MIRA
INFORM REPORT
|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TENSILE STEEL LIMITED |
|
|
|
|
Registered
Office : |
Hira Bag, Vishwamitri Road, Baroda-390011, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
28.11.1960 |
|
|
|
|
Com. Reg. No.: |
04-001006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 21.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999GJ1960PLC001006 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDT01672G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Steel Wire, Mild Steel, High Carbon, Galvanized Spring
Steel, etc |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an old company having a poor track record. The management of
the company has not filed its financials with the government department since
2010. Due to the closure of the factory the company has not carried out any
operations. As per previous, the company is found to have recorded huge
accumulated losses which exceed the net worth. There also appear huge
external borrowings. The BIFR [Board for Industrial and Financial Reconstruction] has
delisted the company. However the company has filed appeal before the
appellate authority for industrial and financial reconstruction against the
order of BIFR. The company has not provided for the doubtful debts, advances which
are not traceable from the of the company. The workers of the company have filed various suites against the
company which is still pending. The subject is listed in the defaulters list of EPFO [Employees’
Provident Fund Organization]. The company cannot be considered for business dealings. |
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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 has been found enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-23486999 |
|
Date : |
15.12.2012 |
LOCATIONS
|
Registered Office : |
Hira Bag, Vishwamitri Road, Baroda-390011, Gujarat, India |
|
Tel. No.: |
91-265-2646265 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Godown : |
Basement Steel Centre, S T Road, Carnac Bunder, Mumbai-400009,
Maharashtra, India |
|
Tel. No.: |
91-22-23486999 / 23480094 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ramesh Rasiklal Desai |
|
Designation : |
Director |
|
Address : |
42, Mistri Park, Annex, Bhulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
|
Date of Birth/Age : |
24.05.1937 |
|
Date of Appointment : |
28.09.1981 |
|
DIN No.: |
01875613 |
|
|
|
|
Name : |
Mr. Hiren Rameshbhai Desai |
|
Designation : |
Director |
|
Address : |
42, Mistri Park, Annex, Bhulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
|
Date of Birth/Age : |
22.05.1969 |
|
Date of Appointment : |
05.06.1987 |
|
DIN No.: |
01875603 |
|
|
|
|
Name : |
Ms. Rupali Ramesh Desai |
|
Designation : |
Director |
|
Address : |
42, Mistri Park, Annex, Bhulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
|
Date of Birth/Age : |
07.07.1971 |
|
Date of Appointment : |
04.12.1989 |
|
DIN No.: |
01875625 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note: Shareholders details not available
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Public financial
companies |
0.06 |
|
Nationalized or
other banks |
0.02 |
|
Bodies corporate |
3.20 |
|
Directors or relatives of Directors |
88.21 |
|
Other top fifty shareholders |
2.26 |
|
Others |
6.25 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Wire, Mild Steel, High Carbon, Galvanized Spring
Steel, etc |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Punjab and Maharashtra Co-Operative Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Gujarat State Financial Corporation, Jaldarshan Building, Opposite
Natraj Cinema Ashram Road, Ahmedabad-380009, Gujarat, India |
|
|
|
|
Auditors : |
|
|
Name : |
Jaimin and Associates Chartered Accountant |
|
Address : |
301, Galaxy Complex, 16, Vishwas Colony, Alkapuri, Vadodara-390007,
Gujarat, India |
|
PAN No.: |
AJMPM9784A |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2100000 |
Equity Shares |
Rs.10/- each |
Rs. 21.000
Millions |
|
|
|
|
|
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 |
21.000 |
21.000 |
21.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(542.461) |
(497.478) |
(392.079) |
|
|
NETWORTH |
(521.461) |
(476.478) |
(371.079) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
214.615 |
185.530 |
360.003 |
|
|
2] Unsecured Loans |
149.090 |
355.653 |
167.066 |
|
|
TOTAL BORROWING |
363.705 |
541.183 |
527.069 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(157.756) |
64.705 |
155.990 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.702 |
41.702 |
38.122 |
|
|
Capital work-in-progress |
3.146 |
3.146 |
3.146 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.453 |
4.453 |
4.453 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
88.435
|
88.435 |
88.435 |
|
|
Sundry Debtors |
81.265
|
81.265 |
81.265 |
|
|
Cash & Bank Balances |
2.682
|
2.628 |
2.932 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
148.885
|
71.385 |
68.885 |
|
Total
Current Assets |
321.267
|
243.713 |
241.517 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.701
|
27.701 |
27.701 |
|
|
Other Current Liabilities |
500.623
|
200.608 |
103.547 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
528.324
|
228.309 |
131.248 |
|
|
Net Current Assets |
(207.057)
|
15.404 |
110.269 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(157.756) |
64.705 |
155.990 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
0.000 |
0.000 |
0.000 |
|
|
|
Dividend Income |
0.252 |
0.049 |
0.000 |
|
|
|
Bank Interest and Other Income |
0.002 |
0.032 |
0.000 |
|
|
|
Write back of loan on Settlement
|
0.000 |
0.000 |
104.779 |
|
|
|
TOTAL |
0.254 |
0.081 |
104.779 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administration
Expenses |
2.939 |
2.121 |
6.071 |
|
|
|
Paid to Mahindra
and Mahindra against. Settlement |
0.000 |
31.600 |
0.000 |
|
|
|
Paid to GIICL
against Settlement |
3.659 |
0.000 |
0.000 |
|
|
|
Paid Against
Sales Tax Settlement |
0.000 |
0.000 |
1.055 |
|
|
|
Penalty on
Excise Duty |
0.000 |
0.578 |
0.000 |
|
|
|
Repairs &
Maintenance |
0.312 |
0.899 |
0.000 |
|
|
|
Payment against
Provident Fund Demand |
3.104 |
3.300 |
0.000 |
|
|
|
TOTAL |
10.014 |
38.498 |
7.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(9.760) |
(38.417) |
97.653 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
35.222 |
66.983 |
314.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(44.982) |
(105.400) |
(216.731) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(44.982) |
(105.400) |
(216.731) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(497.479) |
(392.079) |
(175.348) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(542.461) |
(497.479) |
(392.079) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.00) |
(0.01) |
(0.01) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(17709.45)
|
(130123.46) |
(206.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.39)
|
(36.93) |
(77.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.22 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.71)
|
(1.61) |
(1.77) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61
|
1.07 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
|
HIGH COURT OF
GUJARAT APPEAL FROM
ORDER No. 125 of2011
|
|
|
|
|
Last Listing Date:18.12.2012 |
|
CoramHONOURABLE
MR.JUSTICE M.D. SHAH |
|
Advocate On
Record |
1
BHAVESH NARESHCHANDRA AMIN DIRECTOR OF SHRIM
CONSTRUCTION
|
Advocate On
Record |
1
TENSILE STEEL LIMITED THROUGH CHAIRMAN/
DIRECTOR
MR KV SHELAT for :Respondent(s) - 1
2
APURVA DINESHBHAI PATEL
MR.D K.PUJ for :Respondent(s) - 2
|
|