MIRA
INFORM REPORT
|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
JALNA SIDDHIVINAYAK ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sarita Kunjkapada Bazar, Jalna – 431203, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.10.1999 |
|
|
|
|
Com. Reg. No.: |
11-122323 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27300MH1999PTC122323 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKJ01402C NSKJ00921E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ8761L AAACJ8761E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of M. S. Billets. |
|
|
|
|
No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 193000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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. Kapil |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9923015555 |
|
Date : |
15.03.2012 |
LOCATIONS
|
Registered Office : |
Sarita Kunjkapada Bazar, Jalna – 431203, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9923015555 (Mr. Kapil) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
C-4/1/2, Additional MIDC Area, Jalna – 431203 Maharashtra, India |
|
Tel. No.: |
91-2482-220400 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Dinesh Omprakash Agrawal |
|
Designation : |
Director |
|
Address : |
Saritakunj, Kapda Bazar, Jalna – 431203, Maharashtra, India |
|
Date of Appointment : |
22.10.1999 |
|
DIN No.: |
01866997 |
|
|
|
|
Name : |
Mr. Umesh Omprakash Agrawal |
|
Designation : |
Director |
|
Address : |
Saritakunj, Kapda Bazar, Jalna – 431203, Maharashtra, India |
|
Date of Appointment : |
22.10.1999 |
|
DIN No.: |
01867004 |
|
|
|
|
Name : |
Mr. Vijay Agarwal |
|
Designation : |
Director |
|
Address : |
Saritakunj, Kapda Bazar, Jalna – 431203, Maharashtra, India |
|
Date of Appointment : |
22.10.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Kapil |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Umesh Agrawal |
|
89010 |
|
Dinesh Agrawal |
|
151010 |
|
Vijay Agrawal |
|
134010 |
|
Radhakishan Agrawal |
|
80000 |
|
Chandadevi Agrawal |
|
160000 |
|
Sanjay Agrawal |
|
200000 |
|
Anitadevi Agrawal |
|
200000 |
|
Surajdevi Agrawal |
|
150000 |
|
Satyanarayan Agrawal |
|
100000 |
|
Rajesh Agrawal |
|
276900 |
|
Kishor Agrawal |
|
214000 |
|
Sunil Agrawal |
|
210170 |
|
Pooja D Agrawal |
|
6000 |
|
Preeti Agrawal |
|
14900 |
|
Poonam S. Agrawal |
|
14000 |
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of M. S. Billets. |
|
|
|
|
Imports : |
|
|
Products : |
Scraps |
|
Countries : |
·
Dubai ·
South Africa |
|
|
|
|
Terms : |
|
|
Selling : |
L/C/ Cash/ Credit |
|
|
|
|
Purchasing : |
L/C/ Cash/ Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
|
Actual Production |
M.T |
73854.990 |
GENERAL INFORMATION
|
Suppliers : |
MTC Business Private Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
Wholesalers and Retailers ·
Shree Om Rolling Mills Private Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
350 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Union Bank of India, Jalna Branch, Priti Complex, Neharu Road, Jalna –
431005, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
Cash Credit – Rs.700.000 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ajit Golechha and Company Chartered Accountants |
|
Address : |
F1 and 2, First Floor, Dhanwarsha Chembers, Sarojinidevi Road, Jalna –
431203, Maharashtra, India |
|
Tel. No.: |
91-24-234645 |
|
PAN.: |
ABBPG4230A |
|
|
|
|
Sister Concerns : |
Roopam Steel Rolling Mill |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2100000 |
Equity Shares |
Rs.10/- each |
Rs.21.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
28.225 |
27.333 |
25.447 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.225 |
47.333 |
45.447 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
208.555 |
154.202 |
130.093 |
|
|
2] Unsecured Loans |
5.468 |
8.724 |
10.200 |
|
|
TOTAL BORROWING |
214.023 |
162.926 |
140.293 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
262.248 |
210.259 |
185.740 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
132.743 |
148.154 |
165.586 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.030 |
0.030 |
18.290 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
129.199
|
111.165 |
82.986 |
|
|
Sundry Debtors |
91.345
|
69.273 |
52.907 |
|
|
Cash & Bank Balances |
49.535
|
27.207 |
0.205 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.818
|
13.338 |
13.735 |
|
Total
Current Assets |
294.897
|
220.983 |
149.833 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
122.102
|
117.472 |
147.984 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
43.335
|
41.451 |
0.000 |
|
Total
Current Liabilities |
165.437
|
158.923 |
147.984 |
|
|
Net Current Assets |
129.460
|
62.060 |
1.849 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.015 |
0.015 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
262.248 |
210.259 |
185.740 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1527.977 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1944.536 |
1527.977 |
826.436 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
808.597 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
1926.161 |
1502.703 |
808.597 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
18.375 |
25.274 |
17.839 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
16.829 |
22.409 |
12.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.546 |
2.865 |
4.916 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.654 |
0.979 |
0.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.892 |
1.886 |
4.384 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
NA |
NA |
|
Expected Sales (2011-12): Rs.2900.000 Millions
The above information has been parted by Mr. Kapil.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.05
|
0.12 |
0.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.36
|
0.77 |
1.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.87
|
6.80 |
6.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.39 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
122.102
|
117.472 |
147.984 |
|
Total |
122.102
|
117.472 |
147.984 |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U27300MH1999PTC122323 |
|
Name of the
company |
JALNA
SIDDHIVINAYAK ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sarita,
Kunjkapada Bazar, Jalna – 431203,
Maharashtra, India Email : devendraring@gmail.com |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10224835 |
|
Type of charge |
Immovable
property Any interest in
immovable property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Union Bank of India, Jalna Branch, Priti Complex, Neharu Road, Jalna –
431005, Maharashtra, India Email : cbsjalna@unionbankofindia.com
|
|
Nature of
instrument creating charge |
1. Supplementary
deed to SD - 20 Hypothecation Deed [SD - 20(S)] 2. Memorandum of
deposit of title deeds (company) (AD - 14) (All deeds
executed to create single charge) |
|
Date of
instrument Creating the charge |
15.10.2011 |
|
Amount secured by
the charge |
Rs.282.300
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit - Base Rate + 6.25 % (Sub Limit W/W Import
LC - Usual) Term Loan - Base
Rate + 7.00 % Letter of
Guarantee – Usual Terms of
repayment Cash credit -
repayable on demand / review within 12
months Term loan - in
monthly installments of Rs.1.417 Millions with interest for 5 years Letter of
guarantee - as per agreement Margin Cash credit - 25
% on stocks and 40 % on book debts W/W import LC -
25 % cash Term loan - 25 % Letter of
guarantee - 25 % cash Extent and
operation of the charge The charges will
be operative till the entire amount of loan alongwith interest, expenses,
charges and commission are repaid by the company Others Existing loan
charge – Rs.238.500 Millions Modification loan
charge – Rs.282.300 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All goods, stock,
plant and machinery, fixtures, fittings and installations, furniture,
vehicles, and present and future book debts and all other moveable current
assets of the company All that piece
and parcel of plot admn 3323 sq mtrs, at Plot No C - 4/1/1, Additional MIDC
Area, Jalna, along with present and future construction thereon All that piece
and parcel of plot admn 287.34 sq mtrs At Plot No C - 4/1/2, Additional MIDC
Area, Jalna, along with present and future construction thereon with existing
plant and machineries. |
|
Particulars of
the present modification |
The Existing Loan
of Rs.238.500 Millions (Consist of Cash Credit Rs.160.000 Millions, Term Loan
Rs.53.500 Millions, Letter of Guarantee Rs.25.000 Millions) Now Modified/Enhanced
to Rs.282.300 Millions (Consist of Cash Credit Rs.212.500 Millions, Term Loan
Rs.29.800 Millions, Letter of Guarantee Rs.40.000 Millions) |
TRADE REFERENCES
· Shree Om Rolling Mills Private Limited
· MTC Business Private Limited
FIXED ASSETS
·
Land
·
Land Development
·
Office Building
·
Factory Building
·
Plant and Machinery
·
Other Fixed Asset
·
Electrification
·
Line Cost
·
Car
·
Air Conditioner
·
Plot
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.50.22 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--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 |
|
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.