MIRA
INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P P ROLLING MILLS MFGING
COMPANY PRIVATE LIMITED |
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Formerly Known As : |
P. P. Engineering Works |
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Registered Office : |
D - 820, New Friends Colony, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.04.1998 |
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Com. Reg. No.: |
55 – 093215 |
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Paid up Capital : |
Rs. 18.200 Millions |
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CIN No.: [Company
Identification No.] |
U29223DL1998PTC093215 |
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PAN No.: [Permanent
Account No.] |
AASCP7505P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Trader and Exporter of Hot Rolling Mills,
TMT Equipments, Cold Rolling Mills, TMT Bar and TMT Steel Bar. |
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No. of Employees : |
500 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 408368 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well- established and reputed company having
satisfactory track. Trade relations are fair. Business is active. General
position is satisfactory. Payments are reported to be usually made 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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India |
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 |
v
INFORMATION PARTED BY
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Name : |
Ms. Sargam |
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Designation : |
Front Office Executive |
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Date : |
15.10.2011 |
LOCATIONS
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Registered Office : |
D - 820, New Friends Colony, |
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Tel. No.: |
91-11-2684 8885/ 2683 6340/ 2632 6325/ 4162 7515/ 4162 7516/ 26313774/ 26326325 |
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Fax No.: |
91-11-2683 6335 |
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E-Mail : |
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Website : |
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Area : |
1000 sq ft (Rented) |
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Location : |
Owned |
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Corporate Office : |
Plot No. 63, Sector 27A, Faridabad-121003, |
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Tel. No.: |
91-129-4181100 |
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Fax No.: |
91-129-4181124 |
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Factory 1 : |
Shop No.7,8 and 11, Bhaskar Estates, Faridabad-121001, |
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Area : |
53000 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
Works Plot No. 39, Sector- 27 C, Faridabad-121003, |
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Tel. No.: |
91-129-2271011/ 12/ 4181100 |
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Fax No.: |
91-129-2271012 |
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Area : |
8100 sq ft |
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Location : |
Owned |
DIRECTORS
As on 29.09.2010
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Name : |
Ms. Renu Khanna |
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Designation : |
Whole Time Director |
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Address : |
D-820, New Friends Colony, |
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Date of Birth/Age : |
09.05.1947 |
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Qualification : |
M.B.A |
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Date of Appointment : |
25.03.2005 |
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Name : |
Mr. Pankaj Khanna |
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Designation : |
Managing Director |
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Address : |
D-820, New Friends Colony, |
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Date of Birth/Age : |
09.02.1968 |
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Qualification : |
M.B.A |
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Date of Appointment : |
25.03.2005 |
Other Directorship
Name:
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PANKAJ KHANNA
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Name : |
Mr. Praneet Khanna |
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Designation : |
Director [Operations] |
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Address : |
D - 820, New Friends Colony, |
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Date of Birth/Age : |
17.06.1975 |
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Qualification : |
M.B.A |
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Date of Appointment : |
15.06.2006 |
Other Directorship
Name:
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PRANEET KHANNA
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.01.2009
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Names of Shareholders |
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No. of Shares |
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Renu Khanna |
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945000 |
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Pankaj Khanna |
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665000 |
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Prem Prakash Khanna |
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21000 |
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Praneet Khanna |
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189000 |
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Total |
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1820000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage |
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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 : |
Manufacturer, Trader and Exporter of Hot Rolling Mills,
TMT Equipments, Cold Rolling Mills, TMT Bar and TMT Steel Bar. |
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Products : |
·
Mill Stand · Gear Boxes · Flying Shears · Hot Rolling Mills · TMT Equipments · Cold Rolling Mills · Gearboxes · TMT Bar · TMT Steel Bar · Hobbing Machines ·
· Roughing Mill – Rolling Mill Equipment · Cooling Bed-Hot Rolling Mill Equipment · Pre-Stressed Mill Stands · Pinch
Roll and High Speed Shears |
GENERAL INFORMATION
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Customers : |
·
SMS, ·
VAI, ·
United ·
· Sulzer Hydro · Larsen & Toubro Limited · Tata Growth Shop ·
Steel Authority of ·
Al-Ittefaq Steels ·
MID ·
· Sheema Steels · AMK Steels Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
500 (approximately) |
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Bankers : |
· Corporation Bank, M-93, Connaught Circus, New Delhi – 110001, India · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K N Barry and Company Chartered Accountants |
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Address : |
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Phone No.: |
91-11- 28752713 |
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Associates/Subsidiaries : |
P.P. Engineering ( Plot No. 9, Bhaskar Estate Line of Business : Rolling Mills |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,20,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 18.200
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
18.200 |
18.200 |
13.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
83.892 |
50.680 |
57.814 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.092 |
68.880 |
70.814 |
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LOAN FUNDS |
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1] Secured Loans |
85.271 |
123.273 |
49.591 |
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2] Unsecured Loans |
1.352 |
1.233 |
1.410 |
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TOTAL BORROWING |
86.623 |
124.506 |
51.001 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.706 |
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TOTAL |
188.715 |
193.386 |
122.521 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
350.324 |
287.466 |
181.875 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.960 |
1.960 |
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 |
20.534
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24.421
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34.225
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Sundry Debtors |
34.457
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23.984
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19.521
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Cash & Bank Balances |
153.269
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75.387
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75.221
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
122.347
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116.477
|
83.292
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Total
Current Assets |
330.607
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240.269 |
212.259 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
223.635
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156.203
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Current Liabilities |
247.137
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175.113
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254.134
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Provisions |
23.468
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5.074
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17.579
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Total
Current Liabilities |
494.240
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336.390 |
271.713 |
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Net Current Assets |
(163.633)
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(96.121) |
[59.454] |
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MISCELLANEOUS EXPENSES |
0.064 |
0.081 |
0.100 |
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TOTAL |
188.715 |
193.386 |
122.522 |
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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 |
724.046 |
574.549 |
571.969 |
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Other Income |
15.212 |
3.686 |
13.926 |
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TOTAL |
739.258 |
578.235 |
585.895 |
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Net Profit /Loss
For the Year |
51.517 |
(0.453) |
43.470 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.11
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(0.07)
|
7.60
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.56
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(0.08)
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11.02
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Return on Investment (ROI) (PBT/Networth) |
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0.50
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0.00
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0.61
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Debt Equity Ratio (Total Liability/Networth) |
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5.68
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6.69
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4.56
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Current Ratio (Current Asset/Current Liability) |
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0.66
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0.71
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0.78
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LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
· K and T
· Amic Steels,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29223DL1998PTC093215 |
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Name of the
company |
P P ROLLING MILLS MFGING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
D - 820, New Friends Colony, New Delhi - 110065, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Common Deed of
Hypothecation of Movables/Assets/Debts. 3 Continuity
Letter. Memorandum of Deposit
of Title Deeds (By A Company) |
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Date of
instrument Creating the charge |
14.06.2010 |
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Amount secured by
the charge |
Rs. 402.900
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
shall be 12.50% p.a. being 0.50% below which is 12% p.a. at present. COBAR-2.50%
i.e.9.50% p.a. in case of Rupees PCL and LIBOR+2.% in case of PCFC as applicable at present. Terms of
Repayment As Per Terms of
Sanction. Margin As Per Terms of
Sanction. Extent and
Operation of the charge PCL CUM FDBN : Rs.
60.000 millions IMPORT/INLAND LC
CUM BG : Rs.200.000 millions TERM LOAN-I Rs. 10.600 millions TERM LOAN-II : Rs.
12.300 millions TERM LOAN-III
(Fresh) Rs.120.000
millions Others Nil |
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Particulars of
the property charged |
Hypothecation of
Machinery, inventory, book-debts, current assets, Movable fixed assets plant
and machinery including to be kept at plot No.70,Sector-25,Industrial Estate
Faridabad Haryana. EMG of industrial
plot at 14/1,Milestone,Main Mathura Road,at Khasra No.15/2& 16/25,part of
5in the Revenue Estate of Mewla, Maharajpur Tehsil, Faridabad, admeasuring 13750Sq.Yrds. EMG of Industrial
plot & building thereof bearing No.I-42,DLF Industrial Esate, Phase-I,
Eastern Side admeasuring 903.50 Sq. yrds at Village Mewla, Maharajpur Tehsil,
Faridabad Haryana State. EMG of Industrial
land admeasuring 2600 Sq.Yrds at plot No.39,Sector 27-C,Urban Estate,
Faridabad, Haryana State. EMG of Industrial
plot at plot No.70,Sector 25,Industrial Estate, Faridabad, Haryana State. |
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Date of
instrument modifying the charge |
02.02.2008 |
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Particulars of
the present modification |
The Limit Stands
Enhanced From Rs.256.200 millions To Rs.402.900 Millions Pcl Cum Fdbn : Rs.
60.000 Millions Import/Inland Lc
Cum Bg : Rs.200.000 Millions Term Loan-I Rs. 10.600 Millions Term Loan-Ii : Rs.
12.300 Millions Term Loan-Iii
(Fresh) Rs.120.000 Millions |
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Name of the company |
P P ROLLING MILLS MFGING
COMPANY PRIVATE LIMITED |
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Presented By |
Corporation Bank,
Overseas Branch and Company |
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1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movables/ Assets dated 06.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
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
all the equipment and plant and machinery for setting up project to
manufacturing Rolling Mills Machines. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
shall be 13% p.a.being 2.50% over BPLR which is 10.50% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Overseas Branch, H. T. House, K. G. Marg, |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U29223DL1998PTC093215 |
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Name of the
company |
P P ROLLING MILLS MFGING
COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
D - 820, New Friends Colony, |
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Type of charge |
Others |
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Particular of
charge holder |
Corporation Bank, Overseas Branch, H. T. House, K. G.
Marg, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Vehicles Agreement For
Term Loan |
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Date of
instrument Creating the charge |
18.04.2009 |
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Amount secured by
the charge |
Rs. 1.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
Shall be 11.75% p.a. Terms of
Repayment Rs. 1.200
Millions to be repaid within 36 monthly installments of Rs. 39715 /- each. Release by way of
demand draft/ RTGS in favour of the dealer Excell Motors Alongwith share of
Company Margin As per Terms of
Sanction Extent and
Operation of the charge As per Terms of
Sanction |
|
Short particulars
of the property charged |
Hypothecation of one
new mitsubhi outlander 2.4 Ltr car to be acquired from excel motors
authorized dealer for mutsubhi outlander Total cost of Rs., 2.171 Millions
vide performance invoice dated 31.03.2009 |
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Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
---------------------- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact
person |
Yes |
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11) Turnover of firm for last
three years |
Yes |
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12) Profitability for last
three years |
Yes |
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13) Reasons for variation
<> 20% |
No |
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14) Estimation for coming
financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
No |
|
20) Export / Import details
(if applicable) |
No |
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21) Market information |
---------------------- |
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22) Litigations that the firm
/ promoter involved in |
---------------------- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking
account |
---------------------- |
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26) Buyer visit details |
---------------------- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if
applicable |
---------------------- |
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29) Last accounts filed at ROC |
---------------------- |
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30) Major Shareholders, if
available |
---------------------- |
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.49.06 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.67.72 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
49 |
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.