MIRA
INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
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Name : |
BMW STEELS LIMITED |
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Registered
Office : |
Sadabad Gatehathras, Hathras-204101, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.03.1994 |
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Com. Reg. No.: |
20-16260 |
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Capital
Investment / Paid-up Capital : |
Rs.6.821 Millions |
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CIN No.: [Company Identification
No.] |
U27202UP1994PLC016260 |
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IEC No.: |
0603002668 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AGRB10041D |
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PAN No.: [Permanent Account No.] |
AAACB7914R |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Alumina Ceramic for Wear
resistance in Various Industries. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 152000 |
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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
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions, with slight 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. A K Lohia |
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Designation : |
Director |
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Contact No.: |
91-9760005569 |
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Date : |
19.01.2012 |
LOCATIONS
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Registered Office : |
Sadabad Gatehathras, Hathras-204101, |
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Tel. No.: |
91-5722-232481/ 234981 |
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Mobile No.: |
91-9760005569 (Mr. A K Lohia) |
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Fax No.: |
91-5722-232481/ 234981 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office: |
32/49, |
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E-Mail : |
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Marketing Office : |
705, 7th Floor, RG |
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Branch Office : |
C-543l, Saraswati Vihar, Delhi-110034, |
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Tel. No.: |
91-11-27030652 |
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Fax No.: |
91-11-27021366 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Girdhari Lal Lohia |
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Designation : |
Director |
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Address : |
Hanuman Gali, Hathras, |
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Date of Appointment : |
24.03.1994 |
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DIN No.: |
01263560 |
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Other
Directorship:
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Name : |
Mrs. Sunita Lohia |
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Designation : |
Director |
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Address : |
32/49, Lane No.4, |
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Date of Appointment : |
24.03.1994 |
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DIN No.: |
01139356 |
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Other
Directorship:
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Name : |
Mr. Archit Lohia |
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Designation : |
Director |
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Address : |
63/2, Lane No.4, |
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Date of Appointment : |
24.03.1994 |
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DIN No.: |
02990668 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Atul Kumar Lohia |
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40100 |
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Sunita Lohia |
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21100 |
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Hari Mohan Lohia |
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100 |
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Yogesh Kumar Lohia |
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100 |
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Bhola Nath Agrawal |
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100 |
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Lata Poddar |
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100 |
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Sulochana Lohia |
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61200 |
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G.L.Lohia |
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47500 |
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Atul Metal Private Limited |
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54000 |
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A.K.Lohia |
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25100 |
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Guldasta Commercial Private Limited |
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20000 |
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Moon Light Tie - up Private Limited |
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15000 |
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Yuthika Commercial Private Limited |
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10000 |
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Epoch Mercantile Private Limited |
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10000 |
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SSA Motor Finance Private Limited |
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10000 |
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Debrup Vanijya Private Limited |
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10000 |
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Krishna Dealers Private Limited |
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5000 |
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Platinium Tie-up Private Limited |
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15000 |
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Zed Merchants Private Limited |
|
10000 |
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Gold Mine Corporation Private Limited |
|
15000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
65.38 |
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Directors or relatives of Directors |
34.62 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Alumina Ceramic for Wear
resistance in Various Industries. |
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Products : |
·
Wear
and Impact Resistant Iron Castings o
Ni-Hard
Castings o
Chrome
Steel, Carbon Steel o
Manganese
Steel, Stainless Steel ·
Cast
Basalt o
Coal,
Ash and Mineral Pipelines -
Bends
/ Straights o
Liners ·
Chrome
Steel / Stainless Steel o
Crusher
Parts o
Coal
Nozzle Tip o
Chrome
Steel Liners o
Customized
Castings ·
Ni-Hard ·
Alumina
Ceramics ·
CBC
(Chemicaly Bonded Ceramics) |
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Exports : |
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Products : |
Alumina Ceramic |
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Countries : |
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Imports : |
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Products : |
Alumina |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit and Cheque |
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Purchasing : |
Cash, Credit and Cheque |
GENERAL INFORMATION
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Suppliers |
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Customers : |
End Users and Manufacturer
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No. of Employees : |
25 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Pawan K Agarwal Chartered Accountant |
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Address : |
Flat No. 202, Madhuvan Apartment, A-4, Basant Bagh, Hathras-204101, |
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Tel. No.: |
91-5722-232671 |
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Mobile No.: |
91-9837114329 |
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E-Mail : |
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PAN.: |
AAJFP3091M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
700 |
Equity Shares (To the Subscribers of the Memorandum) |
Rs.10/- each |
Rs.0.007
Million |
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681400 |
Equity Shares |
Rs.10/- each |
Rs.6.814
Millions |
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Total |
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Rs.6.821 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.821 |
6.821 |
4.951 |
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2] Share Application Money |
0.000 |
0.000 |
6.500 |
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3] Reserves & Surplus |
31.102 |
30.542 |
12.473 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.923 |
37.363 |
23.924 |
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LOAN FUNDS |
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1] Secured Loans |
16.373 |
14.363 |
8.276 |
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2] Unsecured Loans |
0.809 |
0.291 |
1.350 |
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TOTAL BORROWING |
17.182 |
14.654 |
9.626 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
55.105 |
52.017 |
33.550 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.253 |
8.313 |
5.577 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.109 |
12.779 |
6.655 |
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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 |
15.135
|
14.471
|
5.679 |
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Sundry Debtors |
12.957
|
10.174
|
9.074 |
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Cash & Bank Balances |
0.385
|
1.222
|
3.148 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
10.620
|
9.843
|
11.297 |
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Total
Current Assets |
39.097
|
35.710 |
29.198 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.594
|
5.010 |
4.801 |
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Other Current Liabilities |
3.333
|
0.602 |
2.678 |
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Provisions |
0.427
|
0.713 |
0.401 |
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Total
Current Liabilities |
6.354
|
6.325 |
7.880 |
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Net Current Assets |
32.743
|
29.385
|
21.318 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.540 |
0.000 |
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TOTAL |
55.105 |
52.017 |
33.550 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
58.793 |
88.039 |
60.865 |
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Other Income |
1.543 |
0.738 |
0.143 |
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TOTAL |
60.366 |
88.777 |
61.008 |
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Less |
EXPENSES |
|
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Raw Material Consumed |
32.300 |
37.276 |
19.044 |
|
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Purchase made for Resale |
2.660 |
16.390 |
18.876 |
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Consumption of Stores and Spares |
7.686 |
8.730 |
4.774 |
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Salaries, wages and Bonus |
1.073 |
0.937 |
6.588 |
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Managerial Remuneration |
0.600 |
0.600 |
0.480 |
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Payment of Auditors |
0.019 |
0.019 |
0.019 |
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Insurance Expenses |
0.161 |
0.069 |
0.020 |
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Power and Fuel |
0.693 |
0.665 |
1.872 |
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Other Expenditure |
15.602 |
20.639 |
4.883 |
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Increase/ Decrease in Stock |
(4.034) |
(0.546) |
1.684 |
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TOTAL |
56.760 |
84.779 |
58.240 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.606 |
3.998 |
2.768 |
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Less |
FINANCIAL
EXPENSES |
1.882 |
1.814 |
1.356 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.724 |
2.184 |
1.412 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.165 |
0.945 |
0.831 |
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Net Profit |
0.559 |
1.239 |
0.581 |
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Earnings Per
Share (Rs.) |
0.82 |
1.82 |
0.85 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
80.000 |
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Expected Sales (2011-2012) : Rs.240.000 Millions (Production Capacity
Increase)
The above information has been parted by Mr. A.K Lohia
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.93
|
1.39 |
0.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.95
|
0.41 |
0.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.14
|
2.81 |
1.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
3.32 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.56 |
0.73 |
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Current Ratio (Current Asset/Current Liability) |
|
6.15
|
5.65 |
3.71 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
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Yes |
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Yes |
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Yes |
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No |
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-- |
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Yes |
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Yes |
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No |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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-- |
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Yes |
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No |
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-- |
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-- |
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No |
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-- |
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-- |
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-- |
OPERATIONS
During the period the company has carried its business well and incurred profit of Rs.0.560 Millions
Form 8
|
Corporate
identity number of the company |
U27202UP1994PLC016260 |
|
Name of the
company |
BMW STEELS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Sadabad Gatehathras, Hathras-204101, Email : cs.anshu@gmail.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90268800 |
|
Type of charge |
Others |
|
Particular of
charge holder |
Canara Bank, Hathaas Main Branch, Hathras – 204101, Email : cb0246@canarabank.com |
|
Nature of
instrument creating charge |
OCC Limit of
Rs.35.000 millions, Bank Guarantee of Rs.24.300 millions, FLC of Rs.25.000
millions, Term loan of Rs.6.800 millions and Term loan of Rs.6.300 millions
against hypothecation of stock of raw
material, semi finished and finished goods, hypothecation of book debts,
Hypothecation of plant and Machinery, EMT of Land and Building of plot no 8
at Khurja. |
|
Date of
instrument Creating the charge |
01.08.2011 |
|
Amount secured by
the charge |
Rs.97.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13.25% p.a.
compounded monthly Terms of
Repayment: Term loan in 60 equitable
installments, cash credit limit as and when demanded by bank Margin: 25% on Stock and
40% on Book Debts of BMW Steels Limited. Extent and
operation of charge: -- |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
EMT of EMT of freehold
plot in the name of M/s Atul Metals pvt ltd. situated at khasra No. 20, 21
and 54MI. EMT of freehold
plot in the name of sh. atul lohia situated at khasra no. 23 and 48 village
mehroi. EMT of freehold
plot in the name of M/s Atul Metals Private Limited situated at Gate No. 202,
village nahroi. EMT of freehold
land and building situated at khasra no. 65, 72 MI village Balapetti adaiya
hathras. Hypothecation of
all other existing Plant & Machineries. |
|
Date of
instrument modifying the charge |
05.05.2011 |
|
Particulars of
the present modification |
Additional
funding |
TRADE REFERENCES
- Jinda Company
- Vidhata Metal Private Limited
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.49.97 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--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.