MIRA
INFORM REPORT
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Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ARYA IRON AND STEEL COMPANY PRIVATE LIMITED |
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Registered
Office : |
51-53A, Mittal Court, Nariman Point, Mumbai – 400121, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.07.2004 |
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Com. Reg. No.: |
11 - 147715 |
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Capital
Investment / Paid-up Capital : |
Rs. 185.431 Millions |
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CIN No.: [Company Identification
No.] |
U27100MH2004PTC147715 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22803E |
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PAN No.: [Permanent Account No.] |
AAECA8083G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 4600000 |
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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 part of Arya Group having satisfactory track. The company
has been successful in wipping off the accumulated losses of the previous
year. 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
51-53A, Mittal Court, Nariman Point, Mumbai – 400121, |
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Tel. No.: |
91-22-40696000 |
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Fax No.: |
91-22-40696060 |
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E-Mail : |
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Website : |
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Factory : |
107/1, 108/1, Matkambeda, Industrial Estate, Borbil, District –
Keonjhar– 758053, |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Pawan Kumar Arya |
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Designation : |
Chairman Cum Director |
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Address : |
403, Samundra Mahal, |
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Date of Appointment : |
01.01.2008 |
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DIN No.: |
01659667 |
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Other
Directorship:
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Name : |
Mr. Ravindra Kumar Maniram Arya |
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Designation : |
Managing Director |
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Address : |
6, Satlaj Terrace, 6th Floor, |
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Date of Appointment : |
01.01.2008 |
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DIN No.: |
00767007 |
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Other Directorship :
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Name : |
Mr. Puneet Pawankumar Arya |
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Designation : |
Director |
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Address : |
403, Samundra Mahal, |
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Date of Appointment : |
27.07.2004 |
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DIN No.: |
00726275 |
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Other Directorship :
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Name : |
Mr. Nakul Arya |
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Designation : |
Director |
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Address : |
6, Satlaj Terrace, 6th Floor, |
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Date of Appointment : |
27.07.2001 |
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DIN No.: |
00372428 |
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Other Directorship :
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Name : |
Mr. Sunil Kumar Jain |
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Designation : |
Director |
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Address : |
Flat no. 551, Pocket Gh- 13, Paschim Vihar, New Delhi – 110087, India |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
01308863 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.03.2010
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Names of Shareholders |
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No. of Shares |
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Pawan Arya |
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892500 |
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Poonam Arya |
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900000 |
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Puneet Arya |
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1195000 |
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Tripti Arya |
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5000 |
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Pawan Kumar HUF |
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5000 |
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892500 |
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Sushma Arya |
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900000 |
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Nakul Arya |
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1195000 |
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5000 |
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Varun ARya |
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5000 |
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Mewadevi Maniram Arya |
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5000 |
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M. P Recycling Company Private Limited, |
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1776956 |
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Palmview Investments Overseas Limited , |
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9086095 |
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Arya Ship Breaking Company Private Limited, |
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1680000 |
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TOTAL |
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18543051 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Bodies corporate |
68.00 |
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Directors or relatives of Directors |
32.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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MT |
NA |
12.000 (Units in
Lacs MT) |
492735 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Oriental Bank of Commerce, Kalbadevi Branch, 17/19, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singridia Goyal and Company Chartered Accountants |
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Address : |
A-201, Rajeshri Accord, |
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PAN.: |
AAAFS7106D |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
18543051 |
Equity Shares |
Rs.10/- each |
Rs. 185.431
Millions |
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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 |
185.431 |
140.000 |
140.000 |
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2] Share Application Money |
0.000 |
408.560 |
20.000 |
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3] Reserves & Surplus |
963.398 |
400.000 |
400.000 |
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4] (Accumulated Losses) |
0.000 |
(67.723) |
0.000 |
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NETWORTH |
1148.829 |
880.837 |
560.000 |
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LOAN FUNDS |
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1] Secured Loans |
1656.797 |
2068.743 |
1267.810 |
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2] Unsecured Loans |
0.000 |
0.000 |
116.736 |
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TOTAL BORROWING |
1656.797 |
2068.743 |
1384.546 |
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DEFERRED TAX LIABILITIES |
107.801 |
40.954 |
0.000 |
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TOTAL |
2913.427 |
2990.534 |
1944.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2024.894 |
2036.085 |
8.719 |
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Capital work-in-progress |
204.254 |
61.732 |
1532.198 |
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Incidental Expenditure During Construction |
0.000 |
0.000 |
256.987 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
206.964
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369.432 |
137.596 |
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Sundry Debtors |
209.605
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142.394 |
0.433 |
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Cash & Bank Balances |
489.517
|
88.836 |
102.242 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
295.275
|
381.726 |
206.399 |
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Total
Current Assets |
1201.361
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982.388 |
446.670 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
91.570
|
87.117 |
290.555 |
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Other Current Liabilities |
388.919
|
1.054 |
11.517 |
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Provisions |
36.593
|
1.500 |
0.000 |
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Total
Current Liabilities |
517.082
|
89.671 |
302.072 |
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Net Current Assets |
684.279
|
892.717 |
144.598 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.044 |
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TOTAL |
2913.427 |
2990.534 |
1944.546 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
2145.187 |
263.382 |
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Other Income |
|
12.212 |
7.842 |
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TOTAL (A) |
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2157.399 |
271.224 |
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Less |
EXPENSES |
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Raw Material Consumed |
|
727.680 |
122.590 |
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Personnel Expenses |
|
91.220 |
26.441 |
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Manufacturing and Other Expenses |
|
630.571 |
129.864 |
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Increase/ Decrease Stock |
|
68.615 |
(78.309) |
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Prior Period Items |
|
2.987 |
0.000 |
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TOTAL (B) |
|
1521.073 |
200.586 |
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Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
636.326 |
70.638 |
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Less |
INTEREST/
FINANCIAL EXPENSES (D) |
|
180.274 |
66.975 |
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PROFIT
BEFORE/(LOSS) TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
456.052 |
3.663 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
107.653 |
26.386 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
|
348.399 |
(25.723) |
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Less |
TAX (H) |
|
71.847 |
42.000 |
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PROFIT/(LOSS) AFTER TAX (G-H) (I) |
|
276.552 |
(67.723) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(67.723) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
208.829 |
(67.723) |
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IMPORTS |
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Raw Materials |
|
60.832 |
135.664 |
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Capital Goods |
|
10.279 |
13.508 |
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TOTAL IMPORTS |
|
71.111 |
149.172 |
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Earnings Per
Share (Rs.) |
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Basic |
|
15.08 |
(1.90) |
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Diluted |
|
15.08 |
(1.90) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.82
|
(24.97) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
16.24
|
(9.48) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.19
|
(0.84) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
10.81
|
(0.85) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.89
|
2.45 |
3.01 |
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Current Ratio (Current Asset/Current Liability) |
|
2.32
|
10.96 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
NOTES
The registered office address has been changed from 43, Ramwadi,
OPERATION OF THE COMPANY
The Company has achieved significant
transformation in its performance, in its quest to be amongst the most reliable
manufacturer of Iron Ore Pellets in the Eastern part of the country. After going
through initial teething problems in synchronization of the productions the
year has ended with an all round improvement in the Company’s performance. The
Company performed remarkably during the financial year 2009-10
The key performances of the Company are:
- There is significant growth in production volume. Production
increased by 83.76%* from 89,380 MT in year 2008-09 to 492,735 MT in year
2009-10.
- Turnover and other income increased by 165.13%* from Rs. 271.224
Mi8llions in year 2008-09 to Rs. 2157.299 Millions in year 2009-10.
- EBIDTA increased by 201.69% from Rs. 70.638 Millions in year 2008-09
to Rs. 639.313 Millions in year 2009- 10
- Profit After Tax increased from (677, 23) 1,.akhs in year 2008-09 to
Rs. 276.552 Millions year 2009-10.
* The figures related to the year 2008-09 as
referred above are relates to the period from commercial production i.e. 1
December, 2008 to 31st March, 2009 and the percentages are worked
out on annualized basis. In the second quarter of the year 201011, the Company
has commenced trial run of its Coal Gasification Project which will result in
substantial saving in fuel cost.
FORM 8
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Corporate
identity number of the company |
U27100MH2004PTC147715 |
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Name of the
company |
ARYA IRON AND STEEL
COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
51-53A, Mittal Court, Nariman Point, Mumbai – 4000121, Maharasahtra Email : sgupta@aryagroup.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80005799 |
|
Type of charge |
Any Interest in
immovable property |
|
Particular of
charge holder |
Oriental Bank of Commerce, Kalbadevi Branch, 17/19, Email : emailroc@rediffmail.com |
|
Nature of
instrument creating charge |
1) No Instrument
- Extension of Deposit of Title Deeds (IDCO, Revenue Plot No. 107/1(P)) 2) No Instrument
- Extension of Deposit of Title Deeds (IDCO, Plot No. 10) (Both the above
documents constitute a single Charge) |
|
Date of
instrument Creating the charge |
24.02.2011 |
|
Amount secured by
the charge |
Rs. 5840.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest rate or
such other rate as agreed between the Borrower Companies/Firms viz and the
Bank from time to time. Penal Interest in addition to agreed rate in case of
default. Terms of
repayment : Repayment, As
agreed between the Borrower Companies/Firms and the Bank from time to time. Margin : Margin rate, As
agreed between the Borrower Companies/Firms viz. ARYA SHIP BREAKING COMPANY
PRIVATE LIMITED and ARYA IRON AND STEEL COMPANY PRIVATE LIMITED and the Bank
from time to time. Extent and
operation of charge: At the request of
the Borrower Companies/Firms the Bank has enhanced Banking Limit up to Rs.
5840.400 Millions against Lease Hold Property rights of M/s Arya Iron and
Steel Company Private Limited i.e Total Charge
stands Modified upto Rs. 5840.400 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Lease Hold
Property rights of M/s Arya Iron and Steel Company Private Limited i.e |
|
Particulars of
the present modification |
At the request of
the Borrower Companies/Firms the Bank has enhanced Banking Limit up to Rs.
5840.400 Millions against Lease Hold Property rights of M/s Arya Iron and
Steel Company Private Limited i.e |
FIXED ASSETS
- Land and Building
- Plant and Machinery
- Electrical Installation
- Furniture and Fixture
- Office Equipment
- Computers
- Vehicles
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.69.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
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.