MIRA
INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONROS STEELS PRIVATE LIMITED |
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Registered
Office : |
44 A, Dheeraj Heritage, Second Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.01.2005 |
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Com. Reg. No.: |
11-150550 |
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Capital
Investment / Paid-up Capital : |
Rs.71.879
Millions |
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CIN No.: [Company Identification
No.] |
U51420MH2005PTC150550 |
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IEC No.: |
0304083917 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13464D |
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PAN No.: [Permanent Account No.] |
AACCC5103B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Galvanized Pipes etc |
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No. of Employees
: |
300 (Approximately) (Office – 50 and Factory – 250) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 4100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. The management
has not filed the financial of the company with the government department. As per government records, the status of the company shown as
‘Dormant’. But as claim by the management the status of the company is very
much active. Payment terms are unknown. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vaibhav Chaudhari |
|
Designation : |
Assistance General Manager in Accounts |
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Contact No.: |
91-9323609601 |
LOCATIONS
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Registered Office : |
44 A, Dheeraj Heritage, Second Floor, S V Road, Santacruz (West),
Mumbai-400054, Maharashtra, India |
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Tel. No.: |
91-22-26615454 |
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Mobile No.: |
91-9323609601 (Mr. Vaibhav Chaudhari) |
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Fax No.: |
91-22-26605454 |
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E-Mail : |
kalpesh@conros-group.com
sanjay@conros-group.com |
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Website : |
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Area: |
Owned |
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Factory : |
Survey No. 26. 27, 28 and 12, Ajiwali Phata, Village Vanavathe,
Khopoli Pen Road, Taluka- Khalapur, District Raigad – 410202, Maharashtra,
India |
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Tel. No.: |
91-2192-278574/ 382 |
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Fax No.: |
91-2192-278346 |
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E-Mail : |
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Area: |
Owned |
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Texas , USA : |
Conros Americas, LLC. One Riverway, Suite 1700 Houston, TX. 77056 |
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Tel No.: |
(713) -840-6334 |
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Fax No.: |
(713) -300-3764 |
DIRECTORS
|
Name : |
Mr. Shehzad S Hemani |
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Designation : |
Director |
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Address : |
8 B, Chand Terraces, |
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Date of Birth/Age : |
21.08.1979 |
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Qualification : |
B.Com, MBA |
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Name : |
Mr. Porus P Buhariwala |
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Designation : |
Director |
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Address : |
8 B, Chand Terraces, |
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Date of Birth/Age : |
27.08.1979 |
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Qualification : |
B.Com., MBA |
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Name : |
Mr. Pankaj Sandhir |
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Designation : |
Director |
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Address : |
802 A Wing, Govind Complex, Inside M G Complex, Sector 14, Vashi, Navi
Mumbai-400705, |
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Date of Birth/Age : |
07.03.1977 |
KEY EXECUTIVES
|
Name : |
Mr. Vaibhav Chaudhari |
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Designation : |
Assistance General Manager in Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Shehzad S Hemani |
|
9000 |
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Shaheen Z Babul |
|
1000 |
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Total |
|
10000 |
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Names of Shareholders |
|
No. of Shares |
|
Shehzad S Hemani |
|
6480562 |
|
Pankaj Sandhir |
|
707383 |
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Total |
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7187945 |
(AS ON 28.07.2008)
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Names of Allottee |
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No. of Shares Allotted |
|
Shehzad S Hemani |
|
83617 |
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Porus P Buhariwala |
|
9291 |
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Total |
|
92908 |
(AS ON 13.01.2010)
|
Names of Allottee |
|
No. of Shares Allotted |
|
Shehzad S Hemani |
|
638300 |
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Porus P Buhariwala |
|
70920 |
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Total |
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709220 |
(AS ON 30.03.2010)
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Names of Allottee |
|
No. of Shares Allotted |
|
Shehzad S Hemani |
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124115 |
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Total |
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124115 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Galvanized Pipes etc |
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Products : |
· Water, Gas and Air Pipelines · Black and Zinc Coated Pipes · Black Steel Pipes · Fence Tube · Welded Steel Tubes
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Exports : |
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Products : |
Galvanized Pipes |
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Countries : |
·
·
·
·
·
·
·
·
·
UAE ·
·
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Imports : |
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Products : |
Raw Material and HR Coils |
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Countries : |
· Iran · France ·
· European Countries ·
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Terms : |
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Selling : |
L/C / Credit, CAD, Advance (30 days and 60 days) |
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Purchasing : |
L/C and Credit (30 days and 60 days) |
GENERAL INFORMATION
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Customers : |
Distributors, Wholesalers and OEM’s |
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No. of Employees : |
300 (Approximately) (Office – 50 and Factory – 250) |
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Bankers : |
·
Bank of Andheri Corporate
Banking Branch, M.D.I. Building, 1st Floor, 28-S.V. Road, Andheri (West),
Mumbai – 400056, Maharashtra, India · State Bank of India, Commercial Branch, Bullet, Lakhamshi Nappu Road, Opposite Raje Sivaji Vidyalaya, Dadar (East), Mumbai – 400014, Maharashtra, India |
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Facilities : |
Fund Base – Rs.100.000 Millions, Non Fund Base – Rs.200.000 Millions
from Bank of India Fund Base – Rs.100.000 Millions, Non Fund Base – Rs.150.000 Millions
from State Bank of India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arun Kumar Shah and Company Chartered Accountant |
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Address: |
B/14, Diamond Twins CHS, |
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Tel No.: |
91-22-28058993 |
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Group Companies : (As On 31.03.2008) |
· Mashreq Steel Industries Private Limited Address: 2-44, Dheeraj Heritage, Line of Business: Manufacturer of
Black ERW Steel Tubes and Pipes |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7187945 |
Equity Shares |
Rs.10/- each |
Rs.71.879
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
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71.900 |
71.900 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
968.700 |
713.400 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1040.600 |
785.300 |
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LOAN FUNDS |
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1] Secured Loans |
|
1263.100 |
500.700 |
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2] Unsecured Loans |
|
200.100 |
5.600 |
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TOTAL BORROWING |
|
1463.200 |
506.300 |
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DEFERRED TAX LIABILITIES |
|
6.200 |
6.700 |
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TOTAL |
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2510.000 |
1298.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
188.800 |
207.300 |
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Capital work-in-progress |
|
919.700 |
51.200 |
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INVESTMENT |
|
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1961.700 |
1692.100 |
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Sundry Debtors |
|
1095.100 |
587.200 |
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Cash & Bank Balances |
|
212.900 |
168.600 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
254.300 |
198.700 |
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Total
Current Assets |
|
3524.000 |
2646.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
|
2033.400 |
1479.900 |
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Provisions |
|
89.300 |
146.000 |
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Total
Current Liabilities |
|
2122.700 |
1625.900 |
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Net Current Assets |
|
1401.300 |
1020.700 |
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MISCELLANEOUS EXPENSES |
|
0.100 |
19.000 |
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TOTAL |
|
2510.000 |
1298.300 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
5792.400 |
4513.200 |
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Other Income |
|
0.800 |
28.700 |
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TOTAL (A) |
|
5793.200 |
4541.900 |
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
5097.400 |
4024.300 |
|
|
|
Administrative Expenses |
|
97.100 |
107.300 |
|
|
|
Manufacturing Expenses |
|
101.800 |
98.700 |
|
|
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Other Expenses |
|
(8.100) |
0.100 |
|
|
|
TOTAL (B) |
|
5288.200 |
4230.400 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
505.000 |
311.500 |
|
|
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|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
282.600 |
121.800 |
|
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|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
222.400 |
189.700 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
28.600 |
33.800 |
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
193.800 |
155.900 |
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|
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Less |
TAX (H) |
|
39.500 |
54.700 |
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|
PROFIT AFTER TAX
(G-H) (I) |
|
154.300 |
101.200 |
|
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|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
3182.500 |
1883.200 |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
2214.300 |
2413.700 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
21.47 |
-- |
|
Expected Sales (2011-12): Rs.12300.000 Millions
The above information has been parted by Mr. Vaibhav Chaudhari.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
2.66 |
2.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.35 |
3.45 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.22 |
5.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.45 |
4.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.66 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
No |
|
Reasons for variation <> 20% |
No |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
Yes |
|
Major Customers |
Yes |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
No |
|
Litigations that the firm/ Promoters Involved in |
No |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
-- |
|
Buyer visit details |
-- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
-- |
|
Last Accounts filed at ROC |
-- |
|
Major Shareholders, if available |
-- |
FORM 8:
|
Corporate
identity number of the company |
U51420MH2005PTC150550 |
|
Name of the
company |
CONROS STEELS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
44-A, Dheeraj
Heritagesecond Floor, S V Road
Santacruz (West), Mumbai- 400054, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be modified |
10256103 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of India Andheri Corporate
Banking Branch, M.D.I. Building, 1st Floor, 28-S.V. Road, Andheri (West),
Mumbai – 400056, Maharashtra, |
|
Nature of
instrument creating charge |
Joint deed of
Hypothecation in favour of Bank of India Consortium |
|
Date of
instrument Creating the charge |
26.02.2011 |
|
Amount secured by
the charge |
Rs.2275.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As may be decided
by the Members of Banks of India consortium from time to time. Terms of
Repayment – As may be specified
by the Members of Bank of India Consortium from time to time Margin – As may be decided
by the Bank of India Consortium from time to time Extent and
Operation of the charge – First Charge on
Current Assets of the Company and Second Charge on Plant and Machinery of the
Company located at Survey No. 12,26,27,28 and 29 Village Vananvathe, Ajiwali
Phata, Khopoli, 1) Bank of
India-300.000 Millions 2) Central Bank
of India-575.0000 Millions 3) Barclays-
200.000 Millions 4) Punjab
National Bnak-250.000 Millions 5) State Bank of
India – 250.000 Millions 6) Oriental Bank
of Commerce-200.000 Millions 7) Dena
Bank-300.000 Millions 8) Bank of
Baroda-200.000 Millions |
|
Particulars of the
property charged |
First Charge on
Current Assets of the Company Second Charge on
Plant and Machinery of the Company located at Survey No. 12,26,27,28 and 29
Village Vanavathe, Ajiwali Phata, Khopoli, Maharashtra |
|
Date of instrument
modifying the charge |
03.12.2010 |
|
Particulars of
the present modification |
Dena Bank for
300.000 Millions and Bank of Baroda for 200.000 Millions inducted in Bank of
India Consortium consequently Working Capital limit increased to 2275.0000
Millions from 1775.0000 Millions |
Fixed Assets:
·
Land
·
Office Premises
·
Furniture and Fixtures
·
Motor Car
·
Computer
·
Office Equipments
·
·
Plant and Machinery
·
Electrical Installation
NEWS
Conros Steels concludes successful participation at TUBE
2010, Düsseldorf, Germany –
April
12th - 16th 2010
20 April 2010, Dusseldorf, Germany
Conros Steels concluded another successful participation at
Tube 2010. This is second successive participation at the flagship tube and
pipe trade fair.
Tube Dusseldorf brings unique visitors from all over the world under one roof,
providing a platform for exchange of knowledge, ideas, products and technology.
According to Yatin Brid, AGM: Marketing, “participation in the trade fair
presents us with the opportunity to showcase our company profile, range of
products, quality standards conformance, and interact with industry people,
potential customers and business partners. With expansion plans of Conros in the
pipeline for Europe and other markets worldwide, Tube Dusseldorf is the ideal
platform for us to enhance our Brand.”
CONROS CONTINUES QUALITY COMMITMENT ACHIEVING ISO 9001:2008
CERTIFICATION
Mumbai, India – December 15, 2009:
Conros Steels Private Limited a specialist manufacturer of Black and Galvanized
ERW Steel Pipes and Tubes, furthering its commitment to Quality Management has
successfully implemented a quality management system in conformance with the
stringent requirements of ISO 9001:2008. The certification demonstrates that
the manufacturing and commercial procedures of Conros Steels are in accordance
with the high standards set by ISO.
The ISO 9001:2008 Quality Management Certification presents suppliers,
customers and end-users a guarantee that Conros Steels has a well established
quality management system which has been documented, audited and approved
independently.
The manufacturing systems and facility of Conros Steels located at Khopoli,
Maharashtra along with systems at the corporate office located at Mumbai,
Maharashtra was independently audited by UL DQS Inc. in November 2009. UL DQS
Inc. has now certified the company as conforming to the quality management
standards of ISO 9001:2008 and accredited by ANAB (American National Accreditation
Board) and UKAS (United Kingdom Accreditation Service).
“We are in an industry where the quality standards of the products are of
critical importance to the customers. Conros has ambitious plans for the future
and is committed to grow sustainably. This certification confirms our
commitment to quality management and in turn to our customers. For us, growth
means furthering our commitments and increasing customer satisfaction”, says
Mr. Shehzad Hemani, Chairman and Managing Director of the Conros Group. The
products of Conros Steels already conform to various Indian and International
standards like BS, EN, DIN, ASTM, IS among others. “With the addition of ISO
9001:2008, we now have a benchmark to take our Quality further, and will soon
be implementing programs like UL Listing, CE Marking as per CPD and PED.”
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.49.62 |
|
|
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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.