|
Report Date : |
31.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
A.S. STEEL TRADERS (VSP) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9-1-248, CBM Compound, Visakhapatnam – 530003, Andhra Pradesh |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
19.03.2003 |
|
|
|
|
Com. Reg. No.: |
01-040683 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109AP2003PTC040683 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNA01095D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA0796B |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Trading in Iron and Steel. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
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 record. The
latest financial are not made available with the government department. As per previous year’s, the profitability of the company appears to be
low and huge external borrowing. However, trade relations are reported to be fair. Business is active.
Payments are unknown. The company can be considered for business dealings with some
cautions. |
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) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long term rating : (FITCH) BB- |
|
Rating Explanation |
Rating indicates an elevated vulnerability
to default risk, particularly in the event of adverse changes in business or
economic conditions overtime. |
|
Date |
September 2012 |
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
|
Registered Office : |
9-1-248, CBM Compound, Visakhapatnam – 530003, Andhra Pradesh, India |
|
Tel. No.: |
91-891-6663365/ 6661365 |
|
Fax No.: |
91-891-6631365 |
|
E-Mail : |
|
|
|
|
|
Stockyard : |
Plot No. 2A, Ancillary Industrial Estate, Pedagantyada, VUDA Colony,
Visakhapatnam – 530026, Andhra Pradesh, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Mahesh Anumalisetti |
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Designation : |
Director |
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|
Address : |
Plot No. 201, Sector-IV, MVP Colony, Visakhapatnam – 530017, Andhra
Pradesh, India |
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Date of Birth/Age : |
26.11.1966 |
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Date of Appointment : |
19.03.2003 |
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DIN No.: |
00176695 |
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Other Directorship : |
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|
Name : |
Mr. Nagesh Anumalisetty |
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|
Designation : |
Director |
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|
Address : |
Plot No. 201, Sector-IV, MVP Colony, Visakhapatnam – 530017, Andhra
Pradesh, India |
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Date of Birth/Age : |
07.10.1964 |
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Date of Appointment : |
19.03.2003 |
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|
DIN No.: |
00455700 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mahesh Anumali Setty |
|
133500 |
|
Nagesh Anumali Setty |
|
16500 |
|
Jagadish Anumali Setty |
|
50000 |
|
Total |
|
200000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Iron and Steel. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
State Bank of India, Overseas Branch, # 9-1-57, G.N.T. Road,
Visakhapatnam – 530013, Andhra Pradesh, India |
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|
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Facilities : |
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||||||||||||||||||
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|
|
|
Banking Relations
: |
-- |
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|
|
|
Auditors : |
|
|
Name : |
E.R Somayajulu Chartered Accountant |
|
Address : |
Sri Rama - Kothagraharm, 3rd Lane, Vizianagaram, Andhra Pradesh, India
|
|
Tel. No.: |
91-8922-226343/ 222343/ 222334 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAPE9890J |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 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 |
|
|
|
|
|
1] Share Capital |
20.000 |
7.500 |
7.500 |
|
|
2] Share Application Money |
1.200 |
7.000 |
0.000 |
|
|
3] Reserves & Surplus |
56.378 |
36.105 |
24.153 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
77.578 |
50.605 |
31.653 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
382.083 |
197.882 |
102.587 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
382.083 |
197.882 |
102.587 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
459.661 |
248.487 |
134.240 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.536 |
4.292 |
1.975 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.967
|
84.000 |
11.575 |
|
|
Sundry Debtors |
296.629
|
245.777 |
260.038 |
|
|
Cash & Bank Balances |
1.190
|
7.846 |
0.406 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
155.910
|
2.543 |
5.840 |
|
Total
Current Assets |
513.696
|
340.166 |
277.859 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.771
|
89.975 |
144.287 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
4.800
|
5.996 |
1.321 |
|
Total
Current Liabilities |
57.571
|
95.971 |
145.608 |
|
|
Net Current Assets |
456.125
|
244.195 |
132.251 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.014 |
|
|
|
|
|
|
|
|
TOTAL |
459.661 |
248.487 |
134.240 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TURNOVER |
2959.200 |
2592.424 |
2705.328 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
30.839 |
18.606 |
12.637 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.96
|
5.40 |
4.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.37 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.67
|
5.81 |
7.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.92
|
3.54 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF PERFORMANCE:
During the year,
the company has achieved a turnover of Rs.2959.200 Millions through trading in
Iron and Steel. The company earned a Net Profit of Rs.30.839 Millions after
depreciation and finance charges.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27109AP2003PTC040683 |
|
Name of the
company |
A.S. STEEL
TRADERS (VSP) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
9-1-248, CBM Compound, Visakhapatnam – 530003, Andhra Pradesh, India Email: pnrao56_cs@rediffmail.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10210732 |
|
Type of charge |
Book debts Movable property (not being pledge) Others [Hypothecation of Book Debts etc] |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, # 9-1-57, G.N.T. Road,
Visakhapatnam – 530013, Andhra Pradesh, India Email: sbi.08974@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Letter
regarding the grant of individual Limits within the Overall Limit (Form C.5) |
|
Date of instrument
Creating the charge |
26.11.2012 |
|
Amount secured by
the charge |
Rs. 452.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit (Hyp):
3.75% p.a. above Base Rate. Terms of Repayment Cash Credit limit
shall be repayable on demand Margin Raw Materials:
25% Finished Goods:
25%. Book Debts (Cover
period 90 days): 25%. Letter of Credit:
20%. Bank Guarantee:
20%. Extent and Operation of the charge It is a
continuous charge until the repayment of the entire loan. Others The aggregate
Limit of Rs.452.600 Millions consists of : CC (Hyp): 300.000
Millions. LC: Rs.150.000
Millions. BG: Rs.40.000
Millions (sub-limit of Cash Credit Limit). Forward Contract:
Rs.2.600 Millions. |
|
Short particulars
of the property charged |
Hypothecation of
Stocks, Book Debts, Receivables and all other chargeable Current Assets of
the Company (both present and future). |
|
Date of
Modification |
02.02.2012 |
|
Particulars of
the present modification |
In addition to
the existing Credit Facilities, now the Bank has sanctioned forward contract
Limit of Rs.260.000 Millions and there is no change in Cash Credit (Hyp)
Facility of Rs.300.000 Millions with-in-which a sub-limit of Bank Guarantee
of Rs.40.000 Millions and the LC limit of Rs.150.000 Millions Now, the
Overall Limits increased to Rs.452.600 Millions. All the existing securities
be and are hereby extended to revised limits also. |
FIXED ASSETS:
Ř Furniture and
Fixture
Ř Air Conditioner
Ř Fan
Ř Printer
Ř Scooter
Ř Vehicle
Ř Computer
Ř Vehicles
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 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. 54.85 |
|
|
1 |
Rs. 88.40 |
|
Euro |
1 |
Rs. 72.63 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
36 |
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.