MIRA
INFORM REPORT
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Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
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Name : |
Z V STEELS PRIVATE LIMITED |
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Registered Office : |
Gokul GM-1
Mezannine Floor, 80/ |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.08.1997 |
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Com. Reg. No.: |
11-109791 |
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Paid up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company
Identification No.] |
U51909MH1997PTC109791 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMZ00693A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Coils and Sheets. |
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No. of Employees : |
Not Available. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 60000 |
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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. 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 (GENERAL INFORMATION)
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Name : |
Mr. Riyaz Karimbhoy Lokhandwala |
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Designation : |
Director |
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Contact Number : |
91-9820078069 |
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Date : |
28.05.2011 |
LOCATIONS
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Registered Office : |
Gokul GM-1 Mezannine
Floor, 80/A Baroda Street, Carnac Bunder, Sant Tukaram Road, Mumbai – 400
009, Maharashtra, India |
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Tel. No.: |
91-22-23424439 / 23422778 / 23417486 |
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Fax No.: |
91-22-23422778 |
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E-Mail : |
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Area : |
Owned |
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Warehouse : |
C/17/1, Mix Taloja, Dist Raigad – 410 208 |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Karimbhoy Ebrahimji Lokhandwala |
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Designation : |
Director |
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Address : |
905/ 906, Sagar Classic, |
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Date of Birth/Age : |
04.12.1928 |
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DIN : |
00361140 |
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Date of Appointment : |
01.08.1997 |
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Name : |
Mr. Riyaz Karimbhoy Lokhandwala |
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Designation : |
Director |
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Address : |
905/ 906, Sagar Classic, |
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Date of Birth/Age : |
02.01.1956 |
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DIN : |
00361140 |
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Date of Appointment : |
01.08.1997 |
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Name : |
Mrs. Yasmin Riyaz Lokhandwala |
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Designation : |
Director |
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Address : |
905/ 906, Sagar Classic, |
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Date of Birth/Age : |
17.09.1960 |
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DIN : |
00360912 |
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Date of Appointment : |
28.09.1998 |
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Name : |
Mr. Zameer Riyaz Lokhandwala |
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Designation : |
Director |
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Address : |
2302 |
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Date of Birth/Age : |
12.09.1987 |
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Date of Appointment : |
23.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Karimbhoy Ebrahimji Lokhandwala |
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10 |
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Riyaz Karimbhoy Lokhandwala |
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249980 |
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Malika S. Shah |
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10 |
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Yasmin Riyaz Lokhandwala |
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75000 |
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Roohi Riyaz Lokhandwala |
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75000 |
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Zameer R. Lokhandwala |
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100000 |
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Total |
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500000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Coils and Sheets. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Akheter Peerbhoy and Company Chartered Accountants |
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Address : |
512 A Rewa Chabbers, 5th Floor, 31 SIR Vithaldas Thackersey
Marg, Mumbai – 400 010, |
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Tel. No.: |
91-22-22017205 / 22017206 |
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Fax No.: |
91-22-22019953 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.554 |
7.929 |
6.035 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.554 |
12.929 |
11.035 |
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LOAN FUNDS |
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1] Secured Loans |
126.550 |
76.888 |
57.098 |
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2] Unsecured Loans |
12.042 |
5.307 |
8.701 |
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TOTAL BORROWING |
138.592 |
82.195 |
65.799 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
154.146 |
95.124 |
76.834 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.280 |
2.350 |
2.917 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.638 |
1.638 |
1.638 |
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DEFERREX TAX ASSETS |
0.206 |
0.195 |
0.148 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
62.104
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47.892 |
33.072
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Sundry Debtors |
94.630
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50.887 |
35.471
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Cash & Bank Balances |
0.595
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0.655 |
2.951
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
5.815
|
7.828 |
4.837
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Total
Current Assets |
163.144
|
107.262 |
76.331 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.661
|
4.075 |
2.424 |
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Other Current Liabilities |
2.586
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9.944 |
0.019
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Provisions |
2.950
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2.385 |
1.850
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Total
Current Liabilities |
13.197
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16.404 |
4.293
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Net Current Assets |
149.947
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90.858 |
72.038
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MISCELLANEOUS EXPENSES |
0.075 |
0.083 |
0.093 |
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TOTAL |
154.146 |
95.124 |
76.834 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
851.905 |
631.190 |
415.102 |
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Other Income |
1.120 |
0.376 |
0.378 |
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TOTAL (A) |
853.025 |
631.566 |
415.480 |
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Less |
EXPENSES |
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Cost of sales |
830.284 |
610.781 |
397.520 |
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Establishment, selling and distribution expense |
10.502 |
8.242 |
9.009 |
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TOTAL (B) |
840.786 |
619.023 |
406.529 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.239 |
12.543 |
8.951 |
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Less |
FINANCIAL
EXPENSES (D) |
8.034 |
9.141 |
6.519 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.205 |
3.402 |
2.432 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.442 |
0.594 |
0.574 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.763 |
2.808 |
1.858 |
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Less |
TAX (H) |
1.137 |
0.914 |
0.723 |
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PROFIT AFTER TAX
(G-H) (I) |
2.626 |
1.894 |
1.135 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.929 |
6.035 |
4.900 |
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BALANCE CARRIED
TO THE B/S |
10.555 |
7.929 |
6.035 |
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Earnings Per
Share (Rs.) |
5.25 |
3.78 |
2.27 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.31
|
0.30 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.44
|
0.44 |
0.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
2.56 |
2.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.22 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.76
|
7.63 |
6.35 |
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Current Ratio (Current Asset/Current Liability) |
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12.36
|
6.54 |
17.78 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
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Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
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For Goods |
3.260 |
1.923 |
0.852 |
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For Expenses |
4.401 |
2.152 |
1.572 |
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Total |
7.661 |
4.075 |
2.424 |
Bankers Charges
Report as per Registry
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Name of the
company |
Z. V. Steels
Private Limited |
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Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Hypothecation
(Goods) Agreement Hypothecation of
Book-Debts Dated: 13.07.1999 (Both the above
documents constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.500 Millions |
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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 |
Hypothecation of
C.R.Coil/ C.R Sheet, CRCA M.S. Strips belonging to the Borrower which now or
hereinafter from time to time curing this security shall be brought in stored
or be in or about the Borrowers premises or godowns at Gupta Cutter, Taloja
and or in transit or with Borrowers agents or wherever else they may be. Hypothecation of
all the Borrowers present and future Book Debts, Outstanding, Moneys,
receivable claims, bills, contracts, securities, investments, rights and
assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 16.32% p.a. and or at such other rate as may be prescribed by the
Bank from time to time for the Cash Credit Hypothecation facility of Rs.8.500
Millions granted by the Bank to the Company. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
(Goods) Agreement Dated: 15.03.2005 |
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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 Original
Charge dated: 13.07.1999 for Rs.8.5000 Millions has been modified from time
to time as under: On 03.07.2003 the
cash credit hypothecation limit against stock and book debts was enhanced
from Rs.8.500 Millions to Rs.10.000 Millions against hypothecation by way of
first charge in favour of the bank Steel Coils which
expression shall all goods movable property of any kind now or at any time
hereafter belonging to or at the disposal of the Borrower and which are now stored
or being stored or which hereafter may from time to time be brought in to or
stored or be in or about the Borrowers premises or godowns at Taloja and at
other places hired by the Borrower for the purpose of storage in the Union of
India and all other places of storage whatsoever at or at any other place in the Union of India or
wherever else they may be including any of the said goods with any of the
Borrowers agents or at any of the ship , rail or otherwise and The Borrowers
Book Debts, Outstanding monies, deposite, receivables, claims, bills,
contracts, securities, investments, which are now due and owing or which may
at any time hereafter during the continuance of this security becoming due
and owing to the Borrower in the course of its business by any person or
party including any Government or any local or public body or authority (all
of which are herein after collectively referred to as the said Debts) Interest at the
rate of 14.50% p.a with monthly rests or at such other revised rate as may be
prescribed by the bank from time to time depending upon the changes in the
Prime Lending Rate of the Bank or directives of Reserve Bank of India from
time to time or the policy of the Bank on advances for Cash Credit
Hypothecation facility against Stocks and Book Debts facility of Rs.10.000
Millions granted by the bank to the company. On 04.07.2003 an
Equitable Mortgage by way of Deposit of Title Deeds was created in respect of
Company’s immovable property present and future viz Office Premises bearing
No. GM-4 admeasuring 210 sq ft Built up on Mezzanin Floor in the Building
known as GOKUL constructed on pirce or parcel of land bearing Cadastral
survey No. 193 of Princess Dock Division, situated at Plot No.80A, in the
Elphinstone, Estate section of the town planning scheme, Mumbai City situated
at Baroda Street as security for securing the due repayment and discharge of
all the amounts outstanding under Cash credit
Hypothecation (Stock and Book Debts) facility of Rs.10.000 Millions granted
by the Bank to the Company together with interest, additional interest in
case of default, liquidated damages, commitment charges, premia on repayment
or redemption, costs, charges, express and other monies payable/ outstanding
in the said credit facilities Vide this
modification the total charge amount has been enhanced from Rs.10.000
Millions to Rs.30.000 Millions by granting the additional facilities as
mentioned below: Nature of Limit Amount in Millions Existing
Limit Revised Limit Cash Credit
(Hyp) 10.000 15.000 Inland/ Import
L/C 0.000 0.000 Total 10.000 15.000 Against
Hypothecation of Stock of Iron and Steel which expression shall include all
raw materials, semi finished goods, products and movable property of any kind
belonging to the Borrower which now or hereinafter from time to time during
this security shall be brought in, stored or to be in or about the Borrowers
premises or godowns at Taloja/ Kalamboli or in the godowns premises hired by
the Borrower for storing them and or in transit. Interest at he
rate of 13.75% p a with monthly rests or such other revised rates as may be
prescribed by the bank from time to time depending upon the changes in the
Prime Lending Rate of the Bank or the directives of Reserve bank of India
from time to time or the policy of the bank on advance |
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90150685 |
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Corporate
identity number of the company |
U51909MH1997PTC109791 |
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Name of the
company |
Z V STEELS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Gokul GM-1
Mezannine Floor, 80/A Baroda Street, Carnac Bunder, Sant Tukaram Road, Mumbai
– 400 009, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Union Bank of India, Sant Tukaram Road Branch, Apeejay-Surendra, 34,
Baroda Street, Carnac Bunder, Mumbai – 400 009, Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
1.Hypothecation
Agreement of Goods and Debts 2.Hypothecation
Agreement of Goods and Debts (Both the above
documents constitute a single Charge) |
|
Date of
instrument Creating the charge |
08.03.2010 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.25% p.a. with monthly
rests for Cash Credit (Hypothecation) stocks/Book-Debts facility Usual for LC
facility Terms of
Repayment On Demand Margin As per sanction
Terms Extent and
Operation of the charge To secure revised
Cash Credit (Hypothecation) facility of Rs.100.000 Millions Others There is change
in composition limit the charge amount remains the same at the level of
Rs.100.000 Millions . The sub-limit of Import LC has been enhanced from
Rs.20.000 Millions to Rs.50.000
Millions and also FCL facility as
sub-limit is also extended to the Company for (Rs.40.000 Millions ) within
the Overall limit of Cash Credit (Hyp) Stocks/Book-Debts facility of
Rs.100.000 Millions |
|
Short particulars
of the property charged |
I)
The
Borrower hereby Hypothecated by way of First Charge in favour of the
Bank:-1.Entire stocks which expression shall include all Raw Materials, Semi
Finished and Finished Goods, Consumable II)
Stores
and Spares and Movable Property of any
kind now or at any time hereafter belonging to or at the disposal of the
borrower and which are now stored or
being stored or which hereafter may from III)
time
to time be brought into or stored or about the Borrower's Premises or
godown/s at Taloja and at other places hired by the Borrower for the purposes
of storage IV)
2.
The Borrower's Book-debts, Outstanding, Monies, Deposits, Receivables, Claims
and Bills, Contracts, Securities, Investments which are now due and owing. |
|
Date of latest
modification prior to the present modification |
02.12.2008 |
|
Particulars of
the present modification |
Vide this
modification charge amount of Rs.100.000 Millions will now cover Cash Credit (Hypothecation)
Stocks and Book-Debts limit of Rs.100.000 Millions W/W FCL facility of (Rs.40.000 Millions )
W/W Import L/C (DP/DA 60 days) facility of (Rs.50.000 Millions ) and The
Borrower hereby Hypothecated by way of First Charge in favour of the Bank:
Entire Stocks and Borrower's Book-debts etc.(Refer column No.15). Thus there
is no change in the charge amount which stands secured at the level of
Rs.100.000 Millions |
Fixed Assets
- Air Conditioner
- Cellular Phone
- Computer
- Fax Machine
- Motor Car
- Motor Car (Honda City)
- Motor Car (Hyundai Getz)
- Furniture and Fixture
- Water Cooler
- Television
- Office Premises (Kalamboli)
- Office Premises (Gokul)
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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 |
NO |
|
--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.