|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CENTRIC STEEL LIMITED [w.e.f. 14.05.2007] |
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Formerly Known
As : |
CENTRIC IRON AND STEEL INDUSTRIES LIMITED [w.e.f. 07.02.2007] CENTRIC IRON AND STEEL INDUSTRIES PRIVATE LIMITED [w.e.f. 27.12.2006] BASUDEV SCARVES PRIVATE LIMITED |
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Registered
Office : |
43, Sardar Pratap Singh Industrial Estate, No. 3, LBS Marg, Bhandup
(West), Mumbai-400078, Maharashtra |
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.02.1986 |
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Com. Reg. No.: |
11-038866 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
U99999MH1986PLC038866 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC07403E |
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PAN No.: [Permanent Account No.] |
AABCB3566C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Precision ERW Tubes and Pipes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 130000 |
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Status : |
Moderate |
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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 moderate track. Profitability
appears to be very low. However, trade relations are reported fair. Business
is active. Payments are reported as slow but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B - [Long Term Fund Based Limits] B - [Term Loan] |
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Rating Explanation |
High risk of default. |
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Date |
July 2012 |
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Rating Agency Name |
ICRA |
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Rating |
A4 [Short Term Non-Fund Based Limits] |
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Rating Explanation |
Very high credit risk. |
|
Date |
July 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
43, Sardar Pratap Singh Industrial Estate, No. 3, LBS Marg, Bhandup
(West), Mumbai-400078, Maharashtra, India
|
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Tel. No.: |
91-22-25668527/25669803 |
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Fax No.: |
91-22-25663058 |
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E-Mail : |
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Factory : |
T-24, MIDC Industrial Area, Taloja, District Raigad-410208,
Maharashtra, India |
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Tel. No.: |
91-22-27411981 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Niraj Vishwanath Kochhar |
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Designation : |
Director |
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Address : |
43, Sardar Pratap Singh Industrial Estate, No. 3, LBS Marg, Bhandup
(West), Mumbai-400078, Maharashtra, India
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
14.05.2007 |
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Din No.: |
01727348 |
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Other Directorship:
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Name : |
Mrs. Rithu Niraj Kochhar |
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Designation : |
Director |
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Address : |
43, Sardar Pratap Singh Industrial Estate, No. 3, LBS Marg, Bhandup
(West), Mumbai-400078, Maharashtra, India
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Date of Birth/Age : |
06.10.1961 |
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Date of Appointment : |
14.05.2007 |
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Din No.: |
01147486 |
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Other Directorship:
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Name : |
Mr. Adhish Niraj Kochhar |
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Designation : |
Director |
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|
Address : |
43, Sardar Pratap Singh Industrial Estate, No. 3, LBS Marg, Bhandup
(West), Mumbai-400078, Maharashtra, India
|
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Date of Birth/Age : |
19.10.1982 |
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Date of Appointment : |
14.05.2007 |
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Din No.: |
01727646 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Niraj Vishwanath Kochhar |
|
24996 |
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Rithu Niraj Kochhar |
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12300 |
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Adhish Niraj Kochhar |
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4700 |
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Rishab Kochhar |
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2701 |
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Vedika Kochhar |
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1801 |
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T.R. Mehta |
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1 |
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Niraj Vishwanath Kochhar HUF |
|
3501 |
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Total |
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50000 |
As on 30.09.2011
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Precision ERW Tubes and Pipes. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank, Corporate Service Branch, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chhogmal and Company Chartered Accountants |
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Address : |
206, Apollo Chambers, Mogra Road, Andheri (East), Mumbai-400069,
Maharashtra, India |
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Tel. No.: |
91-22-66995808/28360511 |
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Fax No.: |
91-22-66995808 |
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E-Mail : |
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Pan No.: |
AAIPS9715N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
5.000 |
5.000 |
5.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
28.613 |
27.406 |
25.644 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
33.613 |
32.406 |
30.644 |
|
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LOAN FUNDS |
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1] Secured Loans |
147.854 |
150.667 |
129.288 |
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2] Unsecured Loans |
32.429 |
32.429 |
26.909 |
|
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TOTAL BORROWING |
180.283 |
183.096 |
156.197 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
213.896 |
215.502 |
186.841 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
143.595 |
147.734 |
152.389 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.766 |
1.530 |
2.331 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
|
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Inventories |
80.041
|
58.529 |
18.307 |
|
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Sundry Debtors |
53.429
|
57.365 |
15.491 |
|
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Cash & Bank Balances |
0.434
|
0.294 |
0.129 |
|
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Other Current Assets |
0.646
|
0.346 |
0.346 |
|
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Loans & Advances |
11.670
|
13.813 |
16.508 |
|
Total
Current Assets |
146.220
|
130.347 |
50.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.029
|
62.296 |
14.568 |
|
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Other Current Liabilities |
1.124
|
1.781 |
4.084 |
|
|
Provisions |
0.532
|
0.032 |
0.008 |
|
Total
Current Liabilities |
76.685
|
64.109 |
18.660 |
|
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Net Current Assets |
69.535
|
66.238 |
32.121 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
213.896 |
215.502 |
186.841 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
191.970 |
187.271 |
20.678 |
|
|
|
Other Income |
0.019 |
0.053 |
0.346 |
|
|
|
TOTAL (A) |
191.989 |
187.324 |
21.024 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
152.226 |
153.408 |
34.438 |
|
|
|
Operating and Administration Expenses |
10.577 |
4.848 |
1.852 |
|
|
|
Increase / Decrease in Stock |
0.000 |
0.000 |
(17.110) |
|
|
|
TOTAL (B) |
162.803 |
158.256 |
19.180 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.186 |
29.068 |
1.844 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.822 |
20.792 |
7.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.364 |
8.276 |
(5.159) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.893 |
5.681 |
2.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2.471 |
2.595 |
(7.547) |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
1.264 |
0.834 |
(2.325) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1.207 |
1.761 |
(5.222) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.266 |
0.505 |
5.727 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.473 |
2.266 |
0.505 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
24.15 |
35.22 |
(259.71) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.63
|
0.94 |
(24.84) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.29
|
1.39 |
(36.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.85
|
0.93 |
(3.71) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.08 |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.64
|
7.63 |
5.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.03 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
|
32) Passport
No of Proprietor/Partner/Director, if available |
No |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
NOTE:
The registered office of the company has been shifted from Plot No. T-24, MIDC Industrial Area, Taloja, District Raigad-410208, Maharashtra, India to the present address w.e.f. 21.07.2011.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10075480 |
|
Corporate
identity number of the company |
U99999MH1986PLC038866 |
|
Name of the
company |
CENTRIC STEEL
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
43, Sardar Pratap Singh Industrial Estate, No. 3, LBS Marg, Bhandup
(West), Mumbai-400078, Maharashtra, India
|
|
Type of charge |
Book Debts Movable Property
[not being pledge] Immovable
Property |
|
Particular of
charge holder |
Canara Bank, Corporate Service Branch, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
common Hypothecation agreement dated 04/05/2012 and pronote dated 04/05/2012 |
|
Date of
instrument Creating the charge |
04.05.2012 |
|
Amount secured by
the charge |
Rs.222.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 4% per
annum above base rate with a min of 14.50% per annum compounded monthly for
value received Terms of
Repayment on demand Margin 25% on stock and
book debts Extent and
Operation of the charge working capital
and term loan together = Rs. 222.500 Millions
|
|
Short particulars
of the property charged |
For working
capital limits = hypothecation of stock and book debts at Plot No. 24, Taloja
Industrial Area and Gate No. 165, Near Chitli Fata, Pune Nashik Road, Village
Kururli Khed, Pin Code – 410501 For term loan =
hypothecation of plant and machinery, negative lien of leasehold land and
building at Plot No. 24, Taloja Industrial Area. Assets charged
for term loan shall be available as collateral security for working capital
limits and vice versa. |
|
Date of latest
modification prior to the present modification |
29.10.2007 |
|
Particulars of
the present modification |
Working capital
limit enhanced from Rs.60.000 Millions to Rs.107.500 Millions |
FIXED ASSETS:
·
Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Computer Systems
·
Vehicles
·
Furniture
WEBSITE DETAILS:
PROFILE:
Subject is a reputed manufacturer and supplier of Precision ERW Tubes and Pipes in India, advantageously located at Taloja, 30 kms outside Mumbai, Maharashtra. Their state of the art German designed high speed precision tube mill boasts of a fully automated line that has the capacity to produce high quality tubes at a rapid pace.
They manufacture these Tubes, Pipes as well as Square and Rectangular Hollow Sections from Cold Rolled, Hot Rolled, Pickled and Pre-Galvanized Carbon Steel Coils. They pride their selves at being one of the very few manufacturers of Pre-Galvanized Tubes. In addition, they also have a slitting line to serve their customer needs better along with all the necessary machines to satisfy their requirements whether it is cut to length or any other customer specification.
Subject also employs a complete setup for Production and Quality Control to ensure compliances to various specifications to measure the Chemical and Mechanical properties, along with Flaring and Flattening. Their 200 KW Solid State High Frequency Welder allows them to ensure a perfect and even weld on all their final products. With their Online Eddy Current Tester being able to detect even the minute pinhole on their tubes.
With their dynamic workforce being trained to adhere to their strict quality control and punctuality standards, they have ensured that their principles of excellence pervade throughout the organization. On-time delivery of products that exceed the existing benchmarks set in the industry is promised and delivered to all their valuable customers.
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.55.80 |
|
|
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.