
ARCELOR STAINLESS
INDIA PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
205, Sentinel, |
||||||
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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
description of the instrument creating or modifying the charge |
Hypothecation Agreement
( Memorandum Of Agreement ) Dated 24.04.2008 |
||||||
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Date of
instrument Creating the charge |
24.04.2008 |
||||||
|
Amount secured by
the charge |
Rs. 30.000
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 14% Terms of
Repayment - As Per Agreement Margin - As Per
Agreement Extent and
Operation of the charge - As Per Agreement |
||||||
|
Short particulars
of the property charged |
All the goods
including raw materials, work in process, finished goods, trading stocks/
stocks in transit, stores and spares and consummables and receivables
including book debts, outstanding moneys, bills, invoice, documents,
contracts , insurances policies, guarantees, securities, investment,
royalties and rights both present and future belonging to or in the
possession of or under the control of the borrower or of any third party
whether in India or elsewhere
throughout the word. |
Fixed Assets:
- Software
- Computer
- Motor Car
- Office
Equipments
- Furniture
- Leasehold
Improvements
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.45.08 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.