MIRA
INFORM REPORT
|
Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MASHREQ STEEL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
2-44A, Dheeraj Heritage, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.11.2004 |
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Com. Reg. No.: |
11-149689 |
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Capital
Investment / Paid-up Capital : |
Rs.35.191
Millions |
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CIN No.: [Company Identification
No.] |
U27100MH2004PTC149689 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM25871G |
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PAN No.: [Permanent Account No.] |
AAECM0932A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporters of Black/ Galvanised Carbon Welded Steel
Pipes. |
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|
No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 473000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Profit margin
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. 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.
INFORMATION DECLINED BY
Management Non Co-operative
Tel No.: 91-22-26615454
LOCATIONS
|
Registered Office : |
2-44A, Dheeraj Heritage, S. V. Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
|
Tel. No.: |
91-22-26615454 |
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Fax No.: |
91-22-26605454 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Shehzad Shabbirali Hemani |
|
Designation : |
Director |
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Address : |
8-B, Chand Terrace, St. Andrew’s Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
21.08.1979 |
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Date of Appointment : |
02.07.2007 |
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DIN No.: |
00206558 |
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Name : |
Mr. Porus Pervez Buhariwala |
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Designation : |
Director |
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Address : |
3-Homai Abad Linking Road, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
27.08.1979 |
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Date of Appointment : |
17.03.2006 |
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DIN No.: |
00162019 |
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|
|
|
Name : |
Mr. Fardeen Birbal Ismail |
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Designation : |
Director |
|
Address : |
10 Glamourglen 100, dr. Ambedkar Road, Bandra (West), Mumbai – 400050,
Maharashtra., India |
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Date of Birth/Age : |
09.08.1979 |
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Date of Appointment : |
08.11.2011 |
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DIN No.: |
05115771 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
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|
Shehzad Shabbirali Hemani |
|
3167182 |
|
Porus Pervez Buhariwala |
|
351909 |
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Total |
|
3519091 |
(AS ON 30.09.2010)
Equity Shares Break – up
|
Category |
|
Percentage |
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|
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Black/ Galvanised Carbon Welded Steel
Pipes. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management. |
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|
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Bankers : |
· State Bank of India Commercial Branch, Bullet Building, 1st Floor, Hindu Colony, Dadar (East), Mumbai – 400014, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. S. Negi and Company Chartered Accountant |
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Address : |
71, B-7, Ground Floor, Jadhav Niwas, S. N. Road, Mulund (West), Mumbai
– 400080, Maharashtra, India |
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PAN No.: |
AARPN3232A |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3519091 |
Equity Share |
Rs.10/- each |
Rs.35.191
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.191 |
35.191 |
35.191 |
|
|
2] Share Application Money |
12.830 |
12.830 |
12.830 |
|
|
3] Reserves & Surplus |
70.300 |
69.319 |
68.354 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
118.321 |
117.340 |
116.375 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
285.873 |
285.868 |
182.637 |
|
|
2] Unsecured Loans |
0.502 |
234.479 |
241.688 |
|
|
TOTAL BORROWING |
286.375 |
520.347 |
424.325 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
404.696 |
637.687 |
540.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.120 |
15.718 |
13.726 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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|
DEFERREX TAX ASSETS |
1.392 |
1.242 |
0.547 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
88.841
|
207.337 |
107.590 |
|
|
Sundry Debtors |
674.298
|
1073.559 |
1219.708 |
|
|
Cash & Bank Balances |
23.777
|
83.529 |
115.373 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
67.072
|
91.362 |
109.669 |
|
Total
Current Assets |
853.988
|
1455.787 |
1552.340 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditor |
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Other Current Liabilities |
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|
Provisions |
12.315
|
11.815 |
9.741 |
|
Total
Current Liabilities |
462.904
|
835.227 |
1026.148 |
|
|
Net Current Assets |
391.084
|
620.560 |
526.192 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.067 |
0.135 |
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TOTAL |
404.696 |
637.687 |
540.700 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT AFTER TAX
|
0.981 |
0.964 |
7.397 |
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Earnings Per
Share (Rs.) |
0.03 |
0.03 |
5.03 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.33
|
11.55 |
12.46 |
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Current Ratio (Current Asset/Current Liability) |
|
1.84
|
1.74 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS ARE NOT AVAILABLE
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
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Premises details |
No |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoter’s Background |
Yes |
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No. of Employees |
No |
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Name of Person Contacted |
No |
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Designation of Contact person |
No |
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Turnover of Firm for last three years |
No |
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Profitability for last three years |
Yes |
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Reasons for variation <> 20% |
----- |
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Estimation for coming financial year |
No |
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Capital in the business |
Yes |
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Details of sister concerns |
No |
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Major Suppliers |
No |
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Major Customers |
No |
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Payments Terms |
No |
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Export/ Imports Details (If applicable) |
No |
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Market Information |
----- |
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Litigations that the firm/ Promoters Involved in |
----- |
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Banking details |
Yes |
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Banking Facility Details |
No |
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Conduct of the Banking Account |
----- |
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Buyer visit details |
----- |
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Financials, if provided |
Yes |
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Incorporation details is applicable |
Yes |
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Last Accounts filed at ROC |
Yes |
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Major Shareholders, if available |
Yes |
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27100MH2004PTC149689 |
|
Name of the
company |
MASHREQ STEEL
INDUSTRIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2-44A, Dheeraj
Heritage, S.V. Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
|
Type of charge |
Book Debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of
India Commercial
Branch, Bullet Building, 1st Floor, Hindu Colony, Dadar (East), Mumbai – 400014, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
A. Working
Capital Consortium Agreement B. Joint Deed of
Hypothecation C. Inter Se
Agreement All constitute
single charge |
|
Date of
instrument Creating the charge |
17.12.2007 |
|
Amount secured by
the charge |
Rs.0.500 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest State Bank of
India: 2.50% above SBAR State Bank of
Patiala: 2.25% Above BPLR Plus service charges
as are applicable to the said facilities from time to time. Terms of
Repayment Not Applicable Margin Not Applicable Extent and
Operation of the charge Not Applicable Others Not Applicable |
|
Short particulars
of the property charged |
A. The whole of
the current assets of the borrower namely, stocks of raw materials, stocks in
process, semi finished and finished goods, stores and spares not relating to
plant and machinery (consumable store and spares), bills receivables and book
debts and all other movables both present and future whether now lying loose
or in cases or which are now lying or stored in or about or shall hereinafter
from whether now lying loose or in cases or which are now lying or stored |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.