MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HIRA POWER AND STEELS LIMITED |
|
|
|
|
Formerly Known
As : |
JAIN CARBIDE AND CHEMICALDS LIMITED |
|
|
|
|
Registered
Office : |
557, 563 Urla Industrial Area, Raipur-493221, Chhattisgarh |
|
|
|
|
Country : |
|
|
|
|
|
Date of
Incorporation : |
27.07.1984 |
|
|
|
|
Com. Reg. No.: |
002512 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117CT1984PLC002512 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPJ004218 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ0138Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Ferro alloys, Power Plant, Mining. |
|
|
|
|
No. of
Employees: |
400 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
financials of the company are missing from the government department.
However, business is active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
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. Kahrpate |
|
Designation : |
Director |
|
Contact No.: |
21.11.2011 |
LOCATIONS
|
Registered Office : |
557, 563 Urla Industrial Area, Raipur-493221, Chhattisgarh, India |
|
Tel. No.: |
91-771-2323018 / 4082500 / 4082600 |
|
Fax No.: |
91-771-4082501 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Om Kutir, civil Lines, Raipur, Chattisgarh, India |
|
Tel. No.: |
91-771-2429464 |
|
Fax No.: |
91-771-2430531 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Urla Industrial Complex, Raipur-492003, Chhattisgarh, India |
|
Tel. No.: |
91-771-4082500 / 4082600 |
|
Fax No.: |
91-771-4082501 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. P. T. Kharpate |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kamal Gulati |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr OG. Goyal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. OP Agarwal |
|
Designation : |
Chairman and Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
|
Designation : |
Accounts Department |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ferro alloys, Power Plant, Mining. |
|
|
|
|
Products : |
·
High Carbon Silico Maganese 60% ·
High Carbon Silico Maganese 65% ·
High Carbon Ferro Maganese 70% ·
High Carbon Ferro Maganese 75% |
|
|
|
|
Exports : |
|
|
Products : |
Ferro Alloys |
|
Countries : |
·
Korea ·
Indonesia ·
Taiwan |
|
|
|
|
Imports : |
|
|
Products : |
Maganese ore coal |
|
Countries : |
·
South Africa ·
Indonesi |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
Private Sector ·
Tata Motors Limited ·
Mahindra and Mahindra Limited ·
Greaves cotton Limited ·
Kalyani Steels Limited, Hospet ·
Mukand Limited (Hospet Steel Plant), Hospet ·
Ispat Industries Limited, Dolvi ·
Bhushan steel and Strips Private Limited, Uttar
Pradesh ·
Kalyani Corporation Limited, Pune Public Sector ·
Bhilai Steel Plant, Bhilai ·
Vishakhapatnam Steel Plant ·
Bokaro Steel Plant, Bokaro ·
Rourkela Steel Plant, Rourkela |
|
|
|
|
No. of Employees : |
400 (approximately) |
|
|
|
|
Bankers : |
·
Bank of Baroda, Raipur branch, Chhattisgarh,
India ·
HDFC Bank, Raipur, Chhattisgarh, India ·
ICICI Bank, Chhattisgarh, India |
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. O. P. Singhania and Company Chartered Accountant |
|
Address : |
Raipur, Chhattisgarh, India |
|
|
|
|
Associates : |
·
Alok Ferro Aloloys Limited ·
Godawari Power and Ispat Limited ·
Hira Ferro Alloys Limited ·
Hira Steels Limited ·
Jagdamba Power and Alloys Limited ·
R. R. Inpat Limited |
CAPITAL STRUCTURE
Authorised Capital: Rs.45.000 millions
Paid up Capital: Rs.43.991 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (approximately) |
|
2460.000 |
1420.000 |
Expected Sales (2011-2012) : More than Rs.3250.000 millions.
The above information has been parted by Mr. Sanjay.
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
|
3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
Background |
--------- |
|
8) No. of
Employees |
Yes |
|
9) Name of
person contacted |
Yes |
|
10) Designation of
contact person |
Yes |
|
11) Turnover of
firm of last two year |
Yes |
|
12)
Profitability for last three years |
--------- |
|
13) Reasons for
variations <> 20% |
--------- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
No |
|
16) Details of
Sister concern |
Yes |
|
17) Major
Suppliers |
No |
|
18) Major
Customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
Information |
--------- |
|
22) Litigation that
the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
No |
|
25) Conduct of
the banking account |
--------- |
|
26) Buyer visit
details |
--------- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
---------- |
|
29) Last account
field at ROC |
---------- |
|
30) Major
Shareholders, if available |
---------- |
COMPANY PROFILE:
To
give strength to all grades of Steel, some additives are added during Steel
production. They add that strength to Steel. They manufactured Ferro Alloys.
Being the FIRST Unit in whole of India to manufacture Ferro alloys (Specially
Ferro Silicon) in a tiny Furnace with the capacity of 2.5 MVA.
From
a small company with a turnover of Rs.20.000 millions and 300 MT/Month
production in 1987 to a company with a turnover of over Rs.2000.000 millions
and 5200 MT/Month production, Subject under the leadership of Shri OM Agrawal
has grown many folds both value wise and volume wise. This offcourse would not
has been possible without the great support of our group companies under the
banner of HIRA GROUP.
Subject,
promoted by the Agrawal family is a leading player in the Steel Segment in
Central India. The Company’s main business interests are in Ferro Alloys, Power
and Mining and it has its manufacturing facilities in Chhattisgarh, India, an
area known for low cost production of Steel due to the easy availability of Raw
Materials, Cheap Labour and Supportive Government Policies.
Currently
the company is having 26 MVA Furnance, a Captive Power Plant of 20 MW (with
Coal linkage), and mines located in Madhya Pradesh. Subject has also acquired
seven prospecting rights for Manganese Ore in South Africa. Three of the Seven
Rights are located at close proximity to the world famous Kalahari Manganese
basin.
Another
20 MVA Furnace capacity expansion is already on the cards.
Our
unmatched quality of alloys and the superlative service has let us gain strong
grip over the market. Our competence is clear from our clients list. They have
been supplying Ferro alloys to the major public and private industries covering
approximately 350 major industries as our clientele across the globe.
They
have been always committed towards our customer satisfaction. All the alloys
they manufacture conform to the international standards and are manufactured
according to the customer requirements. Our next step is to do major branding
of the company and the product.
BIOGRAPHY OF DIRECTORS:
Mr. OP
Agrawal
Chairman cum Managing Director
33 years of experience in various techno
commercial aspects of industries like Ferro Alloys, Steel, Power and Sponge
Iron have truly made Shri O P Agrawal a name to recon with in the industry.
Aged 59 years, he is a commerce graduate and founder of Hira Group. His store
of knowledge has helped turn all the endeavors of the company into a win.
He has remained as a trump element for the group
in the manufacturing sector for the good. He has been completely involved in
the setting up of the Ferro Alloy projects of Hira Group.
Mr. PT
Kharpate
Director - Administration
An Engineering Graduate(Electrical) who has an
experience of working in various industries of repute in different spheres, as
eg. Sales and Marketing, execution of small and medium size projects.
Associated with group since 1986 and involved in techinical activities as well
as administration, Liasoning etc.
Mr.
Kamal Gulati
Director
With postgraduate qualifications in Economics
coupled with participation in Sales & Marketing Management related courses,
Mr.Gulati has over 30 years of experience in Business Development &
Strategic Planning. He has diverse experience in sourcing, structuring, setting
up green field projects, identifying foreign trade markets and forging joint
ventures & business alliances.
Mr. OG
Goyal
Director
Looking after Land acquisition and liaisoning
for various projects in Pipeline
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 |
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.