MIRA
INFORM REPORT
|
Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHANDAN STEEL LIMITED |
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Registered Office : |
504, Sukh Sagar, N S Patkar Marg,
Mumbai-400007, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.11.1989 |
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Com. Reg. No.: |
11 – 54206 |
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Capital
Investment / Paid-up Capital : |
Rs.201.056 Millions |
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CIN No.: [Company
Identification No.] |
U99999MH1989PLC054206 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC03758G |
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PAN No.: [Permanent
Account No.] |
AAACC4713B |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Stainless Steel billets and electrical cable wires, Pipe fittings flanges. |
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No. of Employees : |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
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 2780000 |
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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 and a reputed 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 for normal 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. Parathe |
|
Designation : |
Finance Department |
|
Date : |
16.05.2011 |
LOCATIONS
|
Registered Office/ Corporate Office : |
504, Sukh Sagar, N S Patkar Marg,
Mumbai - 400007, |
|
Tel. No.: |
91-22-6629 0600 |
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Fax No.: |
91-22-6629 0633 / 34 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. Ft. |
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Location : |
Owned |
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Administrative Office : |
74, 1st Floor, |
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Tel. No.: |
91–22–2389 0403 / 0477 / 0294 |
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Fax No.: |
91–22–2389 0514 / 374 1971 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
31, 32, 33B, 35and 36 GIDC, Umbergaon, District Valsad -
396171, |
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Tel. No.: |
91-260-2562066 / 4367 / 1166 / 3089999 |
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Fax No.: |
91-260-2562287 / 0103 / 3089872 |
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E-Mail : |
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Area : |
200 Acres |
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Location : |
Owned |
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Overseas Offices : |
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DIRECTORS
As on 09.08.2010
|
Name : |
Mr. Chunilal Ghamandiram Chandan |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
504, Chandralok-A, 97, |
|
Date of Birth/Age : |
26.01.1938 |
|
Date of Appointment : |
01.09.2007 |
|
Din No.: |
00260127 |
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Name: |
Mr. Prabhat Kumar Gopi Kaushik |
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Designation: |
Whole-time Director |
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Address : |
108, |
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Date of Birth/Age : |
17.07.1951 |
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Date of Appointment : |
30.09.2006 |
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Din No.: |
00292959 |
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Name: |
Mr. Praveen Chahanlal Jain |
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Designation: |
Director |
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Address : |
301, 3rd Floor, Padmavati Darshan, A Wing, N.M. Joshi Marg, Lower Parel, Mumbai- 400013, Maharashtra, India |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
30.09.2006 |
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Din No.: |
00345045 |
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Name : |
Mr. Vijay Kumar Chunilal Chandan |
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Designation : |
Managing Director |
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Address : |
504, Chandralok-A, 97, |
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Date of Birth/Age : |
05.06.1967 |
|
Date of Appointment : |
01.09.2007 |
|
Din No.: |
00259988 |
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|
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|
Name : |
Mr. Jagdish Padmakant Joshipura |
|
Designation : |
Director |
|
Address : |
103, Vasundhara Flats, Near Pritam Nagar, Ellisbridge,
Ahmedabad- 380006, |
|
Date of Birth/Age : |
05.03.1951 |
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Date of Appointment : |
16.03.1997 |
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Din No.: |
00260590 |
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Name : |
Mr. Prahalad Hargovind Acharya |
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Designation : |
Director |
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Address : |
No.126/13, Garden View, Indulal Bhuva Marg, Wadala,
Mumbai-400031, |
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Date of Birth/Age : |
29.09.1943 |
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Date of Appointment : |
01.12.2004 |
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Din No.: |
00260284 |
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Name : |
Mr. Dilip Chunilal Chandan |
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Designation : |
Managing Director |
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Address : |
504, Chandralok-A, 97, |
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Date of Birth/Age : |
01.01.1962 |
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Date of Appointment : |
01.09.2007 |
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Din No.: |
00259884 |
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Name : |
Mr. Anil Kumar Dhar |
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Designation : |
Director |
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Address : |
Shreeji Sadan, 31, Surel, Near juges Blow, Ahmedabad, |
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Date of Birth/Age : |
10.09.1952 |
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Date of Appointment : |
11.07.2008 |
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Din No.: |
01524239 |
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|
Name : |
Mr. Hiten Parekh |
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Designation : |
Director |
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Address : |
2-C, Shree Vijaya Bhavan, |
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Date of Birth/Age : |
17.08.1963 |
|
Date of Appointment : |
23.03.2010 |
|
DIN : |
01686215 |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Vasant Gudekar |
|
Designation : |
Company Secretary |
|
Address : |
B-8, Plot No. 543, Susmruti Co- Operatuve Society, Sector-5, Kandivali
West, Mumbai- 400067, Maharashtra, India. |
|
Date of Birth/Age : |
02.10.1979 |
|
Date of Appointment : |
01.08.2008 |
|
Din No.: |
ALMPG9925H |
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|
|
|
Name : |
Mr. Ramesh N. Sanathara |
|
Designation : |
Manager, Export and Domestic Sales |
|
Contact No.: |
91-9227595930 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 09.08.2010
|
Names of Shareholders |
No. of Shares |
|
Chaitanya D Chandan |
411105 |
|
Chirag Dilip Chandan |
679136 |
|
Chunilal Chandan |
2218190 |
|
Chinulal G Chandan HUF |
847040 |
|
Dilip C. Chandan |
2476873 |
|
Dilip C Chandan HUF |
872553 |
|
Divya V Chadan |
113664 |
|
Samuben C Chandan |
1010967 |
|
Urmila Dilip Chandan |
1229164 |
|
Usha V Chandan |
1559065 |
|
Vijay C. Chandan |
2323221 |
|
Vijay C Chandan HUF |
1614697 |
List of Shareholders holding 6% Non-Cumulative Redeemable Preference
Shares As On 09.08.2010
|
Names of Shareholders |
No. of Shares |
|
Chunilal Chandan |
1000000 |
|
Vijay C. Chandan |
1000000 |
|
Dilip C. Chandan |
630000 |
|
Usha V Chandan |
300000 |
|
Urmila Dilip Chandan |
1070000 |
|
Divya V Chadan |
1000000 |
|
TOTAL |
5000000 |
List of Allottees As On 16.08.2010
|
Names of Allottees |
No. of Shares Allotted |
|
Chinulal G Chandan |
37150 |
|
Dilip C. Chandan |
26920 |
|
Vijay C. Chandan |
38290 |
|
Samuben C Chandan |
10985 |
|
Urmila Dilip Chandan |
27860 |
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TOTAL |
141205 |
As on 09.08.2010
|
Category |
|
Percentage |
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|
|
|
|
Directors or relatives of directors |
|
100.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel billets and electrical cable wires, Pipe fittings flanges. |
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Products : |
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Exports : |
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Products : |
Stainless Steel Products |
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Countries : |
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Imports : |
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Products : |
Casting Power, Stainless Steel Melting Scrap |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit [30 / 60 / 90 days] |
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Purchasing : |
L/C / Cash / Credit [30 / 60 / 90 days] |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
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|
Unit |
Actual
Production |
|
Stainless Steel Billets |
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M.T. |
23386940 |
GENERAL INFORMATION
|
No. of Employees : |
50 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
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Address : |
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Auditors : |
Shah and Taparia Chartered Accountants |
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Name : |
12, Navjeevan Wadi, Dhobi Talao, Mumbai – 400 002, |
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Telefax No.: |
91-22-66319266 / 67/ 68 |
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E-Mail : |
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Associates : |
M. Chunilal and Company |
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Subsidiaries : |
v
KDG Steel SP. ZO. O. v
Kalikund Investment B. V. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs.10/- Each |
Rs.200.000
Millions |
|
5,000,000 |
6% Redeemable Non Cumulative Preference Shares |
Rs.10/- Each |
Rs.50.000
Millions |
|
|
TOTAL
|
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,105,675 |
Equity Shares |
Rs.10/-Each |
Rs.151.056 Millions |
|
5,000,000 |
6% Redeemable Non Cumulative Preference Shares |
Rs.10/- Each |
Rs.50.000 Millions |
|
|
TOTAL |
|
Rs.201.056 Millions |
Note:
- Of
above 6,54,070 equity shares of Rs.10/- each are issued as bonus shares on
03.09.1994 by capitalisation of Revaluation Reserve Rs.3.940 Millions and
General Reserve and Profit and Loss Rs.2.600 Millions.
- Reedemable
Preference shares are redeemable at then option of the company at any time
within a period of 20 years from the date of issue.
AS ON 09.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs.10/- Each |
Rs.200.000
Millions |
|
10,000,000 |
6% Redeemable Non Cumulative Preference Shares |
Rs.10/- Each |
Rs.100.000
Millions |
|
|
TOTAL
|
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,105,675 |
Equity Shares |
Rs.10/-Each |
Rs.151.057 Millions |
|
5,000,000 |
6% Redeemable Non Cumulative Preference Shares |
Rs.10/- Each |
Rs.50.000 Millions |
|
|
TOTAL |
|
Rs.201.057 Millions |
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 |
201.056 |
194.080 |
186.837 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
494.495 |
433.740 |
351.243 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
695.551 |
627.820 |
538.080 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1898.381 |
1258.320 |
1175.294 |
|
|
2] Unsecured Loans |
151.000 |
11.996 |
132.769 |
|
|
TOTAL BORROWING |
2049.381 |
1270.316 |
1308.063 |
|
|
DEFERRED TAX LIABILITIES |
148.264 |
147.294 |
134.960 |
|
|
|
|
|
|
|
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TOTAL |
2893.196 |
2045.430 |
1981.103 |
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
836.394 |
782.811 |
661.838 |
|
|
Capital work-in-progress |
236.501 |
2.780 |
38.321 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.593 |
1.593 |
1.543 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1214.179 |
992.379 |
823.362 |
|
|
Sundry Debtors |
779.255 |
497.678 |
859.464 |
|
|
Cash & Bank Balances |
146.342 |
119.642 |
161.762 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
384.810 |
284.622 |
517.151 |
|
Total
Current Assets |
2524.586
|
1894.321
|
2361.739
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
594.783 |
546.172 |
958.595 |
|
|
Other Current Liabilities |
56.178 |
42.136 |
51.559 |
|
|
Provisions |
54.917 |
47.767 |
72.369 |
|
Total
Current Liabilities |
705.878
|
636.075
|
1082.523
|
|
|
Net Current Assets |
1818.708 |
1258.246 |
1279.216 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.185 |
|
|
|
|
|
|
|
|
TOTAL |
2893.196 |
2045.430 |
1981.103 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
2913.883 |
3644.408 |
4005.162 |
|
|
|
Other Income |
49.970 |
74.168 |
191.375 |
|
|
|
TOTAL (A) |
2963.853 |
3718.576 |
4196.537 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
2302.621 |
3338.694 |
3382.501 |
|
|
|
Manufacturing Expenses/Cost |
235.848 |
232.716 |
302.755 |
|
|
|
Employee Expenses |
39.666 |
38.736 |
33.667 |
|
|
|
Administrative, Selling and
Distribution Expenses |
146.050 |
159.559 |
164.602 |
|
|
|
Loss on |
0.039 |
0.153 |
0.292 |
|
|
|
Preliminary Expenses |
0.000 |
0.056 |
0.158 |
|
|
|
Increased / (Decreased) in Stock |
(99.597) |
(400.313) |
(125.509) |
|
|
|
TOTAL (B) |
2624.627 |
3369.601 |
3758.466 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
339.226 |
348.975 |
438.071 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.768 |
211.420 |
143.016 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
136.458 |
137.555 |
295.055 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.876 |
49.592 |
68.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
82.582 |
87.963 |
226.479 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
32.504 |
17.431 |
75.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
50.078 |
70.532 |
150.689 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
356.801 |
298.207 |
194.348 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity and
Preferences Shares |
10.553 |
10.204 |
30.368 |
|
|
|
Dividend Distribution Tax |
1.793 |
1.734 |
5.161 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
11.302 |
|
|
BALANCE CARRIED
TO THE B/S |
394.533 |
356.801 |
298.207 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports (Net of Return) |
2574.224 |
3181.022 |
3488.646 |
|
|
|
Foreign Exchange Rate Difference on export |
68.013 |
7.254 |
33.051 |
|
|
TOTAL EARNINGS |
2642.237 |
3188.276 |
3521.697 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
954.575 |
1411.297 |
2066.049 |
|
|
|
Capital Goods |
72.467 |
17.129 |
1.292 |
|
|
|
Others |
33.507 |
171.208 |
82.778 |
|
|
TOTAL IMPORTS |
1060.549 |
1599.634 |
2150.119 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.15 |
4.86 |
11.38 |
|
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
|
|
Sales Turnover [Approximately] |
|
|
3200.000 |
|
|
|
|
|
Expected Sales ( 2011-2012 ) : Rs.3500.000 millions
The above information has been parted by Mr. Parathe [Finance Department]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.69 |
1.89 |
3.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.83 |
2.41 |
5.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.46 |
3.28 |
7.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.14 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.96 |
3.04 |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.58 |
2.98 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
NOTE : The registered
office of the company has been shifted from 170/172 Kika Street R No.12, Gulalwadi
Branch, Gulalwadi, Mumbai- 400004,
REVIEW OF
OPERATIONS :
The gross and net sales of their company during the year is at
Rs.3160.000 millions and Rs.2910.000 millions as compared to Rs.4120.000
millions and Rs.3640.000 millions since the previous year thereby showing a
decrease of 23%and 20% respectively. This is despite the big reduction in the
sales value of their products since September 2008. the PAT is at Rs.50.000
millions as compared to Rs.70.500 million showing decrease of 29.08%. the
products volume was however maintained at 19018.80 M. Tone as compared to the
previous year production of 19350.77 M. tons. This was despite the global
demand recession and lower nickel prices prevailing through 2009-10.
SUNDRY CREDITORS :
|
Particulars |
31.03.2010 (Rs.
In Millions) |
31.03.2009 (Rs
in Millions) |
31.03.2008 (Rs
in Millions) |
|
Sundry Creditors for Goods |
541.233
|
523.489 |
917.122 |
|
Sundry Creditors for Capital Goods |
9.525
|
1.188 |
4.226 |
|
Sundry Creditors for Expenses |
36.443
|
21.495 |
37.247 |
|
Advances from Customers |
7.582
|
11.681 |
6.548 |
Bankers Charges
Report as per Registry
|
Name of the company |
CHANDAN STEEL LIMITED |
|
Presented By |
Shri Vijay
C. Chandan |
|
1) Date and description of instrument creating the change |
Memorandum of
entry (i.e. Equitable mortgage by deposit of title deeds) dated 07.02.2003. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000
Millions. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece of
leasehold land known as Plot No. 32 in the Umbergaon notified area of GIDC
consisting of Revenue Survey No.255/P within the Village Limit of Dehri of
Umbergaon Takula, District Valsad containing by admeasurement 3261 sq. mts.
thereabouts. All that piece of
leasehold land known as Plot No. 32/B in the Umbergaon notified area of GIDC
consisting of Revenue Survey No.255/P within the Village Limit of Dehri of
Umbergaon Takula, District Valsad containing by admeasurement 1765 sq. mts.
thereabouts. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The said
properties have been secured by way of an Equitable mortgage charge thereon
by deposit of documents of title deeds relating thereto with Global Trust
Bank Limited, Ahmedabad for the said limit plus interest etc. thereon. Repayment by
investment interest as per prevailing rate of interest of the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Global Trust Bank
Limited Address : G-2,
Samedh, Near Associated Petrol Pump, |
|
6) Date and brief description of instrument modifying the charge |
Deed of
Hypothecation of Movable dated 10.02.2003. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Movables viz.
Plant and Machinery of the company has also been secured by way of
Hypothecation thereof in favour of Global Trust Bank Limited for the said
Term Loan of Rs. 50.000 Millions. |
|
This form is for |
Creation of charge |
|
Corporate
identity number of the company |
U99999MH1989PLC054206 |
|
Name of the
company |
CHANDAN STEEL LIMITED |
|
Address of the
registered office or of the principal place of business in |
Address : 504,
Sukh Sagar, N S Patkar Marg, Mumbai-400007, Email : csl@chandansteeel.bet |
|
Type of charge |
Immovable
Property Movable property (not being
pledge) |
|
Particular of charge
holder |
United Bank of Address : 25,
Sir P M Road Branch, Mumbai- 400001, Email : bmbom@unitedbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Mortgage by deposit of title deeds. 2. Deed of hypothecation. 3. Declaration in the matter of mortgage by deposit of title deeds in
respect of immovable properties. 4. Term loan agreement. |
|
Date of
instrument Creating the charge |
11.08.2009 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR+0.25% p.a. i.e.
12.50% p.a. at present with a minimum of 12.50% p.a. or at such other rates
as may be fixed by the bank from time to time with monthly rests. Terms of
Repayment: Term loan is
repayable in 60 equal monthly installments of Rs.4.170 Millions. Margin: 30%. Extent and
Operation of the charge:
|
|
Short particulars
of the property charged |
|
|
Corporate
identity number of the company |
U99999MH1989PLC054206 |
|
Name of the
company |
CHANDAN STEEL LIMITED |
|
Address of the
registered office or of the principal place of business in |
Address : 504,
Sukh Sagar, N S Patkar Marg, Mumbai-400007, Email : csl@chandansteeel.bet |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property Others |
|
Particular of
charge holder |
BANK OF |
|
Nature of
instrument creating charge |
Supplementary
Memorandum of Entry. |
|
Date of
instrument Creating the charge |
04/06/2010 |
|
Amount secured by
the charge |
Rs.100.000Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR plus 1% i.e.
at present 13% p.a. with monthly rest. Terms of
Repayment Repayable in 8
quarterly instalment of Rs. 2.500 millions each. Interest to be paid as and
when debited. Margin 25% Extent and
Operation of the charge Charge operates
to secure term loan of aggregating Rs. 100.000 millions granted for the
forging unit situated at village daheri, taluka- umargaon, district-valsad. ( |
|
Short particulars
of the property charged |
Non-agricultural
land bearing Survey No. 102, Hissa No. 2/P2 admeasuring 24281 sq. meter
situated at village daheri, taluka- umargaon, district-valsad. |
|
Particulars of
the present modification |
Extension of equitable
mortgage by deposit of title deeds pertaing to immovable properties situated
at survey no. 102, hissa no.2/p2 admeasuring 24281 sq. mtrs at village
dehari, takula umbergaon, district valsad (Gujarat) for securing additional
term loan of Rs. 20.000 millions in addition to existing term loan of Rs.
80.000 millionsdated 27.02.2008. |
Fixed Assets :
- Free
- Buildings
- Plant and Machinery
- Computers
- Office Equipments
- Furniture and Fixtures
- Vehicles
AS PER WEB-DETAILS :
COMPANY
PROFILE :
Subject is a professionally managed corporate house founded and managed by
Mr. Chunilal Chandan (Chairman),
Managing Directors Mr. Dilip Chandan
and Mr. Vijay Chandan with the
help of their core team of professionals.
The company is a government Recognized Export House having
experience of 4 decades in Trading and 2 decades in Manufacturing activities of
various Stainless Steel Long
Products
INFRASTRUCTURE :
Head Quarter is based in the heart of Mumbai Metal Market
to keep pace with fresh updates related to Global demand and supply of
Stainless Steel Products.
Plant is spread over in area of 130,000 sq. mtrs land and
is located in the town of
Power : The Company is fully equipped with 8 MW captive
power plants to generate its own electricity helping the plant fully functional
and operational 24 x 7 days saving revenue.
Melting 11- tonnes induction furnace and 15-tonne AOD
vessel with microprocessor based gas mixing station, ladle refining facilities
and a 9/11 meter radius double continuous caster to produce 120-200 mm billets
with state of art electro magnetic stirrer Automatic and Semi automatic fully
operational 4 Rolling Mills, Annealing, Cold processing, and finally Chemical /
Physical Testing Labs, Quality control Policy at each stage, producing range of
long products like Bright Bars in Round, Square and Hexagonal finish, Hot
Rolled Round bars, Flat Bars, Angle Bars, Un-Equal Leg Angle Bars, Channels,
Billets, RCS Billets, Forged Flanges etc…. makes subject a unique producer of fine quality Stainless Steel long products.
Export worthy Packaging with ample of Warehousing
facilities making them a complete integrated plant to cater the valued
customers spread across the globe.
MANAGEMENT AND
PROFILE :
Chandan Steel Ltd is professionally managed company with ISO 9001 :2000,
PED and ADWO certification.
Under the guidance of inherited deep experience of the Chairman
and Directors, the responsibilities are well distributed amongst the down line
hierarchy contributing to the continuous upward growth of the company.
NETWORK :
With the endless dedication of the Marketing efforts,
Production control and Finance team’s support, we have been able to expand the
horizon to 80 countries worldwide and still counting many more to penetrate the
rest of the world.
ACHIEVEMENT AND
PARTICIPATION :
1) Government recognized export house
2) Wire and tube 2006 Exhibition Location:
3) Steel World 2001 2003 2005
Location:
SUPPORT AND AFTER
SALES SERVICE :l
Tracking system soon to be introduced, shipping related
information, Production stage status etc are replied via emails and personal
telephone calls. Quality related issues are resolved satisfactorily without
delay.
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 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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.