MIRA
INFORM REPORT
|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARCELORMITTAL DISTRIBUTION SOLUTION INDIA
PRIVATE LIMITED [w.e.f. 29.07.2009] |
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Formerly Known
As : |
ARCELORMITTAL-STAINLESS INTERNATIONAL INDIA PRIVATE LIMITED |
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Registered
Office : |
205, Sentinel, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.05.2003 |
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Com. Reg. No.: |
11-140373 |
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Capital
Investment / Paid-up Capital : |
Rs.2.724
Millions |
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CIN No.: [Company Identification
No.] |
U51420MH2003PTC140373 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA22249D |
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PAN No.: [Permanent Account No.] |
AAECA5521B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of all Kind of Steel Products. |
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No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 590000 |
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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. The company
has improved its performance in the year 2010-11. 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. Shravan |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-42489504 |
|
Date : |
04.05.2012 |
LOCATIONS
|
Registered Office : |
205, Sentinel, |
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Tel. No.: |
91-22-67025544/42489500/42489519 |
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Fax No.: |
91-22-67029546 |
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E-Mail : |
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Website: |
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Location: |
Owned |
DIRECTORS
As on 27.09.2011
|
Name : |
Mr. Vijaykumar Brahma Bhatnagar |
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Designation : |
Director |
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Address : |
1/H, |
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Date of Birth/Age : |
21.08.1947 |
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Date of Appointment : |
24.06.2009 |
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Din No.: |
02200026 |
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Name : |
Mr. Manjunath Gopal Raghavelu |
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Designation : |
Director |
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Address : |
Flat No. 2 B, 2nd Floor, |
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Date of Birth/Age : |
09.06.1976 |
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Date of Appointment : |
12.08.2009 |
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Din No.: |
02491745 |
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Name : |
Mr. Rajkumar Saxena |
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Designation : |
Director |
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Address : |
Flat No. 141, Nehru Apartments, Kalkaji, New Delhi-110019, |
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Date of Birth/Age : |
09.05.1950 |
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Date of Appointment : |
24.05.2011 |
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Din No.: |
01146693 |
KEY EXECUTIVES
|
Name : |
Mr. Shravan |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Manjunath Gopal Raghavelu |
|
1 |
|
Arcelor Foundation |
|
272398 |
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|
|
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Total |
|
272399 |
As on 24.02.2012
|
Names of Allottees |
|
No. of Shares |
|
Arcelor Foundation |
|
25740 |
As on 27.09.2011
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of all Kind of Steel Products. |
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Product : |
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Imports : |
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Products : |
Steel Products |
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Countries : |
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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 : |
Arcelormittal International, Luxemburg |
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Customers : |
End Users ·
L and T |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
HDFC Bank, Powai Branch, Mumbai, |
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Facilities : |
Overdraft Rs.250.000 Millions |
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Banking
Relations : |
-- |
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Financial
Institution: |
Societe General,
Maker Chambers IV, 13th Floor, P.O. Box 11635, Nariman Point,
Mumbai-400021, |
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Auditors : |
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Name : |
Hinesh R. Doshi and Company Chartered Accountants |
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Address : |
102, First Floor, A Wing, |
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Pan No.: |
AACFH3118C |
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Group Company: |
·
ArcelorMittal Projects Netherland ·
ArcelorMittal Commercial R.P.C. Sarl ·
ArcelorMittal International FZE ·
ArcelorMittal Flat Carbon Europe SA ·
·
·
ArcelorMittal International Luxemburg |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
272399 |
Equity Shares |
Rs.10/- each |
Rs.2.724
Millions |
As on 27.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
298139 |
Equity Shares |
Rs.10/- each |
Rs. 2.981
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 |
2.724 |
2.724 |
2.724 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
146.728 |
29.462 |
28.253 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
149.452 |
32.186 |
30.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
149.452 |
32.186 |
30.977 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.012 |
4.371 |
0.942 |
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Capital work-in-progress |
8.554 |
1.200 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.335 |
0.193 |
0.184 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
1289.017
|
55.819 |
1.600 |
|
|
Sundry Debtors |
931.403
|
0.041 |
4.189 |
|
|
Cash & Bank Balances |
58.990
|
2.308 |
28.698 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
197.636
|
53.719 |
14.873 |
|
Total
Current Assets |
2477.046
|
111.887 |
49.360 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2229.867
|
53.769 |
0.376 |
|
|
Other Current Liabilities |
32.888
|
3.783 |
1.290 |
|
|
Provisions |
86.740
|
27.913 |
17.843 |
|
Total
Current Liabilities |
2349.495
|
85.465 |
19.509 |
|
|
Net Current Assets |
127.551
|
26.422 |
29.851 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
149.452 |
32.186 |
30.977 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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|
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Income |
2968.730 |
68.310 |
|
|
|
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Commission |
4.820 |
14.380 |
NA |
|
|
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Other Income |
92.810 |
4.650 |
|
|
|
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TOTAL (A) |
3066.360 |
87.340 |
NA |
|
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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Cost of Goods Sold |
2836.820 |
62.060 |
|
|
|
|
Employee Remuneration and Benefits |
18.080 |
7.670 |
NA |
|
|
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Administrative Expenses |
31.370 |
14.920 |
|
|
|
|
TOTAL (B) |
2886.270 |
84.650 |
NA |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
180.090 |
2.690 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.410 |
0.160 |
NA |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
175.680 |
2.530 |
18.281 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.390 |
0.710 |
0.546 |
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
174.290 |
1.820 |
17.735 |
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Less |
TAX (H) |
57.020 |
0.610 |
6.266 |
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|
PROFIT AFTER TAX
(G-H) (I) |
117.270 |
1.210 |
11.469 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.500 |
25.290 |
32.496 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.147 |
|
|
|
Dividend |
0.000 |
0.000 |
14.982 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
2.546 |
|
|
BALANCE CARRIED
TO THE B/S |
143.770 |
26.500 |
25.290 |
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.149 |
0.000 |
0.000 |
|
|
|
Commission |
4.823 |
14.381 |
32.147 |
|
|
TOTAL |
5.972 |
14.381 |
32.147 |
|
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IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
2223.575 |
98.371 |
135.299 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
430.50 |
4.44 |
-- |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover [Approximately] |
|
|
5000.000 [Due to more
importing and business expanded] |
Expected Sales (2012-13) : Rs.8000.000 Millions.
The above information has been parted by Mr. Shravan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.82
|
1.39 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.87
|
2.66 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.00
|
1.57 |
35.26 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.17
|
0.06 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
15.72
|
2.66 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.31 |
2.53 |
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 |
2229.867
|
53.769 |
0.376 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
Yes |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
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18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BUSINESS
OPERATIONS AND FUTURE OUTLOOK:
During the year
the Company’s turnover has increased many fold mainly due to substantial increase
in trading activities of all kind of steel products, which has along with other
income, has resulted into substantial increase in net profit compared to
previous year and the same has been carried to balance sheet. The Board of
Directors is hopeful of maintaining the upward trend in turnover and
profitability in the coming year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51420MH2003PTC140373 |
|
Name of the company
|
ARCELOR STAINLESS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
205, Sentinel, |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Societe General,
Maker Chambers IV, 13th Floor, P.O. Box 11635, Nariman Point,
Mumbai-400021, Email: milind.kulkarni@sgcib.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement ( memorandum of agreement ) dated 24.04.2008 |
|
Date of
instrument Creating the charge |
24.04.2008 |
|
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 14% Terms of
Repayment As Per Agreement Margin As Per Agreement Extent and
Operation of the charge As Per Agreement |
|
Short particulars
of the property charged |
All the goods
including raw materials, work in process, finished goods, trading stocks/
stocks in transit, stores and spares and consumables and receivables
including book debts, outstanding moneys, bills, invoice, documents,
contracts, insurances policies, guarantees, securities, investment, royalties
and rights both present and future belonging to or in the possession of or
under the control of the borrower or of any third party whether in India or
elsewhere throughout the word. |
CONTINGENT LIABILITIES: [AS ON 31.03.2011]
1. The Company has
availed bank guarantees amounting to Rs.0.131 million; however, the company does
not expect any estimated financial effect resulting into liability, contingent
or otherwise.
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs.13.200 Millions towards construction of
Boundary Wall and purchase of machineries at warehouse site.
3. The company has changed the method of valuation of Inventories from FIFO
to weighted average basis as per global accounting policy followed by group
companies.
FIXED ASSETS:
·
Software
·
Computer
·
Motor Car
·
Office Equipments
·
Furniture
·
Leasehold Improvements
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.