MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABHAY ISPAT ( |
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Registered
Office : |
308, Platinum, Jawahar Road, Ghatkopar (East), Mumbai-400077,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.04.2002 |
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Com. Reg. No.: |
11-135533 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.780 Millions |
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CIN No.: [Company Identification
No.] |
U27104MH2002PTC135533 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18684B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of all kinds of Steels, Irons, Metals,
Sheets and Wires |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
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 960000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company is doing well. 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
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 / Head Office : |
308, Platinum, Jawahar Road, Ghatkopar (East), Mumbai-400077, Maharashtra,
India |
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Tel. No.: |
91-22-42918888 |
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Fax No.: |
91-22-42918850 |
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E-Mail : |
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Website : |
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Regional Offices : |
Located At ·
Hyderabad ·
Ahmedabad ·
Indore |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Vinesh Mehta |
|
Designation : |
Director |
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Address : |
Flat No. 1301, G Wing, Kukreja Palace, Vallabhai Lane, Ghatkopar, Mumbai-400077,
Maharashtra, India |
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Date of Birth/Age : |
01.04.1960 |
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Date of Appointment : |
15.04.2002 |
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DIN No.: |
00376381 |
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Name : |
Mr. Navin Mehta |
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Designation : |
Director |
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Address : |
402, Kailash Residency, Plot No.53/54, 7th Road, Rajawadi,
Ghatkopar (East), Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
28.05.1953 |
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Date of Appointment : |
15.04.2002 |
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DIN No.: |
00422021 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Vinesh Mehta |
356200 |
|
Navin Mehta |
332000 |
|
Samir Mehta |
226500 |
|
Bhavana Mehta |
100801 |
|
Vineh Mehta HUF |
148000 |
|
Rajiv Mehta |
500 |
|
Virendra Mehta |
87000 |
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Tanvi Mehta |
160000 |
|
Anai Mehta |
167000 |
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Total |
1578001 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of all kinds of Steels, Irons,
Metals, Sheets and Wires |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard Chartered Bank, SME Credit, Crescenzo,
3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Taparia Chartered Accountant |
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Address : |
12, Navjeevan Wadi, Dhobi Talao, Mumbai-400002, |
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Tel. No.: |
91-22-66319266/ 67/68 |
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E-Mail : |
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Pan No.: |
AAOFS0663D |
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Company is which personnel of category 1 and category 2 have interest more
than tem percents : |
·
Aneri Steel Private Limited ·
Jenil Steel Private Limited ·
Navin Chandra Impex Private Limited ·
Jai Durga Steel Industries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
2050000 |
Equity Shares |
Rs.10/- each |
Rs. 20.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1578001 |
Equity Shares |
Rs.10/- each |
Rs. 15.780
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 |
|
|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
15.780 |
15.780 |
15.780 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
224.260 |
130.252 |
79.248 |
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4] (Accumulated Losses) |
0.000 |
0.00 |
0.000 |
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NETWORTH |
240.040 |
146.032 |
95.028 |
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LOAN FUNDS |
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1] Secured Loans |
199.065 |
131.654 |
0.000 |
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2] Unsecured Loans |
34.968 |
10.621 |
0.000 |
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TOTAL BORROWING |
234.033 |
142.275 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
474.073 |
288.307 |
95.028 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.904 |
3.089 |
1.641 |
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Capital work-in-progress |
0.000 |
1.802 |
0.000 |
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INVESTMENT |
0.426 |
0.426 |
0.200 |
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DEFERREX TAX ASSETS |
0.195 |
0.129 |
0.133 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
534.378
|
229.611 |
19.782 |
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Sundry Debtors |
355.869
|
110.146 |
51.261 |
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Cash & Bank Balances |
88.990
|
88.402 |
65.616 |
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Other Current Assets |
5.117
|
101.085 |
5.505 |
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Loans & Advances |
20.708
|
13.000 |
12.387 |
|
Total
Current Assets |
1005.062
|
542.244 |
154.551 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
144.156
|
117.097 |
49.941 |
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Other Current Liabilities |
391.578
|
141.142 |
6.081 |
|
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Provisions |
1.780
|
1.144 |
5.477 |
|
Total
Current Liabilities |
537.514
|
259.383 |
61.499 |
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Net Current Assets |
467.548
|
282.861 |
93.052 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
474.073 |
288.307 |
95.028 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
4437.682 |
3636.685 |
1850.103 |
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Other Income |
320.728 |
216.834 |
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TOTAL |
4758.410 |
3853.519 |
1850.103 |
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Less |
EXPENSES |
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|
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|
4615.720 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
4615.720 |
3774.867 |
1833.799 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
142.690 |
78.652 |
16.304 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.385 |
0.622 |
0.466 |
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PROFIT BEFORE
TAX |
141.305 |
78.030 |
15.838 |
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Less |
TAX |
47.297 |
27.026 |
5.474 |
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PROFIT AFTER TAX
|
94.008 |
51.004 |
10.364 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
93.377 |
42.373 |
32.009 |
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BALANCE CARRIED
TO THE B/S |
187.385 |
93.377 |
42.373 |
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EARNINGS IN
FOREIGN CURRENCY |
4.469 |
1.756 |
NA |
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IMPORTS |
480.114 |
50.105 |
NA |
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Earnings Per Share
(Rs.) |
59.57 |
-- |
-- |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.98
|
1.32 |
0.56 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.18
|
2.14 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.97
|
14.31 |
10.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.53 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.21
|
2.75 |
0.65 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.87
|
2.09 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered office has been shifted from A-119, Satyam Shopping Complex,
M G Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India to the present
address w.e.f.01.04.2010.
OPERATIONS
During the year the Company has achieved a turnover of Rs. 4437.682
Millions (previous year Rs. 3636.685 Millions) and earned a net profit of Rs.
94.008 Millions (previous year Rs. 51.004 Millions).
FORM 8
|
Corporate
identity number of the company |
U27104MH2002PTC135533 |
|
Name of the
company |
ABHAY ISPAT ( |
|
Address of the
registered office or of the principal place of business in |
308, Platinum, Jawahar Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation
agreement |
|
Date of
instrument Creating the charge |
18.10.2011 |
|
Amount secured by
the charge |
Rs. 275.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As agreed y and
with the Bank from time to time Terms of repayment As agreed y and
with the Bank from time to time Margin As applicable, if
any Extent and operation of the charge The Bank is
having pari passu charge with Saraswat Bank on the security given by the
Company |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by way
of pari passu charge with Saraswat Bank on a)
All
the stock in trade both present and future consisting of raw materials,
finished goods, goods in process of manufacturing and other merchandise. b)
All
the present and future book debts, outstanding moneys receivable, claims and
bills. |
|
Charge
identification number of the charge to be modified |
10233270 |
|
Date of
instrument modifying the charge |
26.04.2011 |
|
Particulars of
the present modification |
Exchange charge amount
of Rs. 200 Millions enhanced to Rs. 275 Millions against the security of
hypothecation by way of pari passu charge with Saraswat Bank on a)
All
the stock in trade both present and future consisting of raw materials,
finished goods, goods in process of manufacturing and other merchandise. b)
All
the present and future book debts, outstanding moneys receivable, claims and
bills. Existing charge of Rs. 200 Millions shall continue on immovable
property on Navinchandra Impex Private Limited |
FIXED ASSETS
·
Air Conditioner
·
Computers and Printers
·
Office Equipments
·
Furniture and Fittings
·
Motor Car
·
Telephone and Mobile
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. 50.90 |
|
|
1 |
Rs. 81.27 |
|
Euro |
1 |
Rs. 67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.