MIRA
INFORM REPORT
|
Report Date : |
20.08.2012 |
IDENTIFICATION DETAILS
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Name : |
KALAPURNA STEEL AND ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Office No.1, Ground Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.03.2006 |
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Com. Reg. No.: |
11-160598 |
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Capital Investment/
Paid-up Capital: |
Rs.19.500 Millions |
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CIN No.: [Company Identification
No.] |
U27100MH2006PTC160598 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK15572E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Ferrous and Non-Ferrous Metal and Scrap. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 227000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
BB (long Term Rating) |
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Rating Explanation |
Having moderate risk of default regarding timely
servicing of financial obligation. |
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Date |
October 2011 |
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Rating Agency Name |
ICRA |
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Rating |
A4 (Short Term Rating) |
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Rating Explanation |
Having minimal degree of safety regarding timely
payment of financial obligation it carry very high credit risk and
susceptible to default. |
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Date |
October 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ 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
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Registered Office : |
Office No.1, Ground Floor, |
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Tel. No.: |
91-22-23895056/23895683/23890740/42209999 (30 Lines) |
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Fax No.: |
91-22-23820628 91-22-23870740 |
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E-Mail : |
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Website : |
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Area : |
850 Sq.ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Umesh Jain |
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Designation : |
Director |
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Address : |
Ambika Niwas, 3rd Floor, 5th |
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Date of Birth/Age : |
29.11.1974 |
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Qualification : |
B.Com |
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Date of Appointment : |
21.03.2006 |
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Din No.: |
00591658 |
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Other Directorship:
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Name : |
Mr. Naresh S. Chandan |
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Designation : |
Director |
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Address : |
19/20, |
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Date of Birth/Age : |
01.02.1971 |
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Qualification : |
B.Com |
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Date of Appointment : |
21.03.2006 |
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Din No.: |
00591599 |
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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 |
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Naresh Kumar Siremal Shah HUF |
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2798000 |
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Umesh K Jain |
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252000 |
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Naresh Siremal Chandan |
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850000 |
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Total |
|
3900000 |
As on 30.12.2011
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Names of Shareholders |
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No. of Shares |
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Empower Indian Limited |
|
400000 |
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Total |
|
400000 |
As on 30.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Ferrous and Non-Ferrous Metal and Scrap. |
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Products: |
· Aluminium Alloys · Carbon Fibre and Graphite · Cobalt Alloys · Copper, Brass · Expansion, Soft Magnetic, Controlled Expansion, · Electrical Alloys · Hot Work and Cold Work Tool Steel · Magnets · Nickel Alloys · Pure Beryllium, Beryllium Copper and There Alloys · Refactory Material · Special Metals · Stainless and Other Steels · Ferritic · Martensinic Steels · Duplex · Austentic · Precipitation Hardnable Stainless Steels · Low Alloy Steel · Maraging Steels · Titanium Alloys · Valve Steel and High Speed Steel |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.C Bothra and Company Chartered Accountant |
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Address : |
297, |
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Tel. No.: |
91-22-23875734 |
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Fax No.: |
91-22-23876943 |
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E-Mail : |
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Pan No.: |
AACFD4645G |
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Associates: (As on 31.03.2010) |
Creative Metals |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4300000 |
Equity Shares |
Rs.10/- each |
Rs.43.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
19.500 |
19.500 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
13.900 |
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3] Reserves & Surplus |
37.122 |
29.822 |
14.343 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.622 |
49.322 |
28.343 |
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LOAN FUNDS |
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1] Secured Loans |
60.888 |
1.128 |
0.770 |
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2] Unsecured Loans |
160.874 |
186.478 |
211.048 |
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TOTAL BORROWING |
221.762 |
187.606 |
211.818 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
278.384 |
236.928 |
240.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.160 |
11.866 |
0.528 |
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Capital work-in-progress |
0.000 |
0.000 |
0.102 |
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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 |
178.651
|
117.424
|
105.359 |
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Sundry Debtors |
142.418
|
106.631
|
106.153 |
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Cash & Bank Balances |
17.529
|
37.820
|
12.847 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
15.402
|
27.931
|
26.034 |
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Total
Current Assets |
354.000
|
289.806 |
250.393 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
|
61.190
|
12.881 |
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Other Current Liabilities |
91.654
|
0.161
|
8.860 |
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Provisions |
3.122
|
3.401
|
0.136 |
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Total
Current Liabilities |
94.776
|
64.752 |
21.877 |
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Net Current Assets |
259.224
|
225.054 |
258.516 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.008 |
0.016 |
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TOTAL |
278.384 |
236.928 |
240.161 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
414.550 |
373.620 |
326.170 |
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EXPENSES |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
15.555 |
16.929 |
9.180 |
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Less |
TAX |
6.150 |
6.350 |
1.730 |
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PROFIT AFTER TAX
|
9.405 |
10.579 |
7.450 |
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Add |
EXCESS
PROVISION FOR TAX |
0.161 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.322 |
14.343 |
6.892 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
10.000 |
10.000 |
0.000 |
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Dividend |
1.950 |
0.513 |
0.000 |
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Tax on Dividend |
0.316 |
0.087 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
11.622 |
14.322 |
14.342 |
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Earnings Per
Share (Rs.) |
NA |
20.62 |
745.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
3.75 |
4.53 |
2.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.17 |
5.61
|
3.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.34
|
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.59 |
5.12
|
8.24 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.74 |
4.47
|
11.45 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
FORM 8
|
Corporate
identity number of the company |
U27100MH2006PTC160598 |
|
Name of the
company |
KALAPURNA STEEL
AND ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Office
No.1,Ground Floor,R K Building No.3,8th Email: kalapurna@vsnl.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10206786 |
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Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Bank of Email: gulalw@bankofbaroda.com |
|
Nature of
instrument creating charge |
Supplemental
composite agreement of hypothecation of goods, book debts, moveable machinery
and vehicles |
|
Date of instrument
Creating the charge |
20.05.2011 |
|
Amount secured by
the charge |
Rs.229.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 6.25% above base rate of the bank p.a. with monthly rest on C.C. Term
of Payment: On Demand Margin 25% On Stocks And 40% On Book Debts 10% Cash Margin ON L/C & Guarantee Facility Extent and
operation of the charge 1)
Cash Credit (Hypothecation Of Stocks & Book Debts) 2) Inland
/ Import Lcs, Da/Dp (Raw Material) 3)
Inland / Foreign Guarantees (Performance / Financial) |
|
Short particulars
of the property charged (Including location of the property) |
Raw Materials,
Stock-In-Process, Finished Goods And All The Book-Debts, Movable Plant And
Machinery/Vehicles/Crafts, Consumable Stores And Spares, Both Present And
Future |
|
Particulars of the present modification |
Cash
Credit Facility - Rs.9.500 Millions (Reduced from Rs.50.000 Millions) Inland
/ Import LCS, DA/DP - Rs.200.000 Millions (Increased from Rs. 80.000
Millions) Bank
Guarantee - Rs. 20.000 Millions |
OPERATIONS:
The company has achieved a turnover of Rs.414.550
Millions against Rs.373.620 Millions in the previous year The board expects
growth in turnover and margin considering order in hand and growing product
demand in the domestic market for the core line of business
FIXED ASSETS:
·
Vehicles
·
Computer
·
Office Equipment
·
Furniture and
Fixtures
·
Shop
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.55.70 |
|
|
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.