%20PRIVATE%20LIMITED%20-%20160903%2021-Nov-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
A.S. STEEL TRADERS (VSP) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9-1-248, CBM Compound, Vaisakhapatnam – 530003, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.03.2003 |
|
|
|
|
Com. Reg. No.: |
01-040683 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 7.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109AP2003PTC040683 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNA01095D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Dealer, Importer and Exporter of Pig Iron, Cement, Sponge Iron, Ferro
Silicon etc. |
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 |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
LOCATIONS
|
Registered Office : |
9-1-248, CBM Compound, Vaisakhapatnam – 530003, Andhra Pradesh, India |
|
Tel. No.: |
91-891-6663365 |
|
Fax No.: |
91-891-6631365 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Mahesh Anumalisetti |
|
Designation : |
Director |
|
Address : |
Plot No.201/Y, MVP Colony, Sector IV, Visakhapatnam – 530017, Andhra
Pradesh, India |
|
Date of Birth/Age : |
26.11.1966 |
|
Date of Appointment : |
19.03.2003 |
|
DIN No.: |
00176695 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U02710KA1996PTC020931 |
BLACKGOLD
PROFILES PRIVATE LIMITED |
Director |
01-04-97 |
01-04-97 |
- |
Active |
NO |
|
2 |
U65992AP2001PTC037726 |
A.S.
STEELCITY CHITS (INDIA) PRIVATE LIMITED |
Managing
director |
30-08-01 |
30-08-01 |
- |
Active |
NO |
|
3 |
U27109AP2003PTC040683 |
A.S.
STEEL TRADERS (VSP) PRIVATE LIMITED |
Director |
19-03-03 |
19-03-03 |
- |
Active |
NO |
|
4 |
U70102AP2007PTC052419 |
AMRUTHA
VALLEY ESTATES PRIVATE LIMITED |
Managing
director |
20-01-07 |
20-01-07 |
- |
Active |
|
|
5 |
U70102AP2008PTC057150 |
VISAKHA
REALTY PRIVATE LIMITED |
Managing
director |
01-02-08 |
15-01-08 |
- |
Active |
|
|
6 |
U27310AP2011PTC076631 |
A.S.WIRE
INDUSTRIES (VSP) PRIVATE LIMITED |
Director |
20-09-11 |
20-09-11 |
- |
Active |
NO |
|
Name : |
Mr. Nagesh Anumalisetty |
|
Designation : |
Director |
|
Address : |
Plot No.201/Y, MVP Colony, Sector IV, Visakhapatnam – 530017, Andhra
Pradesh, India |
|
Date of Birth/Age : |
07.10.1964 |
|
Date of Appointment : |
19.03.2003 |
|
DIN No.: |
00455700 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U02710KA1996PTC020931 |
BLACKGOLD
PROFILES PRIVATE LIMITED |
Managing
director |
05-08-96 |
05-08-96 |
- |
Active |
NO |
|
2 |
U17119AP1972PLC001519 |
ANDHRA
PRADESH FIBRES LIMITED |
Director |
05-03-02 |
05-03-02 |
- |
Active |
NO |
|
3 |
U65992AP2001PTC037726 |
A.S.
STEELCITY CHITS (INDIA) PRIVATE LIMITED |
Director |
01-04-02 |
01-04-02 |
- |
Active |
NO |
|
4 |
U27104AP1995PTC021108 |
VIJAYALAKSHMI
STEEL WIRES PRIVATE LIMITED |
Director |
15-07-02 |
15-07-02 |
- |
Active |
NO |
|
5 |
U27109AP2003PTC040683 |
A.S.
STEEL TRADERS (VSP) PRIVATE LIMITED |
Director |
19-03-03 |
19-03-03 |
- |
Active |
NO |
|
6 |
U17229WB1996PTC080718 |
AAREN
EXPORTERS PRIVATE LIMITED |
Additional
director |
06-07-07 |
06-07-07 |
15-02-08 |
Active |
NO |
|
7 |
U27100AP2010PLC069543 |
SSG
ALLOYS LIMITED |
Director |
20-07-10 |
20-07-10 |
- |
Active |
NO |
|
8 |
U01119AP2010PTC071216 |
A.S.
JUTE PRODUCT PRIVATE LIMITED |
Director |
15-11-10 |
15-11-10 |
- |
Active |
NO |
|
9 |
U27310AP2011PTC076631 |
A.S.WIRE
INDUSTRIES (VSP) PRIVATE LIMITED |
Director |
20-09-11 |
20-09-11 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mahesh Anumalisetti |
|
16500 |
|
Nagesh Anumalisetty |
|
8500 |
|
Anumalishetty Jagadish |
|
50000 |
|
|
|
|
|
Total |
|
75000 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer, Importer and Exporter of Pig Iron, Cement, Sponge Iron, Ferro
Silicon etc. |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India, Overseas Branch 9-1-57, Overseas
Branch, Gnt Road, Visakhapatnam – 530013, Andhra Pradesh, India ·
Lakshmi Vilas Bank Limited, D.No. 9-1-248, 1st
Floor, CBM Compound Aslimetta, Visakhapatnam – 530003, Andhra Pradesh,
India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
E.R. Somayajulu Chartered Accountant |
|
Address : |
Sri Rama – Kothagraharam, 3rd Lane, Vizianagaram – 535001,
Andhra Pradesh, India |
|
Pan No.: |
AAAPE9890J |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
|
|
|
|
AFTER 30.09.2010
Authorised Capital : Rs. 20.000 millions
Issued, Subscribed & Paid-up Capital : Rs. 20.000
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 |
7.500 |
7.500 |
2.500 |
|
|
2] Share Application Money |
7.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.104 |
24.152 |
11.561 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
50.604 |
31.652 |
14.061 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
197.882 |
102.586 |
97.116 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.090 |
|
|
TOTAL BORROWING |
197.882 |
102.586 |
97.206 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
248.486 |
134.238 |
111.267 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.291 |
1.975 |
1.145 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
84.000
|
11.575 |
98.815 |
|
|
Sundry Debtors |
245.776
|
260.038 |
73.722 |
|
|
Cash & Bank Balances |
7.846
|
0.405 |
0.266 |
|
|
Other Current Assets |
0.000
|
0.000 |
20.940 |
|
|
Loans & Advances |
2.542
|
5.840 |
0.000 |
|
Total
Current Assets |
340.164
|
277.858 |
193.743 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
89.974
|
144.287 |
82.202 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
5.995
|
1.321 |
1.446 |
|
Total
Current Liabilities |
95.969
|
145.608 |
83.648 |
|
|
Net Current Assets |
244.195
|
132.250 |
110.095 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.013 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
248.486 |
134.238 |
111.267 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2705.328 |
858.298 |
|
|
|
Other Income |
|
50.247 |
0.873 |
|
|
|
TOTAL (A) |
|
2755.575 |
859.171 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
2682.355 |
822.351 |
|
|
|
Expenditure on personnel |
|
3.363 |
3.182 |
|
|
|
Operational and other expenses |
|
45.224 |
18.152 |
|
|
|
Sales and administration expenses |
|
0.103 |
0.453 |
|
|
|
Preliminary Expenses |
|
0.014 |
0.013 |
|
|
|
TOTAL (B) |
|
2731.059 |
844.151 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
24.516 |
15.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
11.373 |
7.691 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
13.143 |
7.329 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.507 |
0.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
12.636 |
6.933 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.045 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
12.591 |
6.933 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
11.561 |
4.627 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
24.152 |
11.561 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
167.88 |
88.88 |
|
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
|
|
|
|
|
Turnover |
|
|
2592.424 |
|
|
|
|
|
|
|
|
Net Profit |
|
|
18.605 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
0.45 |
0.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.46 |
0.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.51 |
3.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.24 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.80
|
5.80 |
7.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
3.54 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE :
During the year, the company has achieved a turnover of Rs. 2592.424
through trading in steel, the company earned a net profit of Rs. 18.605
millions after depreciation and finance charges.
FORM 8
|
Corporate
identity number of the company |
U27109AP2003PTC040683 |
|
Name of the
company |
A.S. STEEL
TRADERS (VSP) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
9-1-248, CBM
Compound, Visakhpatnam-3, Andhra Pradesh – 530003, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Others |
|
Particular of
charge holder |
State Bank of
India, Overseas Branch, 9-1-57, GNT Road, Visakhapatnam – 530013, Andhra
Pradesh, India |
|
Nature of instrument
creating charge |
1.
Omnibus
Counter Guarantee. 2.
Letter
regarding the grant of individual limits within the overall limit 3.
Agreement
of Loan for overall limit 4.
Agreement
of Hypothecation of goods and Assets 5.
Memorandum
for recording extension of mortgage by deposit of title deeds. 6.
Link
Letter. |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs. 700.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC: Improved
pricing at 1.25% above SBAR Effective rate being 13.00% p.a. Working Capital
Demand Loan (Adhoc) : 1.00% below SBAR. Effective rate being 11.50% Terms of repayment Cash Credit :
Repayable on Demand WCDL (Adhoc Limit)
: Repayable on Demand. Repayable at fortnightly intervals of Rs. 60.000
millions commencing from 15.01.2011 and the final balance is to repaid on or
before 30.04.2011 Margin Raw materials :
Domestic 25 Finished goods :
25% Receivables
(Cover period 90 days) Bank Guarantee :
20% Extent and operation of the charge It is a
continuous charge until the repayable of the entire loan Other The
aggregate limit of Rs. 700.000 consist
of : 1.
Cash
Credit (Hypothecation) : Rs. 250.000 millions 2.
Working Capital Demand Loan (Adhoc) : Rs.
450.000 millions 3.
Bank
Guarantee (Sub Limit of CC Limit) : Rs. 40.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of all
chargeable current assets present and future EM of residential
flats with build up Area of 6170 sq, ft. in 2nd, 3rd,
and 4th floor and undivided and unspecified share of land in plot
nos. 27 and 35, block 39, Mytheya Nagar, Visakhapatnam First charge on
fixed assets of the company Lien on fixed
deposits for Rs. 112.500 millions (Exclusively for Adhoc Working Capital
demand loan) EM of land
admeasuring 545 sq yrds along with
building construction situated at S. No. 10, 1-83-46/172, Plot No. HIG 201/4,
MVP Colony, Maddilapaleam, Vizag Belonging to A.Nagesh, A. Mahesh and Others |
|
Particulars of
the present modification |
Through this
modification, the aggregate limits have increased from Rs. 250.000 millions to
Ts. 700.000 millions by sanction of Working Capital Demand Loan (Adhoc) of s.
450.000 millions |
FIXED ASSETS
·
Furniture and Fixtures
·
Air Conditioners
·
Fan
·
Printer
·
Scooter
·
Vehicles
·
Computers
·
Tata Indigo
·
Laptop
·
Machine
·
Skoda
·
Cell Phone
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. 51.35 |
|
|
1 |
Rs. 80.97 |
|
Euro |
1 |
Rs. 69.25 |
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.