MIRA
INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAL BABA SEAMLESS TUBES PRIVATE LIMITED w.e.f 19.01.2007 |
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Formerly Known As
: |
LAL BABA STEEL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
13A, |
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Country : |
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Financials (as
on) : |
31.03.2011 (P & L) |
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Date of Incorporation
: |
26.06.2006 |
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Com. Reg. No.: |
21-110060 |
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Capital
Investment / Paid-up Capital : |
Rs. 245.750 Millions |
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CIN No.: [Company Identification
No.] |
U27310WB2006PTC110060 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Seamless Steel Tube |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses being incurred by the company in the current year. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
|
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) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. S.R. Mishra |
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Designation : |
Sales Executive |
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Contact No.: |
91-9051611696 |
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Date : |
20.10.2011 |
LOCATIONS
|
Registered Office/ Corporate Office
: |
13A, |
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Tel. No.: |
91-33-22310770/22310770/40080579 |
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Mobile No.: |
91-9051611696 (Mr.S. R. Mishra – Sales Executive) |
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Fax No.: |
91-33-22310771 |
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E-Mail : |
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Location : |
Rented |
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Factory : |
Bardhanya Ghata, Debhog, Purba Midnapur, Holdia – 721657, West |
SOLE PROPRIETOR
As on 28.09.2010
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Name : |
Mr. Kishan Kumar Dhanuka |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.10.1968 |
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Date of Appointment : |
28.11.2006 |
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DIN No.: |
00569035 |
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Other
Directorship:
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Name : |
Mr. Pankaj Dhanuka |
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Designation : |
Director |
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Address : |
C/280, Sector-ll, Bidhannagar, |
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Date of Birth/Age : |
15.01.1970 |
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Date of Appointment : |
28.11.2006 |
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DIN No.: |
00569195 |
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Other
Directorship:
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Name : |
Mr. Babulal Dhanuka |
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Designation : |
Director |
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Address : |
C/280, Sector-ll, Bidhannagar, |
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Date of Birth/Age : |
08.10.1937 |
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Date of Appointment : |
26.06.2006 |
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DIN No.: |
00569274 |
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Other
Directorship:
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Name : |
Mr. Murari Lal Dhanuka |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.01.1942 |
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Date of Appointment : |
26.06.2006 |
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DIN No.: |
00569306 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. S.K. Mishra |
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Designation : |
Sales Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
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No. of Shares |
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Babulal Dhanuka |
|
5000 |
|
Murarilal Dhanuka |
|
5000 |
|
S.D.R Meghnath Investments Private Limited |
|
3455000 |
|
S N R Trading Company Private Limited |
|
21110000 |
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TOTAL |
|
24575000 |
Equity Share Break up (Percentage of Total Equity) 28.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
0.04 |
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Other top fifty shareholders |
99.96 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Seamless Steel Tube |
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Products : |
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Exports : |
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Products : |
Seamless Steel Tubes |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Manufactured
Goods |
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- Seamless Steel Tubes (Kgs) |
Kgs |
NA |
NA |
658630 |
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Trade Goods |
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- Steel Seamless Pipes (Kgs.) |
Kgs |
NA |
NA |
192031 |
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- Steel Seamless Pipes (Mtr.) |
Mtr |
NA |
NA |
1978 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surana Naveen Vikash and Company Chartered Accountant |
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Address : |
P-11, New |
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Tel. No.: |
91-33-22351187/0520 |
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Fax No.: |
91-33-22350520 |
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E-Mail : |
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PAN.: |
AAQFS6728P |
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Holding Company : |
S N R Trading Company Private Limited |
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CIN No.: |
U51909WB1986PTC041568 |
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Sister Concern : |
PEW Engineering Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24575000 |
Equity Shares |
Rs.10/- each |
Rs. 245.750
Millions |
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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 |
245.750 |
149.900 |
37.400 |
|
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2] Share Application Money |
2.000 |
45.750 |
80.030 |
|
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3] Reserves & Surplus |
2.362 |
1.060 |
0.590 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
250.112 |
196.710 |
118.020 |
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LOAN FUNDS |
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1] Secured Loans |
166.693 |
173.092 |
0.575 |
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2] Unsecured Loans |
66.184 |
0.000 |
0.000 |
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TOTAL BORROWING |
232.877 |
173.092 |
0.575 |
|
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DEFERRED TAX LIABILITIES |
0.141 |
0.141 |
0.000 |
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TOTAL |
483.130 |
369.943 |
118.595 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
165.025 |
20.572 |
20.163 |
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Capital work-in-progress |
299.829 |
310.652 |
87.374 |
|
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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 |
14.404
|
9.553 |
15.357 |
|
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Sundry Debtors |
5.576
|
3.468 |
1.756 |
|
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Cash & Bank Balances |
0.709
|
0.860 |
0.154 |
|
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Other Current Assets |
0.000
|
0.000 |
4.238 |
|
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Loans & Advances |
62.576
|
51.812 |
0.069 |
|
Total
Current Assets |
83.265
|
65.693 |
21.574 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
61.255
|
20.611 |
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Other Current Liabilities |
11.156
|
6.976 |
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Provisions |
0.838
|
0.600 |
0.369 |
|
Total
Current Liabilities |
73.249
|
28.187 |
11.080 |
|
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Net Current Assets |
10.016
|
37.506 |
10.494 |
|
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MISCELLANEOUS EXPENSES |
8.260 |
1.213 |
0.564 |
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TOTAL |
483.130 |
369.943 |
118.596 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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|
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Income |
229.395 |
37.826 |
59.639 |
|
|
|
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Other Income |
6.775 |
1.770 |
0.605 |
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|
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TOTAL (A) |
236.170 |
39.596 |
60.244 |
26.619 |
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Less |
EXPENSES |
|
|
|
|
|
|
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|
Consumption of Raw Material Purchase for Trading Exp |
151.503 |
27.587 |
59.402 |
25.659 |
|
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Other Expenses |
79.066 |
9.042 |
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|
|
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TOTAL (B) |
230.569 |
36.629 |
59.402(Including
financial expenses and Depreciation) |
25.659
Including financial expenses and Depreciation) |
|
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATIO (A-B)
(C) |
5.601 |
2.967 |
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
32.355 |
0.851 |
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PROFIT/LOSS BEFORE TAX,DEPRECIATION AND AMORTISATION(C
- D) (E) |
(26.754) |
2.116 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.210 |
0.576 |
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PROFIT/LOSS
BEFORE TAX (E-F) (G) |
(34.964) |
1.540 |
0.842 |
0.959 |
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Less |
TAX (H) |
0.000 |
0.238 |
0.238 |
0.372 |
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PROFIT/LOSS AFTER TAX (G-H) (I) |
(34.964) |
1.302 |
0.470 |
0.590 |
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.362 |
1.060 |
0.590 |
NA |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(32.602) |
2.362 |
1.060 |
0.590 |
|
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|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
NA |
1.389 |
NA |
NA |
|
|
|
Stores & Spares |
NA |
7.028 |
NA |
NA |
|
|
|
Capital Goods |
NA |
8.759 |
NA |
NA |
|
|
TOTAL IMPORTS |
NA |
17.176 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.42 |
0.08 |
0.04 |
0.31 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.29
|
0.78 |
2.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.07
|
1.41 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.62
|
0.98 |
2.30 |
|
|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
1.02 |
0.10 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
2.33 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Notes:
The company changed its regular office from 78, Lalbabu Shire Road, Belur,
Howrah - 711202, West Bengal, India to 28, Strand Road, 3rd Floor,
Kolkata – 700001, West Bengal, India w.e.f
03.02.2007 the registered office has again shifted from 28, Strand Road,
3rd Floor, Kolkata – 700001, West Bengal, India to Present Address
w.e.f 05.03.2011 .
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
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Yes |
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Yes |
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Yes |
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No |
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No |
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No |
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Yes |
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Yes |
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No |
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No |
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Yes |
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Yes |
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-- |
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-- |
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Yes |
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No |
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-- |
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-- |
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Yes |
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-- |
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-- |
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-- |
FORM 8:
|
Corporate
identity number of the company |
U27310WB2006PTC110060 |
|
Name of the
company |
LAL BABA SEAMLESS
TUBES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
28, Strand Road,
3rd Floor, Kolkata - 700001,West |
|
This form is for |
Creation
of Charge |
|
Type of charge |
|
|
Particular of
charge holder |
West Bengal Industrial
Development Corpn Limited, Email :
wbidc@vsnl.com |
|
Nature of
instrument creating charge |
1) Unattested
Memorandum of Hypothecation together with the Term Loan Agreement, executed on
18th April, 2008. 2) Deed of
Mortgage dated 18th April, 2008 |
|
Date of
instrument Creating the charge |
18.04.2008 |
|
Amount secured by
the charge |
Rs. 110.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
: The Company shall
pay Interest on the principal amount of the said loan
outstanding from time to time @12% p.a. with quarterly rest i.e. 28th/29th
Feb., 31st May, 31st August and 30th Nov. each year. incase of any default
additional interest of 2% p.a. will be charged on the defaulted amount for
the defaulted period Terms of
Repayment: The Margin : Subject to the
prior Charge in Favour of the Company Banker providing WC facilities on raw
materials, stock and other specified
movables as may be agreed to by the Corporation for Securing borrowing requirement for their project and also
including all intangible and intellectual properties as patent, Trademark,
Brand name, service mark, certification marks etc. Extent and
Operations of the charge : The Loan of
Rs.110.000 Millions together with interest
shall be secured by the Assets described Others: Corporate
Guarantee provided by SNR Trading Co. Pvt. Ltd, NF Forging Pvt. Ltd and SDR
Meghnath Investment Private Limited as group Companies of the
promoters/directors having share holding interest in the Company. Irrevocable and
unconditional guarantee of Babu Lal Dhanuka,Murari Lal Dhanuka, Pankaj
Dhanuka and Kishan Dhanuka promoter Director of the Company in their
personnel capacity. The original
Title deeds of Lease hold lands are with Oriental Bank of Commerce
(ParkStreet Bra.) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1)1st equitable
Mortgage of all immovable properties of the Borrower Company both present and
future raking paripassu with the Term Loan provided by Oriental Bank of
Commerce . 2)1st Charge by
way of hypothecation of hypothecation all other movable assets of the Co.
save and except book debts but including movable machinery, machinery spares,
tools & accessories etc. created/to be created for the project ranking paripassu
with the Term Loan provided by Oriental Bank of Commerce |
FIXED ASSETS
- Land
- Air Conditioners
- Motor Car
- Furniture and Fixture
- Office Equipment
- Computer and Accessories
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.50.07 |
|
|
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES/ |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.