MIRA
INFORM REPORT
|
Report Date : |
04.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAVNIDHI STEEL AND ENGINEERING COMPANY PRIVATE LIMITED |
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|
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Registered
Office : |
Shop No. 1, Lehri Mansion, 236/240, S.V.P. Road, Mumbai – 400004,
Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.03.2006 |
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Com. Reg. No.: |
11-160632 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U27100MH2006PTC160632 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN13568C |
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PAN No.: [Permanent Account No.] |
AACCN2748R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and Stockiest of Stainless Steel Plates, Nickel Alloys and
Boller Quality Plates. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 66000 |
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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. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
Shop No. 1, Lehri Mansion, 236/240, S.V.P. Road, Mumbai – 400004,
Maharashtra |
|
Tel. No.: |
91-22-67496081/ 67496082/ 67496083/ 23890122/ 23866795 |
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Fax No.: |
91-22-23890122 |
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E-Mail : |
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Website: |
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Area : |
800 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
94/98, P S Ram Mandir Marg, 4th Kumbharwada,
Mumbai – 400 004, |
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Tel. No.: |
91-22-56362420/ 23824653/ 56393567 |
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Fax No.: |
91-22-23890122 |
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Area : |
400 sq. ft. [Rented] |
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Location : |
Market Place [Ground Floor] |
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|
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Branch Office : |
Plot No. 1266, Road No. 14, Steel market, Kolombali, New Mumbai, |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Vikram Hastimal Jain |
|
Designation : |
Director |
|
Address : |
Flat No.1503, ‘A’ Wing, |
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Date of Birth/Age : |
25.10.1980 |
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Qualification : |
B. Com |
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Date of Appointment : |
22.03.2006 |
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DIN No.: |
01200061 |
Other
Directorships:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U27100MH2006PTC160632 |
NAVNIDHI
STEEL AND ENGINEERING COMPANY PRIVATE LIMITED |
Director |
22/03/2006 |
22/03/2006 |
Active |
NO |
|
2 |
U01110MH1981PTC025185 |
CHANDRA
RISHI ESTATES PRIVATE LIMITED |
Director |
1/1/2010 |
1/1/2010 |
Active |
NO |
|
Name : |
Mr. Hemantkumar Hastimal Jain |
|
Designation : |
Director |
|
Address : |
Flat No.1504, ‘A’ Wing, |
|
Date of Birth/Age : |
01.04.1985 |
|
Date of Appointment : |
02.11.2009 |
|
DIN No.: |
02624316 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Hastimal Malaji Jain |
|
90000 |
|
Vikram Hastimal Jain |
|
640000 |
|
Hemant H Jain |
|
90000 |
|
Suaben H Jain |
|
90000 |
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Sadhana V Jain |
|
90000 |
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|
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Total |
|
1000000 |
AS ON 30.09.2011
|
Equity Shares
Break Up Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Stockiest of Stainless Steel Plates, Nickel Alloys and
Boller Quality Plates. |
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Products : |
·
Alloy Steel ·
Aluminium ·
Bar ·
Channel ·
Coil ·
Elbow Fitting ·
Flange ·
Inconel ·
Monel ·
Plate ·
Reducer ·
Rod ·
Scrap ·
Sheet ·
Stainless Steel ·
Stainless Steel Fitting ·
Stainless Steel Pipe ·
Stainless Steel Tube ·
Strip ·
Tee Fitting |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India ·
Bank of Gulalwadi, Mumbai – 400004, Maharashtra, India · Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
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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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Pan No.: |
AAWPB1139M |
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Associates/Subsidiaries : |
· Jindal Stainless Steel Limited OUTO Kumpu Acerinox S.A Acroni Columbus Stainless Pty Limited Daekyung Corp (DKC) Korea Azovstal Iron and Steel Ukraine for B. Q. Plates |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1225000 |
Equity Shares |
Rs.10/- each |
Rs.12.250
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.444 |
9.839 |
5.648 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.444 |
10.839 |
6.648 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
132.539 |
42.605 |
26.311 |
|
|
2] Unsecured Loans |
201.340 |
183.493 |
140.965 |
|
|
TOTAL BORROWING |
333.879 |
226.098 |
167.276 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
350.323 |
236.937 |
173.924 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.932 |
0.997 |
0.787 |
|
|
Capital work-in-progress |
0.408 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
180.481
|
62.468
|
51.736
|
|
|
Sundry Debtors |
222.615
|
200.192
|
166.019
|
|
|
Cash & Bank Balances |
17.176
|
4.878
|
4.767
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
40.896
|
54.599
|
13.026
|
|
Total
Current Assets |
461.168
|
322.137 |
235.548
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
107.449
|
77.308
|
|
|
|
Other Current Liabilities |
8.388
|
8.878
|
|
|
|
Provisions |
0.348
|
0.021
|
2.980 |
|
Total
Current Liabilities |
116.185
|
86.207 |
62.431 |
|
|
Net Current Assets |
344.983
|
235.930 |
173.117
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
350.323 |
236.937 |
173.924 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TURNOVER |
1062.100 |
731.100 |
635.400 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8.661 |
6.067 |
4.431 |
|
|
|
|
|
|
|
Less |
TAX |
2.830 |
1.925 |
1.500 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.831 |
4.142 |
2.931 |
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OR TAX |
0.006 |
0.049 |
0.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.840 |
5.648 |
2.717 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
15.677 |
9.840 |
5.648 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
0.000 |
0.596 |
|
|
|
|
|
|
|
|
IMPORTS VALUE |
618.107 |
345.641 |
207.613 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.83 |
41.42 |
29.31 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86
|
1.88 |
1.87
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.56 |
0.67
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
27.37
|
28.81 |
34.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.97
|
3.74 |
3.77
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company has
achieved a turnover of Rs.1062.100 Millions against Rs.731.100 Millions in the
previous year. The board still expects growth in turnover and margin
considering order in hand and growing product demand in the domestic market for
the core line of business.
FORM 8
|
Corporate
identity number of the company |
U27100MH2006PTC160632 |
|
Name of the
company |
NAVNIDHI STEEL AND ENGINEERING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No. 1, Lehri Mansion, 236/240, S. V. P. Road, Mumbai – 400 004, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be modified |
10111279 |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Standard Chartered Bank SME Credit, 23-25, M |
|
Nature of
instrument creating charge |
Hypothecation
Agreement – Supplemental |
|
Date of
instrument Creating the charge |
18.01.2011 |
|
Amount secured by
the charge |
Rs.160.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Credit Facility Interest /
Commission – As agreed by and with the Bank from time to time. ·
Terms
of repayment As agreed by and
with the Bank from time to time. ·
Margin As applicable, if
any ·
Extent
and operation of the charge The Bank is
having first and exclusive charge on security given by the company, as
described in Sr. No.15. |
|
Particulars of
the property charged |
Hypothecation by
way of first abd exclusive charge on: a) all the stock
in trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise b) all the
present and future book debts, outstanding moneys receivable, claims and
bills. |
|
|
By present
modification, the existing charge amount of Rs.110.000 Millions enhanced to
Rs.160.000 Millions against the security of hypothecation by way of first and
exclusive charge on: a) all the stock in trade both present and future consisting
of raw materials, finished goods, goods in process of manufacturing and other
merchandise b) all the present and future book debts, outstanding moneys
receivable, claims and bills. |
Fixed Assets
·
Computer
·
Computer Software
·
Motor Car
·
Water Filter
WEBSITE DETAILS:
COMPANY OVERVIEW
· They have more than 2000 m/tons of Stainless Steel Coils, Sheets and Plates in stock anytime
They
also stock "Boiler Quality Plates" - ASME SA 516 -70 and 60 From
Ukraine.
They
are also International Trading /Indenting Company for imports and exports and
also serve as a manufacturers' representative. We handle various products such
as SS Plates, SS Coil, SS Seamless Tubes/ Pipes, Copper Bus Bars, Rectangular
Copper Wire, Bare Fiber, SS Angle Bar, Flat Bar, Round Bar and SS Welded Pipes,
etc. "From Our European, Malaysian
and Korean Sources.".
They can indent the following:
1) Stainless steel coils, Width from: 100mm to 2100mm from Europe, Korea or
China
2) Stainless Steel Wider Plates, width: 1000mm-4000mm, from Korea or Japan
3) Nickel alloys, from Japan and Europe and they also stock Nickel Alloys and 904L coils and plates.
4) Super Duplex and Duplex Plates, from Europe.
5) SS Seamless Tubes/Pipes: Sumitomo - Japan or Chinese.
PROFILE:
They take great pleasure to introduce company a subsidiary of Navbharat Group by giving the brief of the company.
Subject is the exclusive distributor of Jindal Stainless Steel Limited and Acerinox S.A for Stainless steel Flat Products and also represents several other reputed manufacturers as one of the largest stainless steel stockiest in India.
'3S' is not just acronym but is their corporate philosophy of "source, supply, service" which is whole heartedly believed and practices not only by the management but also the other staff members.
No wonder many of their clients are there with them for the last 25 years for
the quality of their products, the service and price.
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.53.23 |
|
|
1 |
Rs.82.87 |
|
Euro |
1 |
Rs.69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
YES |
|
--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.