MIRA
INFORM REPORT
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Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
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Name : |
DHAMM STEEL SERVICES PRIVATE LIMITED (w.e.f. 26.02.2004) |
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Formerly Known
As : |
DHAMM INFOTECH PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.02.2000 |
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Com. Reg. No.: |
11-124398 |
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Capital
Investment / Paid-up Capital : |
Rs.2.878 Millions |
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CIN No.: [Company Identification
No.] |
U72200MH2000PTC124398 |
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IEC No.: |
0306031973 |
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PAN No.: [Permanent Account No.] |
AABCD0558L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Steel,
Wire Rod. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 422000 |
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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 and as per commitments. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Pankaj |
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Designation : |
Export Executive |
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Contact No.: |
91-22-40696222 |
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Date : |
09.03.2012 |
LOCATIONS
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Registered/ Corporate Office : |
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Tel. No.: |
91-22-40696222/ 40696111/ 40696131/ 66311017 |
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Mobile No.: |
91-9967547745 (Mr. Dhruv Moondhra) |
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Fax No.: |
91-22-40696299/ 40696199 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Sales Office: |
Khaitan Chambers, 3rd Floor, 143/145, Mody Street, Fort,
Mumbai – 400 001, |
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Tel. No.: |
91-22-40696111 |
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Fax No.: |
91-22-40696199 |
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Location
: |
Rented |
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Warehouse 1 : |
Plot No.A-7/1, MIDC, Taleja, Thane – 410 208, |
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Location
: |
Rented |
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Warehouse 2 : |
Plot No.1450, Kalamboli Raigadh – 401 208, |
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Location
: |
Rented |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Sriratan Devkishan Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
09.05.1953 |
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Qualification : |
Bachelor of Science |
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Date of Appointment : |
01.04.2006 |
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DIN No.: |
00152592 |
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Name : |
Mr. Dhruv Sriratan Moondhra |
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Designation : |
Director
(Administrative/Purchasing/ Human Resources) |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
17.02.1977 |
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Qualification : |
Bachelor of Arts (Economics) |
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Date of Appointment : |
22.02.2000 |
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DIN No.: |
00151532 |
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Name : |
Mrs. Kusum S. Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
20.02.1953 |
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Qualification : |
Bachelor of Arts |
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Date of Appointment : |
22.02.2000 |
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DIN No.: |
00152688 |
KEY EXECUTIVES
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Name : |
Mr. Pankaj |
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Designation : |
Export Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
|
Dhruv S. Moondhra |
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143885 |
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Kusum S. Moondhra |
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143885 |
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Total
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287770 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Steel, Wire
Rod. |
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Products : |
v Hot Rolled Plates / Hot Rolled Sheets v Wire Rod v Tin Plate v Hot Rolled Coils
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v
ArcelorMittal |
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Customers : |
End Users v Miki Steel Works Private Limited |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
v
ICICI Bank
Limited, ICICI Centre, 163, H.T. Parekh Marg, Backbay Reclamation,
Churchgate, Mumbai - 400 020,
Maharashtra, India v
HDFC
Bank v
Bank
of v
State
Bank of v
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
v 3i Infotech Trusteeship Services Limited, 6th Floor, Akruti Centre, Point, MIDC Central Road, Next to Marol Telephone Exchange, Andheri (East), Mumbai-400093, Maharashtra, India v 3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi, Mumbai - 400 703, Maharashtra, India v
TATA Capital Limited, One Forbes, Dr. V B
Gandhi Marg, Fort, Mumbai – 400001, |
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Auditors : |
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Name : |
N.A. Shah and Associates Chartered Accountants |
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Address : |
B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400
013, |
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Tel. No.: |
91-22-40733000 |
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Fax No.: |
91-22-40733090 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFN5380N |
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Memberships : |
Engineering Export Promotion Council |
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Subsidiaries : |
Kusum
International Private Limited CIN No.: U27109MH2001PTC133198 |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
287770 |
Equity Shares |
Rs.10/- each |
Rs.2.878 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.878 |
2.878 |
2.878 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
102.614 |
85.605 |
40.240 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.492 |
88.483 |
43.118 |
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LOAN FUNDS |
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1] Secured Loans |
338.883 |
178.591 |
245.525 |
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2] Unsecured Loans |
0.000 |
40.162 |
5.162 |
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TOTAL BORROWING |
338.883 |
218.753 |
250.687 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.019 |
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TOTAL |
444.375 |
307.236 |
293.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.166 |
4.012 |
4.042 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
67.825 |
36.332 |
38.683 |
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DEFERRED TAX ASSETS |
3.380 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
156.897 |
73.401 |
94.576 |
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Sundry Debtors |
165.736 |
214.029 |
113.094 |
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Cash & Bank Balances |
75.190 |
59.510 |
69.889 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
92.722 |
121.389 |
79.362 |
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Total
Current Assets |
490.545 |
468.329 |
356.921 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
100.596
|
185.093
|
97.927 |
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Other Current Liabilities |
18.873 |
13.872 |
6.894 |
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Provisions |
4.072 |
2.472 |
1.001 |
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Total
Current Liabilities |
123.541 |
201.437 |
105.822 |
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Net Current Assets |
367.004 |
266.892 |
251.099 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
444.375 |
307.236 |
293.824 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Income |
971.722 |
1335.299 |
1235.411 |
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Other Income |
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TOTAL |
971.722 |
1335.299 |
1235.411 |
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PROFIT/(LOSS)
AFTER TAX |
17.008 |
45.365 |
(55.330) |
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EARNINGS IN
FOREIGN CURRENCY |
18.190 |
39.999 |
251.086 |
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Earnings Per
Share (Rs.) |
59.10 |
157.64 |
(192.27) |
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Expected Sales (2011-2012): Rs.1400.000 millions
The above information has been parted by Mr. Pankaj (Export Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.75
|
3.40
|
(4.48)
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.38
|
4.75
|
8.27
|
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Current Ratio (Current Asset/Current Liability) |
|
3.97
|
2.32
|
3.37
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
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|
|
- Total
Outstanding Dues of Micro and Small Enterprises |
-- |
-- |
-- |
|
- Total
Outstanding Dues of Creditors other than Micro and Small Enterprises |
100.596
|
185.093
|
97.927 |
|
Total |
100.596
|
185.093
|
97.927 |
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
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7) Promoter’s
background |
-- |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of
firm for last one year |
Yes |
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12) Profitability
for last three years |
Yes |
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13) Reasons for
variation <> 20% |
-- |
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14) Estimation
for coming financial year |
-- |
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15) Capital in
the business |
Yes |
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16) Details of
sister concerns |
Yes |
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17) Major
suppliers |
Yes |
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18) Major
customers |
Yes |
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19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
-- |
|
21) Market
information |
-- |
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22) Litigations
that the firm / promoter involved in |
-- |
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23) Banking
Details |
Yes |
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24) Banking facility
details |
-- |
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25) Conduct of
the banking account |
-- |
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26) Buyer visit
details |
-- |
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27) Financials,
if provided |
No |
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28) Incorporation
details, if applicable |
-- |
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29) Last accounts
filed at ROC |
-- |
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30) Major Shareholders,
if available |
-- |
Note: The registered office of the company has been shifted from Simplex Mills
Compound, 1st Floor, K.K. Marg, Mumbai - 400 011, Maharashtra
to the present address w.e.f. 07.07.2008.
OPERATIONS:
The total income for the current year was Rs.971.722 Millions as compared to the income of Rs.1335.299 Millions for the same period during the last year. During the year, the Company has made a net profit of Rs.17.008 Millions as compared to the net loss of Rs.45.365 Millions for the last year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72200MH2000PTC124398 |
|
Name of the
company |
DHAMM STEEL SERVICES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
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This form is for |
Creation of
Charge |
|
Type of charge |
|
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Particular of
charge holder |
TATA Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai –
400 001, Email : shailesh.rajadhyaksha@tatacapital.com
CIN : U65990MH1991PLC060670 |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 12.05.2011 |
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Date of
instrument Creating the charge |
12.05.2011 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Short Term
Lending Rate (STLR) @ 14.50% p.a. Rate of Interest
Payable Equal to STLR, subject to a minimum of 13.50% p.a. Terms of
Repayment: Principal and Interest amount to be repaid in 12 Months Margin: Margin @ 10 % for
Letter of Credit Minimum Security
cover of 1.25x should be maintained on the stocks and debtors. Extent and Operation
of the charge: The charge
extends to the due repayment of the loan of Rs.150.000 millions including
interest, additional interest, costs, charges, expenses and all other monies
payable by the Borrower under the Agreement dated 29.01.2011. In the event of
default in payment of interest or repayment of principal amount of the Loan
the Borrower shall pay to the Lender, further interest @ 6% p.a. as penal
interest. |
|
Short particulars
of the property charged |
All Present and
future current Assets including Book debts, outstanding monies receivables,
claims and bills, which are now due and owing to the Borrower. All the
present and future stock in trade consisting of raw materials, finished
goods, goods in process of manufacturing, fixed Assets, other merchandise and
whatsoever being movable properties now or at anytime hereafter belonging to
the Borrower. |
|
Corporate
identity number of the company |
U72200MH2000PTC124398 |
|
Name of the
company |
DHAMM STEEL SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-Mail: ragini.c@rediffmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Others (Current
Assets present and future) |
|
Particular of
charge holder |
3i Infotech Trusteeship Services Limited, 6th Floor, Akruti
Centre Point, MIDC Central Road, Next to Marol Telephone Exchange, Andheri
(East), Mumbai – 400 093, Maharashtra, India E-Mail: prashant.joshi@3i-itsl.com |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 18th February 2010 executed in favour of 3i Infotech
Trusteeship Services Limited |
|
Date of
instrument Creating the charge |
18.02.2010 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Not Applicable Terms of
Repayment: 12 months Margin: Cash
Margin Nil Extent and Operation
of the charge: First and Exclusive Charge by way of hypothecation of the
Borrower's entire stock of raw materials, semi finished and finished goods,
consumable stores and spares and such other moveable current assets including
book debts, bills whether documentary or clean outstanding monies receivables
both present and future. |
|
Short particulars
of the property charged |
First and
Exclusive Charge by way of hypothecation of the Borrower's entire stock of raw
materials, semi finished and finished goods, consumable stores and spares and
such other moveable current asset including book debts, bills whether
documentary or clean outstanding monies receivables both present and future
situated at Mumbai or wherever else the same may be. |
TRADE REFERENCES:
v Miki Steel Works Private Limited
v
ArcelorMittal
FIXED ASSETS:
Tangible Assets
v Computers
v Motor Car
v Furniture and Fixtures
v Office Equipments
v Electrical Installations
Intangible Assets
v Software
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.50.02 |
|
|
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.17 |
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 |
6 |
|
--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 |
|
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.