MIRA INFORM REPORT

 

 

Report Date :

09.03.2012

 

IDENTIFICATION DETAILS

 

Name :

S J IRON STEELS PRIVATE LIMITED

 

 

Registered Office :

Plot No. C-8, MIDC Shiroli, Kolhapur – 416122, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

24.10.1981

 

 

Com. Reg. No.:

11-025508

 

 

Capital Investment / Paid-up Capital :

Rs.14.868 Millions

 

 

CIN No.:

[Company Identification No.]

U27310MH1981PTC025508

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Supplier of Auto Mobile

 

 

No. of Employees :

500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (17)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears a huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a secured 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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Yogesh

Designation :

Purchase Manager

Contact No.:

91-9890895879

Date :

06.03.2012

 

 

LOCATIONS

 

Registered Office/ Factory  :

Plot No. C-8, MIDC Shiroli, Kolhapur – 416122, Maharashtra , India

Tel. No.:

91-230-2468788/ 2468041/ 42/ 2469070/

Mobile No.:

91-9890895879 (Mr. Yogesh)

Fax No.:

91-230-2469042

E-Mail :

sjiron@zanvar.group.com

pgassociates@rediffmail.com

yogesh.salokhe@mailshriram.com

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Neeraj Narendra Zanvar

Designation :

Managing Director

Address :

Kasturi 52, Shivaji Park, Kolhapur, Maharashtra, India

Date of Birth/Age :

28.07.1982

Date of Appointment :

31.03.2005

DIN No.:

00239691

 

 

Name :

Mr. Rampratap Shivnarayan Zanvar

Designation :

Chairman Cum Director

Address :

Kasturi 52, Shivaji Park, Kolhapur, Maharashtra, India

Date of Birth/Age :

03.02.1935

Date of Appointment :

12.03.2005

DIN No.:

00239955

 

 

Name :

Mr. Narendra Rampratap Zanvar

Designation :

Director

Address :

Kasturi 52, Shivaji Park, Kolhapur, Maharashtra, India

Date of Birth/Age :

01.09.1957

Date of Appointment :

12.03.2005

DIN No.:

00239917

 

 

Name :

Mr. Dilip Jawanmal Gandhi

Designation :

Director

Address :

Flar No.6, Siddhi Vinayak Apartment, Survey Colony, Kolhapur, Maharashtra, India

Date of Birth/Age :

06.01.1949

Date of Appointment :

28.09.1981

 

 

Name :

Mr. Subhash Jawanmal Gandhi

Designation :

Director

Address :

201, E, Roopam, New Shahupuri , Kolhapur, Maharashtra, India

Date of Birth/Age :

26.05.1954

Date of Appointment :

28.09.1981

 

 

KEY EXECUTIVES

 

Name :

Mr. Yogesh

Designation :

Purchase Manager

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Rampratap Shivnarayan Zanvar

 

18500

Nerendra Rampratap Gandhi

 

9000

Dilip J Gandhi

 

17450

Subhash J Gandhi

 

24096

Rajendra J Gandhi

 

800

Asha Surendra Jain

 

2880

Subhash J Gandhi HUF

 

7726

J G Gandhi Trust, India

 

400

Aruna D Gandhi

 

1900

Ratna S Gandhi

 

9387

Sharma R Gandhi

 

400

Gnat Fastners Private Limited, India

 

5

Punit D Gandhi

 

8416

Badamibai J Gandhi

 

9575

Gandhi Trust , India

 

5

Nipun D Gandhi

 

10783

Amit S Gandhi

 

14433

Dilip J Gandhi HUF

 

3178

Shashikant B Patel

 

6747

Shriram Foundry Limited, India

 

3000

TOTAL

 

148681

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Auto Mobile

 

 

Terms :

 

Purchasing :

Credit (30 Days)

 

 

GENERAL INFORMATION

 

No. of Employees :

500 (Approximately)

 

 

Bankers :

Saraswat Co-operative Bank Limited, Rajaram Puri Branch, 7th Lane, Kolhapur – 416008 , Maharashtra, India 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V G Anikhindi and Company

Chartered Accountant

Address :

332, Swanand Complex, New Shahupuri , Kolhapur – 416001, Maharashtra, India

PAN.:

ACKPA0524B

 

 

Sister Concern :
  • Shriram Foundry Limited
  • Ashta Liner Private Limited
  • Kasturi Foundry Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs.20.000 Millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

148681

Equity Shares

Rs.100/- each

Rs.14.868 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

14.868

14.868

14.868

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.044

1.044

1.044

4] (Accumulated Losses)

(36.776)

(53.393)

(60.183)

NETWORTH

(20.864)

(37.481)

(44.271)

LOAN FUNDS

 

 

 

1] Secured Loans

21.022

34.116

49.395

2] Unsecured Loans

113.840

121.389

48.579

TOTAL BORROWING

134.862

155.505

97.974

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

113.998

118.024

53.703

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

90.287

94.649

101.305

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.202

0.202

0.202

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.539

3.744

9.631

 

Sundry Debtors
11.835

12.918

7.045

 

Cash & Bank Balances
0.621

0.535

1.077

 

Other Current Assets
12.936

12.318

10.698

 

Loans & Advances
13.895

11.115

12.917

Total Current Assets
41.826

40.630

41.368

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
18.317

17.457

89.172

 

Other Current Liabilities
 

 

 

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
18.317

17.457

89.172

Net Current Assets
23.509

23.173

(47.804)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

113.998

118.024

53.703

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2009

31.03.2008

 

 

 

 

 

 

Gross Turnover

 

148.000 

317.200

 

 

 

 

 

 

PROFIT BEFORE TAX

 

9.600

(39.700)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
NA

7.10

(27.83)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA

(0.26)

0.90

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(7.34)

(4.61)

(4.23)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.28

2.23

0.46

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors

 

Not Available

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last two years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

--
  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

Yes
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

No
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC11

--
  1. Major shareholder , if available

--

 

FORM 8

 

Corporate identity number of the company

U27310MH1981PTC025508

Name of the company

S J IRON AND STEELS PVT LTD

Address of the registered office or of the principal place of  business in India of the company

Plot No. C-8, MIDC Shiroli, Kolhapur – 416122, Maharashtra , India

This form is for

Creation of charge

Type of charge

  • Immovable Property
  • Movable Property

Particular of charge holder

Saraswat Co-operative Bank Limited, Rajaram Puri Branch, 7th Lane, Kolhapur – 416008 , Maharashtra, India  .

Email : pgassociate@rediffmail.com

Nature of instrument creating charge

Agreement of Hypothecation.

Supplementary Recording Letter Evidencing Deposit of Title Deeds.

(Both the documents creates a single Charge)

Date of instrument Creating the charge

21.05.2010

Amount secured by the charge

Rs.70.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

12%

 

Terms of Repayment

As per the terms and Conditions of Agreement.

 

Margin

As per the terms and Conditions of Agreement.

 

Extent and Operation of the charge

Corporate Guarantee given to M/s Kasturi Foundry Private Limited in respect of various credit facilities granted to them amounting to Rs.70.000 millions (Further charge on Land and Building and Plant and machineries situated at Plot No. C-8, MIDC Shiroli, Kolhapur.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of all the Plant and machinery of the company situated at Plot No. C-8, MIDC, Shiroli, Kolhapur-416122

 

Mortgage of Land and building situated at Plot No. C-8, MIDC, Shiroli, Kolhapur admeasuring 6226 Sq. Meters as further charge on this property.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.50.57

UK Pound

1

Rs.79.57

Euro

1

Rs.66.50

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

17

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.