MIRA
INFORM REPORT
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Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
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Name : |
STANDARD GALVA STEELS PRIVATE LIMITED |
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Registered
Office : |
2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (E), Mumbai – 400009,
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.02.2008 |
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Com. Reg. No.: |
11-179071 |
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Capital
Investment / Paid-up Capital : |
Rs.74.348
millions |
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CIN No.: [Company Identification
No.] |
U27106MH2008PTC179071 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS59226G |
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PAN No.: [Permanent Account No.] |
AALCS6888E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Flexible Conduits |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 720000 |
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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 a successor of Standard Engineers, a proprietory concern
started in the year 1989. It 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.
ECGC Country Risk Classification List – September 30, 2011
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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 |
LOCATIONS
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Registered Office : |
2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (E), Mumbai – 400009,
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Tel. No.: |
91-22-43430300 |
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Fax No.: |
91-22-43430333 |
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E-Mail : |
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Website : |
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Area : |
6000 sq. ft. |
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Location : |
Owned |
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Factory : |
DM E – 5, MIDC, Taloja Dist, Raigad – 410208, Maharashtra, India |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Nikunj M. Turakhia |
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Designation : |
Director |
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Address : |
141, Shaan Apartment, |
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Date of Birth/Age : |
18.08.1962 |
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Qualification : |
B. Tech |
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Date of Appointment : |
19.02.2008 |
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DIN No.: |
00082170 |
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Other
Directorship
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Name : |
Mrs. Heena N. Turakhia |
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Designation : |
Director |
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Address : |
141, Shaan Apartment, |
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Date of Birth/Age : |
12.03.1966 |
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Date of Appointment : |
19.02.2008 |
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DIN No.: |
0229623 |
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Other
Directorship
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Nikunj Mansukhlal Turakhia |
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7060785 |
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Heena Nikunj Turakhia |
|
2500 |
|
Pacific Solutions Limited, |
|
371564 |
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Total |
|
7434849 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
5.00 |
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Directors or relatives of Directors |
95.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Flexible Conduits |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Bank of India, Mandvi Branch, Kanmoor House, 281/287 Narsi Natha
Street, Mumbai – 400009, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Manish Modi and Associates Chartered Accountants |
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Address : |
3rd Floor, Hansa Villa, Plot No.66, Bhaudaji Cross Lane, Matunga
(CR), Mumbai – 400019, Maharashtra, India
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PAN.: |
AAOFM4644C |
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Parties Where
Control Exists : |
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CAPITAL STRUCTURE
As on 31.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7434849 |
Equity Shares |
Rs.10/- each |
Rs.74.348
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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|
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1] Share Capital |
74.348 |
74.348 |
74.348 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
106.501 |
70.902 |
44.592 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
180.849 |
145.250 |
118.940 |
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LOAN FUNDS |
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1] Secured Loans |
23.245 |
0.000 |
16.459 |
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2] Unsecured Loans |
22.262 |
15.973 |
14.592 |
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TOTAL BORROWING |
45.507 |
15.973 |
31.051 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.113 |
0.322 |
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TOTAL |
226.356 |
161.336 |
150.313 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.018 |
37.578 |
38.413 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.226 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
366.450
|
128.258 |
105.652 |
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Sundry Debtors |
426.038
|
173.536 |
178.530 |
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Cash & Bank Balances |
89.201
|
114.903 |
46.380 |
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Other Current Assets |
1.175
|
0.172 |
0.300 |
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Loans & Advances |
100.422
|
56.665 |
36.354 |
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Total
Current Assets |
983.286
|
473.534 |
367.216 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
751.720
|
325.628 |
238.105 |
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Other Current Liabilities |
6.839
|
0.915 |
4.785 |
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Provisions |
35.731
|
24.907 |
14.659 |
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Total
Current Liabilities |
794.290
|
351.450 |
257.549 |
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Net Current Assets |
188.996
|
122.084 |
109.667 |
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MISCELLANEOUS EXPENSES |
1.116 |
1.674 |
2.233 |
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TOTAL |
226.356 |
161.336 |
150.313 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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|
1034.115 |
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Other Income |
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|
5.902 |
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TOTAL (A) |
|
1196.263 |
1040.017 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Material Costs |
|
|
886.990 |
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Operating Expenses |
|
|
98.814 |
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Personal Costs |
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|
4.233 |
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Administrative Expenses |
|
1155.612 |
21.556 |
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Preliminary Expenses |
|
|
0.558 |
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Increase / Decrease in Stocks |
|
|
(0.865) |
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TOTAL (B) |
|
1155.612 |
1011.286 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
28.731 |
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Less |
FINANCIAL
EXPENSES (D) |
|
NA |
17.984 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
NA |
10.747 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
1.210 |
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PROFIT BEFORE TAX
(E-F) (G) |
|
40.651 |
9.537 |
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Less |
TAX (H) |
|
14.341 |
3.068 |
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PROFIT AFTER TAX
(G-H) (I) |
35.812 |
26.310 |
6.469 |
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Earnings Per
Share (Rs.) |
|
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Basic |
4.79 |
3.54 |
0.91 |
|
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Diluted |
4.79 |
3.54 |
0.91 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
2.19 |
0.62 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
-- |
0.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
7.95 |
2.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.27 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.64
|
2.53 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.35 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
During the period the company has made net profit of Rs.35.812 Millions during the period ended 31st March, 2011 (Last year Net Profit of Rs.26.310 Millions)
CONTINGENT LIABILITIES
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Letter of Credit D.A. |
132.582 |
56.370 |
|
Letter of Credit Acceptances |
417.916 |
329.962 |
|
Buyer's Credit |
0.000 |
63.844 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27106MH2008PTC179071 |
|
Name of the
company |
STANDARD GALVA
STEELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (E), Mumbai – 400009,
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|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10134162 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Bank of India, Mandvi Branch, Kanmoor House, 281/287 Narsi Natha
Street, Mumbai – 400009, Maharashtra, India |
|
Nature of instrument
creating charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
21.10.2011 |
|
Amount secured by
the charge |
Rs.1030.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate of 3.5% over base rate presently 14.25% with monthly rests. Terms of repayment On Demand. Margin Margin as may be stipulated by the Bank from time to time. Extent and
operation of the charge Hypothecation by way of first charge on tangible movable properties, stocks, book debts, Plant and Machinery etc. the due payment of Rs.1030.000 Millions, including the interest/commission, costs charges and expenses and all other moneys, whatsoever due owing and payable by the Company to the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All tangible
movable machinery and plant, both present and future whether installed or not
and whether lying loose or in cases at site or in transit more. All tangible movable properties and assets of whatsoever nature (other than movable and uninstalled machines) of the Borrower (both present and future) All the present
and future book-debts, outstanding, money receivables, claims, bills which
are not due and owing. |
|
Date of
instrument modifying the charge |
30.04.2010 |
|
Particulars of
the present modification |
The charge shall now
stand increased from Rs.700.000 Millions to Rs.1030.000 Millions in favour of
the Bank, against the security of tangible movable properties, stocks, book
debts, Plant and Machinery of the Company. |
FIXED ASSETS:
- Land and Building
- Machineries
- Furniture and Fixtures
- Typewriters
- Office Equipments
- Cycles
- Motor Car
- Air Conditioner
- Scooter
WEBSITE DETAILS
Profile
Subject formerly known as Standard Engineers, is engaged in manufacturing of metallic flexible conduits, PVC coated flexible conduits. These conduits are made from Galvanized steel strip which has been formed by helical winding to produce Square lock and Inter lock construction in size range from NB 3/8 “ to 3 “. These conduits are made to very high standards and in PVC coated in order to give an unequalled combination of strength, versatility and Quality.
Metallic Flexible Conduits are widely used in various
industries such as Electrical Industry as protective covering for cables;
Automobile and Chemical Industries as Low pressure Exhaust of Dust, Fumes and
Gases, Engineering Industries as outer casing of flexible Shafts, Expansion
Joints etc. The group has its factories at Rabale, Navi Mumbai and at Taloja
Industrial Area,
They have manufacturing units well equipped with requisite state-of-the-art machines and equipment that are needed for an efficient production of flexible conduits, electro-galvanising, roofing sheets and accessories for industrial and infrastructure requirement.
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.49.85 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.