MIRA INFORM REPORT

 

 

Report Date :

06.09.2011

 

IDENTIFICATION DETAILS

 

Name :

LHAKI STEELS & ROLLING PRIVATE LIMITED

 

 

Registered Office :

Phuentsholing

 

 

Country :

Bhutan

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

23.05.1994

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer of Steel

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Bhutan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company Identification Details

 

Enquired Name

:

Lhaki Steels & Rolling Private Limited

Correct Name of Company

:

Lhaki Steels & Rolling Private Limited

Registered Office

:

Phuentsholing Bhutan
Tel: +975-5-252909, Fax:+975-5-252909
Email: steel@lhakigroup.com

Industry

:

Steels

Nature of Activity

:

Lhaki Steels & Rolling Private Limited,

Pasakha Industrial Estate,

Dungkhag: Phuentsholing

Dzongkhag : Chukha

2.         Management/Organizational Structure Chart - (Enclosed in the DPR)

3.         Shareholding Pattern of the Company:

i.                Dasho Ugyen Dorji                                                  100%

5.0       PROJECT LOCATION AND SIZE OF PROJECT AREA:

Project Location       :                       Pasakha Industrial Estate,

Phuentsholing Dungkhag,

Phuentsholing

Government approved Industrial Estate developed by the Ministry of Trade & Industry

Total Area of the Land        :           Approximately  30,000 Sq.M

Area Map                               :           to be submitted in due course.

 

 

Lhaki Steels is the Bhutan’s largest Integrated Steel plant situated at Pasakha in Bhutan. The Plant has the production capacity of manufacturing 1,20,000 TPA of billets and 1,25,000 TPA of TMT re-bars.

 

Industry        Product                     Capacity                               Capacity

Licensed                       Existing     Proposed

Steel               Wire Rod/TMT Bars/

Structural Steel        120,000 TPA                         -           120,000 TPA

The capacity of both melting and rolling units are equally balanced to match the rated final output of 120,000 TPA.

 

 

Official Company Data

 

Legal Form

:

Private Limited Company
Corporate Identity Number (CIN)

:

B 3521
ROC Code 

:

Thimpu, Bhutan

Registration Date

:

23.05.1994
Issuing Authority

:

Ministry of Finance & Commerce
Authorised Capital

:

1000.00 Lacs

499.08 Lacs
Paid-up Capital

:
Employee

:
450
Business Activity / Product

Description

:

Steel

Auditor

:

AUDITORS

 

S. Chetri & Co., Bhutan.
Bankers

:

Bhutan Bank Ltd., Paro, Bhutan

Bhutan SBI Ltd., Paro, Bhutan

 

Financial

 

 

 

Board of Directors

 

Name

Designation

Dasho Ugyen Dorji                                                 

Director

Ashi Bida Dorji

Director

B.K. Mittal

Director

S.K.Mittal

Exe. Director

 

 

Litigation Search (Last 3 Years)

 

Party Name

Supreme Court of Bhutan

High Court of

Bhutan

M/s. Lhaki Steels & Rolling Private Limited

No record found

No record found

 

 

Adverse Media Search (Last 3 Years)

 

News Paper

Status

Bhutan Times

No record found

Bhutan Samachar

No record found

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.12

UK Pound

1

Rs.74.18

Euro

1

Rs.64.87

 

 

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 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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.