MIRA INFORM REPORT
|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
STEELCO GUJARAT LIMITED |
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Registered
Office : |
Plot No. 2, G.I.D.C, Estate Palej, District Bharuch-392220, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.01.1989 |
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Com. Reg. No.: |
04-011748 |
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Capital
Investment / Paid-up Capital : |
Rs.753.695 Millions |
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CIN No.: [Company Identification
No.] |
L27110GJ1989PLC011748 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in Cold Rolling Technology |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under severe pressure. There appears to be huge
accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query reflated 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) |
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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
|
Registered Office /Factory: |
Plot No. 2, G.I.D.C, Estatel, Palej, District Bharuch-392220, |
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Tel. No.: |
91-2642-277479/ 277480 |
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Fax No.: |
91-2642-277307 |
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E-Mail : |
secretarial@steelcogujarat.com |
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Website : |
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Branches : |
Located at: ·
·
·
Mumbai ·
Chennai |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. R P Chandaria |
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Designation : |
Director |
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Name : |
Ms. Rashmi Chandaria |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
Mr. J. Mehra |
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Designation : |
Director |
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Name : |
Mr. Vimal Chandaria |
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Designation : |
Alternate to Mr.R P Chandaria |
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Name : |
Mr. Mahendra Lodha |
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Designation : |
Director |
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Name : |
Dr. R S Mamak |
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Designation : |
Executive Vice Chairman |
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Name : |
Mr. N M Mohnot |
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Designation : |
Dy. Managing Director |
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Name : |
Mr. P.G.R Prasad |
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Designation : |
Director |
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Name : |
Mr. Krishna Kumar M. Joshi |
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Designation : |
Additional Director (w.e.f.20.06.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Singhvi |
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Designation : |
Joint General Manager Finance |
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Name : |
Mr. Manoj Kumar Srivastava |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
-- |
-- |
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-- |
-- |
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Bodies Corporate |
33308398 |
78.26 |
|
Total shareholding of Promoter and Promoter Group (A) |
33308399 |
78.26 |
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(B) Public Shareholding |
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|
|
|
|
|
|
|
19290 |
0.05 |
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|
625642 |
1.47 |
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|
644932 |
1.52 |
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|
|
|
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|
951784 |
2.24 |
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|
|
|
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|
6012467 |
14.13 |
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|
1558062 |
3.66 |
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|
86179 |
0.20 |
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|
49936 |
0.12 |
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|
32718 |
0.08 |
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Trust |
3525 |
0.01 |
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|
8608492 |
20.23 |
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Total Public shareholding (B) |
9253424 |
21.74 |
|
Total (A)+(B) |
42561822 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
42561822 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Subject is engaged in Cold Rolling Technology. |
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Product : |
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As on 31.03.2011
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity Per
Annum @ |
Actual
Production |
|
Cold Rolled (Steel) Coils Current Year Previous Year |
MT MT |
* * |
144000 144000 |
93099 # 94149 # |
|
GP/GC Coils/Sheets Current Year Previous Year |
MT MT |
* * |
78000 78000 |
44474 $ 43888 $ |
* Not applicable, since the Cold Rolling Industry has been de-licensed.
@ The capacity [as certified by the management] is notional, depending on a particular product mix.(Size -0.20*900 MM)
# Including 41234 MT (Previous Year 40908 MT) for Captive Consumption.
$ Including 153 MT (Previous Year 912 MT) defective and rejects used in-house for packing purposes.
GENERAL INFORMATION
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Customers: |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
Ahmadabad, Gujarat, India |
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Internal
Auditor: |
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Name : |
M/s. Deloitte Haskins and Selles Chartered Accountants |
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Address : |
Vododara, Gujarat, India |
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Holding Company : |
Spica Investment Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000000 |
Equity Shares |
Rs. 10 each |
Rs.1000.000 millions |
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50000000 |
Preference Shares |
Rs.10 each |
Rs.500.000 millions |
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TOTAL |
|
Rs.1500.000
millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
42561822 |
Equity Shares ( Of the above 33308398 Equity Shares of Rs.10 each fully paid up are
held by Spica Investment Limited, the Holding Company ) |
Rs. 10 each |
Rs.425.618
millions |
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Less : Calls in Arrears – Due from Others |
|
Rs.0.123
million |
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|
3,28,20,000 |
12.50% Cumulative Redeemable Preference Shares (Of the above, 3,28,20,000 Preference Shares of ? 10 each fully paid up are held by Spica Investment Limited., the Holding Company) (Redeemable after 15 years with a right to exercise option to convert into equity share) |
Rs. 10 each |
Rs.328.200
millions |
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|
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|
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TOTAL |
|
Rs.753.695 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 |
753.695 |
753.695 |
753.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
976.986 |
48.968 |
0.000 |
|
|
4] (Accumulated Losses) |
(478.246) |
(503.481) |
(502.900) |
|
|
NETWORTH |
1252.435 |
299.182 |
250.800 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
578.264 |
630.294 |
733.400 |
|
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2] Unsecured Loans |
21.265 |
124.372 |
21.400 |
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TOTAL BORROWING |
599.529 |
754.666 |
754.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1851.964 |
1053.848 |
1005.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1512.959 |
691.189 |
685.200 |
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Capital work-in-progress |
10.892 |
7.012 |
34.300 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
808.302
|
553.261
|
374.900
|
|
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Sundry Debtors |
726.961
|
553.024
|
598.400
|
|
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Cash & Bank Balances |
78.094
|
43.687
|
44.000
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
340.748
|
376.868
|
346.200
|
|
Total
Current Assets |
1954.105
|
1526.840 |
1363.500 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
478.979
|
355.439
|
|
|
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Other Current Liabilities |
1098.049
|
775.318
|
|
|
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Provisions |
48.964
|
40.436
|
33.500
|
|
Total
Current Liabilities |
1625.992
|
1171.193 |
1077.400 |
|
|
Net Current Assets |
328.113
|
355.647
|
286.100 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1851.964 |
1053.848 |
1005.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
5193.307 |
4609.536 |
4220.982 |
|
|
|
Other Income |
186.781 |
143.245 |
67.481 |
|
|
|
TOTAL (A) |
5380.088 |
4752.781 |
4288.463 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
4363.307 |
3910.088 |
3400.831 |
|
|
|
Personal Expenses |
101.162 |
99.931 |
84.146 |
|
|
|
Operation and other Expenses |
614.089 |
541.923 |
504.815 |
|
|
|
Increase/(Decrease) in Finished Goods |
(66.117) |
(166.047) |
22.610 |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
5012.441 |
4385.895 |
4012.402 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
367.647 |
366.886 |
276.061 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
211.073 |
191.093 |
238.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
156.574 |
175.793 |
37.840 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
123.339 |
117.466 |
117.680 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
33.235 |
58.327 |
(79.840) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
8.000 |
99.570 |
0.945 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
25.235 |
48.370 |
(80.785) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(503.481) |
(551.851) |
(471.066) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(478.246) |
(503.481) |
(551.851 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2983.846 |
2646.333 |
2665.333 |
|
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TOTAL EARNINGS |
2983.846 |
2646.333 |
2665.333 |
|
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|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
842.110 |
352.287 |
-- |
|
|
|
Stores & Spares |
42.989 |
14.750 |
30.493 |
|
|
|
Capital Goods |
4.613 |
1.399 |
13.854 |
|
|
TOTAL
IMPORTS |
889.712 |
368.436 |
44.347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.33 |
0.64 |
(1.07) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.211 |
30.09.2011 |
30.12.2011 |
|
|
1 Quarter |
1 Quarter |
1 Quarter |
|
Net Sales/Income from
Operations |
1322.050 |
743.560 |
1232.620 |
|
Total Expenditure |
1317.060 |
808.330 |
1172.970 |
|
PBIDT (Excl Ol) |
4.990 |
(64.770) |
59.650 |
|
Other Income |
4.760 |
2.760 |
3.220 |
|
Operating Profit |
9.750 |
(62.010) |
62.870 |
|
Interest |
58.650 |
64.560 |
70.920 |
|
Exceptional Item |
0.000 |
0.000 |
0.000 |
|
PBDT |
(48.900) |
(126.570) |
(8.050) |
|
Depreciation |
30.570 |
31.240 |
31.130 |
|
Profit Before
Tax |
(79.470) |
(157.810) |
(39.190) |
|
Provision for Tax Expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit After
Tax |
(79.470) |
(157.810) |
(39.190) |
|
Net Profit |
(79.470) |
(157.810) |
(39.190) |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.47
|
[1.88]
|
[2.90] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.64
|
[1.89]
|
[3.03] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.96
|
[3.90]
|
[5.29] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
[0.32]
|
[30.97] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
7.31
|
584.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.27
|
0.99 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
REVIEW OF
OPERATIONS:
The Company continues to maintain the improved level of turnover and profitability achieved during last year. Current year has also ended with a cash profit of Rs. 156.600 Millions and net profit of Rs. 33.200 Millions and turnover of 94932 MT Valuing Rs.5380.100 Millions against turnover of 96045 MT Valuing Rs.4752.800 Millions, Cash profit of Rs. 175.800 Millions and Net Profit of Rs. 58.300 Millions of previous year. At the year end 1951 MT of material was at sea -port due to delay in arrival of designated vessels, which adversely affected the turnover by Rs.99.400 Millions and profit by Rs. 6.900 Millions including incentive on export.
During the year, Company commissioned its narrow rolling mills complex, which is getting stabilized after initial teething troubles and hence, full benefit of the same would be available from the year 2011-2012 onward. Facilities are planned to be utilized for production of special steel i.e High carbon and medium carbon, which would help to further improve the bottom line and turnover.
The Company’s thrust to develop special steel of high quality and value continued during the year which resulted into its emergence as a reliable source for its overseas customer to supply enamel grade steel.
The overall performance of the Company is satisfactory, keeping in view the delay in release of working capital by its bankers during last year and high volatility in the prices of its main raw material i.e. H.R. Coils.
MANAGEMENT
DISCUSSION ANDANALYSIS
INDUSTRY
STRUCTURE, DEVELOPMENTS, OPPORTUNITIES AND OUTLOOK
Finished steel consumption is continuously increasing in the country with rise in demand from automobile, power, construction and infrastructure sectors including railway coaches. Government thrust to improve rural India and avoid wastage in the storage of food grain is also giving impetus to the demand of steel.
During the 2010-11 India produced approx. 65 million MT of steel registering a growth of 8% over the previous year, whereas consumption increased by 11% to approx. 70 million MT, gap was filled up by net import of approx. 5 million MT. Despite India being the 3rd largest producer of steel in the world, the per capita steel consumption of 50 Kg is very low vis-ŕ-vis 405 Kg in China, 490 Kg. in Japan and world average consumption of 180 Kg. An increase of 10 Kg. in per capita consumption shall imply an increase in steel demand of the 12 million MT.
There is a vast potential for growth of the steel industry in India to improve the life standard of people and generating additional employment. India's demand for steel is expected to reach 150 million MT by 2015-16.
The Company has also taken steps to seize the opportunities of growth in more than one way such as developing Narrow Mill complex to produce special steel to meet demand and also undertaking further expansion program to enhance the capacity and enrich the products mix.
The Company has also taken every step to enhance the existing capacity utilization by import of raw material and laying emphasis on sale of various value added products such as enamel grade steel, black CR steel and other processed steel products.
The directors are optimistic of better performance especially in the light of government encouraging investment in rural areas, infrastructure and industrial growth with liberal credit system and Company’s exports mainly meant for under developed and developing countries.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The Company has earned net profit of Rs.33.200 Millions on turnover of 94,932 MT valuing Rs.5380.100 Millions against net profit of Rs.58.300 Millions on turnover of 96045 MT valuing Ra.4752.800 Millions in the previous year.
FIXED ASSETS
- Buildings
- Plant and Machinery
- Furniture and Fixture and Other Office Equipments
- Vehicles
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
PARTICULARS |
AS ON 31.03.2011 (Rs. In millions) |
AS ON 31.03.2010 (Rs. In millions) |
|
Guarantees given by the Company's Bankers |
12.087 |
8.290 |
|
Letters of Credit opened, material not supplied |
35.551 |
17.531 |
|
Dividend on Cumulative Preference shares |
102.731 |
61.706 |
|
Liabilities Disputed and appeals filed before higher appellate authorities as well as in the process of being filed in respect of: |
||
|
Income tax matters |
23.570 |
32.853 |
|
Central Excise matters (entire amount withheld by department shown under "Loans and advances |
43.798 |
37.050 |
|
Interest on Electricity Duty Deferment Loan |
8.318 |
8.318 |
|
Labour matters |
4.500 |
4.500 |
UNAUDITED
FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED 31.12.2011
(Rs. In Millions)
|
Particulars |
30.09.2011 |
31.12.2011 |
|
|
Quarter Ended |
Half Year
Ended |
|
a) Net Sales/Income from Operations |
731.208 |
2013.764 |
|
b)Other Operating Income |
12.348 |
51.837 |
|
Total
Income (a+b) |
743.556 |
1324.828 |
|
Expenditure : a) Decrease/ (Increase) in stock in trade and work in progress |
73.672 |
116.679 |
|
b) Consumption of raw materials |
527.650 |
1561.237 |
|
c) Purchase of Traded Goods |
0.000 |
0.000 |
|
d) Employees cost |
34.477 |
62.632 |
|
e) Depreciation |
31.237 |
91.809 |
|
f) Other expenditure |
172.528 |
384.834 |
|
Total (a+b) |
839.564 |
2187.191 |
|
Profit from Operations before Other Income, Interest and Exceptional
items (1-2) |
(96.008) |
(121.590) |
|
Other Income |
2.763 |
7.526 |
|
Profit before Interest and Exceptional items (3+4) |
(93.245) |
(114.064) |
|
a) Interest and Financial Charges |
64.563 |
123.213 |
|
Profit after Interest but before Exceptional Items |
(157.808) |
(237.277) |
|
Exceptional Items (net of tax expense) |
0.000 |
0.000 |
|
Profit Before
Tax |
(157.808) |
(237.277) |
|
Provision for Tax Expenses |
0.000 |
0.000 |
|
Net Profit After
Tax |
(157.808) |
(237.277) |
|
Extraordinary items (net of Tax) |
0.000 |
0.000 |
|
Net Profit |
(157.808) |
(237.277) |
AS PER WEBSITE
Profile:
Subject is an ISO 9001-2000 and ISO 14001 certified company
is the Indian Chapter of the $2.5 billion Comcraft Group having presence in 45
countries across the globe with 250 establishments in Steel, Aluminium, Plastics,
Chemicals, Non Ferrous metals, Engineering and Industrial components.
Backed by Comcraft's managerial expertise and technological
support from Hitachi of Japan, Subject, makers of paper thin steel stands as a
force to reckon within the Indian scenario.
- Situated at
Palej, Dist. Bharuch,
- 50kms from
Vadodara (
- Commercial
Production of Cold Rolled Steel products started in 1994 with capacity of
200,000 MT per annum.
- Forward integration
by installing a Continuous Hot Dip Galvanising Line in 1997 with capacity
of 30,000 MT per annum.
- Second Hot
Dip Continuous Galvanising line of capacity 50,000 MT per annum
commissioned in March 2004.
The Facilities
The Plant is equipped with the latest in Cold Rolling
Technology - super efficient 6 Hi High Crown Combination Reversing Cold Rolling
Mill from Hitachi, Japan to enable rolling of superior grade finished sheets
and coils. The 6 Hi HC Mill provides and ensures:
·
Excellent profile control
·
Thermal Crown compensation for removing
rolling defects and enhancing profile characteristics.
·
Heavy Reduction Rolling with better
grain orientation
·
Reduced Edge Drop
·
Fully Automatic Gauge and elongation
controls
Other CRM facilities includes
·
Push Pull Continuous Pickling Line.
·
Electrolytic Cleaning Line.
·
·
Slitting and Cut to Length lines
The Hot Dip continuous Galvanising Line provides
·
Coating - 120 GSM to 275 GSM
·
High temper of roofing sheets to
withstand higher loads even with thinner gauge sheets.
·
GI sheets and coils with or without
spangles.
The Strengths
Cold Rolled Sheets and Coils in the thickness range of
0.12mm to 2.5mm and width range of 100 mm to 1300mm.
Galvanised Sheets (plain and corrugated) and Coils in the
thickness range of 0.12 mm to 0.70 mm and width range of 600 mm to 1000mm.
Wide Manufacturing Capability :
Designed for today's specialised , diversified and
sophisticated applications.
Products as per BIS, JIS, ASTM, DIN, BS, EN and to any customer specification.
Superior Dimensional Accuracy:
·
Ensured by automatic gauge control
system.
·
Sophisticated Cut to Length and
slitting lines
Excellent Surface Quality:
·
Bright, Matt, Dull and Rough surfaces
as per customer requirement.
Loading Infrastructure:
·
In house facility to stuff containers
and thus ensuring safety of material.
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.53.64 |
|
|
1 |
Rs.86.42 |
|
ssEuro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.