MIRA
INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONA ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
4th Floor, Medi-Max House, Opposite Karnavati Hospital,
Ellis Bridge, Ahmedabad – 380006, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
04.01.2007 |
|
|
|
|
Com. Reg. No.: |
04-49708 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27107GJ2007PTC049708 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS13750C |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Steel Rods etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
C (7) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Yet to commence activities |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was in corporated in 2007, it has yet to commence
activities. Payment terms are not known. The company can be considered for business dealings on a safe and
secured trade terms and conditions, initially. Profit and Loss of the company is not available. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Hemang Shah |
|
Designation : |
General Manager in Accounts |
|
Date : |
20.04.2010 |
LOCATIONS
|
Registered Office : |
4th Floor, Medi-Max House, Opposite Karnavati Hospital,
Ellis Bridge, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-40071603/ 40071604-05 |
|
Mobile No.: |
91-9925203858 (Mr. Hemang) |
|
Fax No.: |
91-79-40071607 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned by Sister concern company |
|
|
|
|
Branch Office: |
C2/15, Brahma Estate, |
|
Tel No.: |
91-20-26831546/ 30428329 |
|
Fax No: |
91-20-26837239 |
|
|
|
|
Factory : |
C- I, MIDC, Lonand Taluka Khandala, District Satara – 415521, |
|
Tel No.: |
91-2169-226828 |
|
Fax No.: |
91-2169-226826 |
DIRECTORS
|
Name : |
Mr. Rishabh Kumar Jain |
|
Designation : |
Chairman |
|
Address : |
2259-B, Hill Drive, Agrasen Bhavan, Near H K Daves Bungalow, |
|
Date of Birth/Age : |
10.07.1955 |
|
Date of Appointment : |
04.01.2007 |
|
|
|
|
Name : |
Mr. Amit Jain |
|
Designation : |
Managing Director |
|
Address : |
302/E, Ashavari, B/H, Karnavati Bungalow, S G Highwar, Near
Ramdevnagar Chokdi, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
10.07.1973 |
|
Date of Appointment : |
01.01.2008 |
|
|
|
|
Name : |
Mr. Lokendra Kumar Jain |
|
Designation : |
Joint Managing Director |
|
Address : |
P. No. 402, Prashant Nilayam, Panduranga Temple Road, Visakhapatnam –
530003, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.01.1943 |
|
Date of Appointment : |
24.06.2009 |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Asit Jain |
|
Designation : |
Director |
|
Address : |
403, Sakar 1, Opposite. Gandhigram Railway Station, |
|
Date of Birth/Age : |
12.09.1976 |
|
Date of Appointment : |
04.01.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Hemang Shah |
|
Designation : |
General Manager in Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 10.09.2009)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rishabh Kumar Jain |
|
85000 |
|
Amit Kumar Jain |
|
1254375 |
|
Asit Jain |
|
338675 |
|
Neuromed Imaging Centre Private Limited |
|
5638100 |
|
Ganpati Cold Ware House Private Limited |
|
25000 |
|
Narayani Vyapar Private Limited |
|
4733750 |
|
Amjay Medimax India Private Limited |
|
1625000 |
|
Ratankumar Jain |
|
125000 |
|
|
|
|
|
Total |
|
13824900 |
(AS ON 30.09.2009)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
86.96 |
|
Directors or relatives of directors |
|
13.04 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Rods etc. |
|
|
|
|
Products : |
·
Steel Billets ·
Rolled Products ·
Granulated Slag ·
Pig Iron ·
Steel Billets ·
Reinforcement Bars ·
Rounds ·
Squares |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of Industrial Finance Branch, Gujarat Bhavan, Opposite M J Library, ·
State Bank of Saurashtra Industrial Finance Branch, Gujarat Bhavan, Near M J Library,
Ellisbridge, ·
Bank
of Ahmedabad
Corporate Banking Branch, 2nd Floor, Bank of India Building, Bhadra,
Ahmedabad – 380001, Gujarat, India ·
Allahabad Bank ·
Dena Bank ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of Travancore ·
Union Bank of |
||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunil Poddar and Company Chartered Accountant |
|
Address : |
301-305, Vrajbhumi complex, B/H Shilp Buildings, Off C. G. Road,
Navrangapur, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26402893/ 26431097 |
|
Fax No.: |
91-79-26462614 |
|
|
|
|
Associates/Subsidiaries : |
·
Vision Software ·
Narayani Vyapaar Private Limited ·
Amjay Medimax ( ·
Nauromed Imaging Centre Private Limited ·
Ganpati Cold Ware House Private Limited |
CAPITAL STRUCTURE
(AS ON 10.09.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13824900 |
Equity Shares |
Rs.10/- each |
Rs.138.249 Millions |
(AS ON 31.03.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13824900 |
Equity Shares |
Rs.10/- each |
Rs.138.249 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
138.249 |
0.100 |
0.100 |
|
|
2] Share Application Money |
41.563 |
345.155 |
0.000 |
|
|
3] Reserves & Surplus |
414.447 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
594.259 |
345.255 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
746.826 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
20.220 |
|
|
TOTAL BORROWING |
746.826 |
0.000 |
20.220 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1341.085 |
345.255 |
20.320 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.249 |
1.146 |
0.000 |
|
|
Capital work-in-progress |
1243.222 |
351.749 |
16.202 |
|
|
|
|
|
|
|
|
INVESTMENT |
60.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
13.592
|
3.892 |
0.566 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
35.107
|
1.707 |
3.500 |
|
Total
Current Assets |
48.699
|
5.599 |
4.066 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
15.505
|
13.650 |
0.006 |
|
|
Provisions |
0.000
|
0.073 |
0.000 |
|
Total
Current Liabilities |
15.505
|
13.723 |
0.006 |
|
|
Net Current Assets |
33.194
|
(8.124) |
4.060 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.420 |
0.484 |
0.058 |
|
|
|
|
|
|
|
|
TOTAL |
1341.085 |
345.255 |
20.320 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
0.04 |
202.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.14
|
0.41 |
677.67 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from 403, Sakar –
I, Opposite Nehru Bridge,
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Creditors for Capital Goods |
1.312 |
4.920 |
|
Creditors for Expenses |
0.364 |
5.709 |
|
Creditors for Services |
6.352 |
-- |
|
|
|
|
|
Total |
8.028 |
10.629 |
OPERATIONS:
There was no operation during the year and plant of the
company is under erection and at full swing of civil construction. The plant and
machinery are under progress in the arrival at the site of the company. The
Preoperative expenditures incurred are grouped under head of Miscellaneous
Expenditure and expenses related to the machineries are parked under the head
unallocated expenses and are to be capitalized
in proportionate to the assets once the assets are put to used and commence the
production.
FORM 8:
|
Corporate
identity number of the company |
U27107GJ2007PTC049708 |
|
Name of the
company |
Sona Alloys
Private Limited |
|
Address of the
registered office or of the principal place of business in |
4th Floor,
Medi-Max House, Opposite Karnavati Hospital, Ellis Bridge, Ahmedabad –
380006, Gujarat, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) Book Debts Others: Plant and Machinery, Stocks and Book Debts |
|
Particular of
charge holder |
Bank of Ahmedabad Corporate
Banking Branch, 2nd Floor, Bank of India Building, Bhadra, Ahmedabad –
380001, |
|
Nature of
instrument creating charge |
Hypothecation Cum
Loan Agreement |
|
Date of
instrument Creating the charge |
02.02.2010 |
|
Amount secured by
the charge |
Rs.90.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: - 0.25% over BPLR
presently 12.25% pa. or ROI charged by SBI whichever is higher p.a. with
monthly rests or the ROI as advised by Bank from time to time. Terms of
Repayment: As per Agreement Margin: 33.33% Extent and
Operation of the charge: As per Agreement |
|
Particulars of
the property charged |
Hypothecation
charge over all tangible movable machineries and plants situated at Plot No.
C-1, Lonand Industrial Estate, Dist. Satara, Maharastra charged on 1st pari
passu basis with other existing lenders. |
FIXED ASSETS:
·
Vehicles
·
Office Equipment
·
Computers
·
Furniture and Fixtures
·
Land and Development
·
·
Electrification
·
Plant and Machinery
WEBSITE DETAILS:
MILESTONES:
|
Sr. No |
Milestone |
Date |
|
1 |
Incorporation of company |
January 4, 2007 |
|
2 |
Possession of land |
June 7, 2007 |
|
3 |
MOU with |
June 18,2007 |
|
4 |
Ordering of rolling mill package |
August 1, 2007 |
|
5 |
Appointment of MN Dastur as main consultant |
October 6, 2007 |
|
6 |
Environmental Clearance |
January 30, 2008 |
|
7 |
Ordering of Blast Furnace Package |
January 31, 2008 |
|
8 |
Ordering of Sinter Plant Package |
January 31, 2008 |
|
9 |
Ordering of Captive Power Plant Package |
June 12, 2008 |
|
10 |
Ordering of Steel Melt Shop Package |
September 2008 |
|
11 |
Consent to Establish from |
March 12, 2009 |
|
12 |
Ordering of ASU Package |
May 23, 2009 |
|
|
|
|
PROFILE:
Subject having registered office in Ahmedabad was
incorporated as private limited company on January 4, 2007 with an objective to
set up a
BOARD OF DIRECTORS:
Mr. Rishabh Kumar Jain –
Chairman, is a commerce graduate and is having an experience of more than three
decades in Steel and Allied Industries.
Mr. Amit Jain - Managing
Director, is an MBA (Finance) and BE (Chemical) with experience of more than a
decade in Steel Industry.
Mr. LK Jain – Joint Managing Director, is an engineering
graduate and also a veteran in Steel Industry with more than 40 years
experience.
Mr. Asit Jain – Director, is an MBA (Finance) with a vast
experience in Steel and Healthcare Industry.
SITE LOCATION:
Subject is
setting up a Greenfield Mini Integrated Steel Plant of 0.336MTPA capacity with
an investment of approx. Rs.5200.000 Millions. The steel Plant will follow
Blast Furnace - Basic Oxygen Furnace route for manufacturing of Steel
Products. Around 150 acres of land for the plant has been given by Maharashtra
Industrial Development Corporation. The project has been given “Mega Project
Status” by the State Government of Maharashtra. MN Dastur Company (Private)
Limited is the main consultants for the project.
The plant is
situated at 2.5km west of Lonand, district Satara (90km south East of Pune
city). The site is on Shirwal - Lonand State Highway No. 70. Shirwal town is on
National Highway No. 4 which is 28km from the Plant Site. Lonand Railway
Station is 93km South of Pune Railway Station on Pune Kolhapur broad gauge
Railway Track. Veer dam on river Nira is 12km west of Plant Site.
LATEST NEWS:
·
Environmental
clearance from Ministry of Environment and Forests has been received on 30th
January 2008
·
Signing of the
contracts for BF package with SSIT on 31st Jan 2008
·
Signing of the
contract for the sinter plant package with SSIT on 31st Jan 2008
·
Signing of the
agreement with KSK power venture Plc group for power sharing dated 18th
Jan 2008
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.49.25 |
|
|
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
7 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.