MIRA
INFORM REPORT
|
Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AMERIKAN STEELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Building - 26, 1st Floor,, 1st |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
16.02.2004 |
|
|
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|
Com. Reg. No.: |
11-179529 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.13.715 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27201MH2004PTC179529 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, Supplier and Exporter of Mild Steel, Stainless Steel and Alloy Steel. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is well 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 dealing 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Building - 26, 1st Floor,, 1st
Carpenter Street, Near Alankar Cinema,, Mumbai - 400004, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Factory : |
Sri Narsinhji Industrial Estate, Wadi - Yamuna Mill Road,
Pratap Nagar, |
|
Tel. No.: |
91-265-2580712 / 2580692 |
|
Fax No.: |
91-265-2581691 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Chandraprakash Pukhraj Doshi |
|
Designation : |
Director |
|
Address : |
4, Narayan Nagar Society, Khanderao R.V. Desai Road, Vadodara –
390004, Gujarat, India |
|
Date of Birth/Age : |
25.09.1980 |
|
Date of Appointment : |
16.02.2004 |
|
DIN No.: |
01575728 |
|
|
|
|
Name : |
Mr. Rakeshkumar Pukhraj Doshi |
|
Designation : |
Director |
|
Address : |
4, Narayan Nagar Society, Khanderao R.V. Desai Road, Vadodara –
390004, Gujarat, India |
|
Date of Birth/Age : |
03.07.1982 |
|
Date of Appointment : |
16.02.2004 |
|
DIN No.: |
01575662 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Chandrakant P Doshi |
|
188000 |
|
Bhavnaben Chandraprakash Doshi |
|
8000 |
|
Rakesh Pokhrajbhai Doshi |
|
288000 |
|
Kavitaben Rakeshbhai Doshi |
|
8000 |
|
Pokhraj. P. Doshi |
|
108000 |
|
Alpha Chemie Trade Agencies Private Limited, India |
|
25000 |
|
Anticlock Vyapaar Private Limited, India |
|
25000 |
|
Bhavna Investment Private Limited, India |
|
10000 |
|
Buniyad Chemicals Limited, India |
|
17000 |
|
Dhanvidhya Financial and Investment, India |
|
15000 |
|
Foolproof Vyapar Private Limited, India |
|
25000 |
|
Goyal Financials (India) Limited, India |
|
30000 |
|
Hanuman Vinimay Private Limited, India |
|
25000 |
|
Juhi Vanijaya Private Limited, India |
|
35000 |
|
Kailash Ficom Limited, India |
|
25000 |
|
Medlar Dealcom Private Limited, India |
|
45000 |
|
Mihir Agencies Private Limited, India |
|
25000 |
|
Millennium Cybertech Limited, India |
|
40000 |
|
Muse Dealers Private Limited, India |
|
25000 |
|
Novagold Petro Resources Limited, India |
|
25000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
56.25 |
|
Directors or relatives of Directors |
43.75 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Exporter of Mild Steel,
Stainless Steel and Alloy Steel. |
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Products : |
· Mild Steel · Stainless Steel ·
Alloy Steel
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Makarpura Industrial Estate Branch,
Vadodara - 390009, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Shah and Bhandari Chartered Accountants |
|
Address : |
101/38, Gautam Nagar Society, Race Course Circle, Vadodara – 390007, Gujarat, India |
|
PAN.: |
AAMFS8293E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1371510 |
Equity Shares |
Rs.10/- each |
Rs.13.715
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 |
13.715 |
13.715 |
11.020 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
110.412 |
84.450 |
55.983 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
124.127 |
98.165 |
67.003 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.505 |
0.048 |
0.327 |
|
|
2] Unsecured Loans |
1.555 |
5.573 |
6.823 |
|
|
TOTAL BORROWING |
9.060 |
5.621 |
7.150 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.042 |
|
|
|
|
|
|
|
|
TOTAL |
133.187 |
103.786 |
74.196 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
11.751 |
3.723 |
2.388 |
|
|
Capital work-in-progress |
4.951 |
12.041 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.053 |
0.053 |
0.053 |
|
|
DEFERREX TAX ASSETS |
0.473 |
0.040 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.155
|
33.852 |
30.499 |
|
|
Sundry Debtors |
107.711
|
115.385 |
98.530 |
|
|
Cash & Bank Balances |
14.296
|
(3.486) |
10.791 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.240
|
7.408 |
10.355 |
|
Total
Current Assets |
169.402
|
153.159 |
150.175 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.779
|
64.539 |
70.054 |
|
|
Other Current Liabilities |
1.875
|
0.658 |
1.102 |
|
|
Provisions |
2.789
|
0.033 |
7.395 |
|
Total
Current Liabilities |
53.443
|
65.230 |
78.551 |
|
|
Net Current Assets |
115.959
|
87.929 |
71.624 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.131 |
|
|
|
|
|
|
|
|
TOTAL |
133.187 |
103.786 |
74.196 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1024.000 |
978.611 |
1074.996 |
|
|
|
Other Income |
35.549 |
2.231 |
2.457 |
|
|
|
TOTAL (A) |
1059.549 |
980.842 |
1077.453 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
955.206 |
1058.412 |
|
|
|
Employees Costs and Benefits |
|
3.470 |
3.342 |
|
|
|
Administrative and Selling Expenses |
|
12.940 |
5.472 |
|
|
|
TOTAL (B) |
(1018.855
Including Financial Expenses) |
971.616 |
1067.226 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
9.226 |
10.227 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.671 |
0.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.694 |
6.555 |
9.251 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.369 |
0.349 |
0.375 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
39.325 |
6.206 |
8.876 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.405 |
1.862 |
2.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
25.920 |
4.344 |
5.951 |
|
|
|
|
|
|
|
|
|
|
Prior Period Expenses |
0.041 |
(0.131) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.164 |
5.951 |
9.352 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
9.352 |
|
|
BALANCE CARRIED
TO THE B/S |
36.125 |
10.164 |
5.951 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.93 |
3.79 |
5.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.45
|
0.44 |
0.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.84
|
0.63 |
0.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.71
|
3.96 |
5.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.06 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.72 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.17
|
2.35 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
-- |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
REVIEW OF PERFORMANCE
During the period the company has achieved the sales of Rs.1024.000 Millions showing an increase of 4.63 % as compared to previous year. The company has developed various strategies and as a result the company is anticipating good turnover and profitability. The company has good numbers in order and to achieve these.
CONTINGENT LIABILITIES IN RESPECT OF:
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Income Tax matter under Appeals before ITAT AY 2007-08 (Net of tax paid under protest) |
1.034 |
1.034 |
|
Income Tax matter under Appeals AY 2006-07 before ITAT (Net of tax paid under protest) |
1.799 |
1.799 |
|
Income Tax matter under Appeals AY 2005-06 before ITAT (Net of tax paid under protest) |
0.701 |
0.701 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27201MH2004PTC179529 |
|
Name of the
company |
AMERIKAN STEELS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Building - 26, 1st Floor, 1st Carpenter Street, Near Alankar Cinema, Mumbai – 400004, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10248042 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of India, Makarpura Industrial Estate Branch, Vadodara - 390009, Gujarat, India |
|
Nature of
instrument creating charge |
Memorandum of
Deposit for Creation of further charge by way of Mortgage by deposit of title
deeds |
|
Date of
instrument Creating the charge |
02.08.2011 |
|
Amount secured by
the charge |
Rs.57.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC @ 6.50% above
SBBR, present effective rate 15.75% p.a. Standby LC @
7.50% above SBBR, present effective rate 16.75% p.a. Terms of Repayment Working Capital -
On Demand Standby LC - In
60 days. Margin Finished Goods @
25% and Receivables @
50%. Extent and Operation of the charge First and
Exclusive Charge in favour of State Bank of India Others CC - Stocks and
Book Debts - Rs.50.000 Millions and Standby LC - Rs.7.500 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Land Bearing R S
No. 85/P, 90/P and 104/P of Savli Industrial Estate, Paikee Plot No. 499,
500, Admeasuring 4383 Sq. Mtrs of Mouje Zumkal, Tal, Savli and District Vadodara. Land Bearing R S
No. 24/P, 25/P and 16/P of Waghodia Industrial Estate Paikee Plot No. 1417,
Admeasuring 2322.26 Sq. Mtrs. of Mouje Waghodia, Tal. Waghodia and District Vadodara. |
|
Particulars of
the present modification |
Under this
modification total amount of charge has been increased from Rs.25.000
Millions to Rs. 57.500 Millions divided as under: CC - Stocks and
Book Debts - Rs.50.000 Millions and Standby LC - Rs.7.500 Millions |
Fixed Assets
·
Land
·
Air Conditioner
·
Computer and Printer
·
Office Equipment
·
Motor Car
·
Scooter
·
Telephone
·
Furniture and
Fixtures
·
Office Building
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.55.15 |
|
|
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.