MIRA
INFORM REPORT
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Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
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Name : |
MAHALAXMI TMT PRIVATE LIMITED (w.e.f 13.01.2009) |
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Formerly Known
As : |
MAHALAXMI INGOTS PRIVATE LIMITED |
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Registered
Office : |
B 306, Dynasty Business Park, JB Nagar, Andheri Kurla Road, Andheri
(East), Mumbai 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.08.2004 |
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Com. Reg. No.: |
11-147918 |
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Capital
Investment/ Paid-up Capital: |
Rs.80.100 Millions |
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CIN No.: [Company Identification
No.] |
U27100MH2004PTC147918 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKM05379D |
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PAN No.: [Permanent Account No.] |
AAECM8393D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Thermo Mechanical Treated / MS Rods /
Round, etc |
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No. of
Employees: |
Information declined by the management
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RATING & COMMENTS
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MIRAs Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5900000 |
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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. 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 (GENERAL INFORMATION)
|
Name : |
Mr. Abhinandan |
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Designation : |
Assistant Manager (Finance) |
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Contact No.: |
91-22-61115200 |
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Date : |
23.05.2012 |
LOCATIONS
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Registered Office : |
B 306, Dynasty Business Park, JB Nagar, Andheri Kurla Road, Andheri
(East), Mumbai 400059, Maharashtra, India |
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Tel No: |
91-22-61115200 / 299 / 28227861 / 64 |
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Mobile No.: |
91-9822060827 (Mr. Yogesh) |
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Fax No: |
91-22-28227865 |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
190, Priyadarshini Colony Sambhaji Nagar, Jalana 431203, |
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Email: |
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Factory : |
Plot No.C-2, Deoli Growth Centre, Deoli MIDC, Deoli, District Wardha
442101, Maharashtra, India |
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Tel No.: |
91-7152-254044 |
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Fax No.: |
91-2482-320184 |
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E-mail: |
DIRECTORS
As on 08.08.2011
|
Name : |
Mr. Ram Pal Soni |
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Designation : |
Director |
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Address : |
01, Main Sector, Shstri Nagar, Bhilwara 311001, |
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Date of Birth/Age : |
26.01.1946 |
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Qualification : |
Bsc. Diploma in Civil Engineering |
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Date of Appointment : |
18.03.2010 |
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DIN NO: |
00401439 |
|
Name : |
Mr. Yogesh Ramnivas Mandhani |
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Designation : |
Director |
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Address : |
H. No 1, 28, 4118, 3, Ramnivas, Karwa Nagar, Jalna 431203, |
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Date of Birth/Age : |
06.12.1976 |
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Qualification : |
BE in Chemical Engineering |
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Date of Appointment : |
26.05.2008 |
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DIN NO: |
01691583 |
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Name : |
Mr. Anurag Ram Pal Soni |
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Designation : |
Director |
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Address : |
01, Main Sector, Shstri Nagar, Bhilwara 311001, |
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Date of Birth/Age : |
29.08.1988 |
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Qualification: |
MBA in Finance |
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Date of Appointment : |
30.03.2011 |
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DIN NO: |
03407094 |
KEY EXECUTIVES
|
Name : |
Mr. Abhinandan |
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Designation : |
Assistant Manager (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Ramkishan Mantri |
|
5000 |
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Ramkishan Nanakram Mantri |
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5000 |
|
Sangam Infratech Limited, India
|
|
6200000 |
|
Swift Venturers Private Limited, India |
|
90000 |
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Dhanlaxmi Re Rolling Mill, India |
|
90000 |
Equity Share Break up (Percentage of Total Equity)
As on 08.08.2011
|
Category |
|
Percentage |
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Bodies corporate |
|
99.88 |
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Other top fifty shareholders |
|
0.12 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Thermo Mechanical Treated / MS Rods /
Round, etc |
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Products: |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Dubai |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. N. Bhutra and Company Chartered Accountants |
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Address : |
608-609, Chambers, |
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PAN NO : |
AJUPB5639F |
CAPITAL STRUCTURE
After 08.08.2011
Authorised Capital : Rs.250.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.125.100 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
15000000 |
Equity Share |
Rs.10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8010000 |
Equity Share |
Rs.10/- each |
Rs.80.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
80.100 |
40.100 |
0.100 |
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2] Share Application Money |
627.369 |
252.327 |
0.100 |
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3] Reserves & Surplus |
759.161 |
362.513 |
2.512 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1466.630 |
654.940 |
2.712 |
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LOAN FUNDS |
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1] Secured Loans |
3087.927 |
531.621 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
105.454 |
|
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TOTAL BORROWING |
3087.927 |
531.621 |
105.454 |
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DEFERRED TAX LIABILITIES |
18.229 |
0.000 |
0.000 |
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TOTAL |
4572.786 |
1186.561 |
108.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
742.830 |
0.000 |
0.000 |
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Capital work-in-progress |
2352.727 |
934.686 |
104.291 |
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Expenditure Pending Allocation |
382.582 |
79.802 |
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INVESTMENT |
0.032 |
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 |
406.983
|
151.183
|
0.000
|
|
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Sundry Debtors |
507.000
|
0.000
|
0.000
|
|
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Cash & Bank Balances |
133.395
|
74.006
|
2.538
|
|
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Other Current Assets |
174.832
|
0.000
|
0.000
|
|
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Loans & Advances |
336.458
|
117.094
|
6.833
|
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Total
Current Assets |
1558.668
|
342.283
|
9.371 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditor |
365.356
|
161.165
|
3.816
|
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Other Current Liability |
87.589
|
9.045
|
0.000
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|
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Provisions |
11.108
|
0.000
|
1.828
|
|
Total
Current Liabilities |
464.053
|
170.210
|
5.644 |
|
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Net Current Assets |
1094.615
|
172.073
|
3.727
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.148 |
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TOTAL |
4572.786 |
1186.561 |
108.166 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
4740.611 |
-- |
-- |
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Other Income |
165.096 |
-- |
-- |
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TOTAL (A) |
4905.707 |
-- |
-- |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
4717.250 |
-- |
-- |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
188.457 |
-- |
-- |
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Less |
FINANCIAL
EXPENSES (D) |
92.849 |
-- |
-- |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
95.608 |
-- |
-- |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.730 |
-- |
-- |
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|
PROFIT BEFORE
TAX (E-F) (G) |
54.878 |
-- |
-- |
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Less |
TAX (H) |
18.229 |
-- |
-- |
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PROFIT AFTER TAX
(G-H) (I) |
36.649 |
-- |
-- |
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TOTAL EARNINGS |
2.897 |
-- |
-- |
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Earnings Per
Share (Rs.) |
4.58 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.75
|
--
|
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.16
|
--
|
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.38
|
--
|
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
--
|
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
1.07
|
40.96
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Current Ratio (Current Asset/Current Liability) |
|
3.36
|
2.01
|
1.16
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditor
Details:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditor |
|
|
|
|
-
Due Others |
365.356
|
161.166
|
3.816
|
|
Check List by
info Agents |
Available in
Report (Yes/ No) |
|
1) Year of Establishment |
Yes |
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2)Locality of the Firm |
Yes |
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3)Constitution of the Firm |
Yes |
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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)Promoters Background |
Yes |
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8)No. of Employees |
No |
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9)Name of Person Contacted |
Yes |
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10)Designation of Contact person |
Yes |
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11)Turnover of Firm for last one years |
Yes |
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12)Profitability for last one years |
Yes |
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13)Reason for variation <> 20% |
-- |
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14)Estimated for coming financial year |
No |
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15)Capital in the Business |
Yes |
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16)Details of Sister Concern |
No |
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17)Major Suppliers |
No |
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18)Major Customer |
No |
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19)Payment Terms |
No |
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20)Export/ Import Details (if Applicable) |
No |
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21)Market Information |
-- |
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22)Litigation that the Firm / Promoter |
-- |
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23)Banking Details |
Yes |
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24)Banking facility details |
Yes |
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25)Conduct of the Banking |
-- |
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26)Buyer visit details |
-- |
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27)Financials, if provided |
Yes |
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28)Incorporation details, if applicable |
Yes |
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29)Last account filed at ROC |
Yes |
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30)Major Shareholders, if applicable |
Yes |
Note:
The Registered Office of the company has been shifted from 190,
Priyadarshini Colony Sambhaji Nagar, Jalana 431203,
Review of operating Performance
Operation and Sales:
During the year, the Company produced
180979.86 tons of Billets products as against 81.22 tons during the last year.
The Company achieved a capacity utilization of 54%.
The year 2010-11 was the first year of
production, even after that your company was achieved an EBIDTA of Rs 188.500
Millions and Net profit before deferred tax provision of Rs 55.800 Millions.
Finance
The company has already concluded the
financial tie-up of ongoing project of 6114.200 Millions.
On the same line, the company has also tied up
the need of total working capital facilities of Rs 2990.000 Millions s with the
consortium of bankers lead by State Bank of Bikaner and Jaipur.
Project On going and Balancing Equipment
The Company has undertaken to setting up
manufacturing plant of Sponge Iron, Rolling Mill and Power Plant for captive
consumption with the total project cost estimated to Rs. 6114.200 Millions. The
Financial tie-up was already concluded in last year. The implementation of the
same project is under progress during the last year.
Future Outlook
Government is also developing huge
infrastructure, housing and construction for higher growth rate. So, steel is
the basic requirement in infrastructure development which will always create
demand of steel in near future
Their company is one of the biggest single
location manufacturing capacity for Billets in Central India The Wardha is
developing as an industrial hub for steel and power industry.
Contingent Liability (As on 31.03.2011)
The Company has
given Bank guarantee of Rs. 69.718 Millions in favour of Maharashtra State
Electricity Distribution Company Limited for supply of Electricity at the Plant
and Rs. 0.500 Million in favour of Maharashtra Pollution Control Board.
Further the company has opened Letter of Credit of Rs. 90.600 Millions,
which is outstanding as on 31st March, 2011. Details of the same are as
follows.
(Rs. In Millions)
|
Sr. No. |
L/C Opening Date |
In Favour of |
L/C Amount |
|
1 |
23.03.2011 |
Assar International Pte Limited |
12.708 |
|
2 |
28.03.2011 |
Assar International Pte Limited |
12.582 |
|
3 |
28.03.2011 |
Globle Metcrop Limited |
43.763 |
|
4 |
30.03.2011 |
Quality Metal FZE |
21.510 |
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U27100MH2004PTC147918 |
|
Name of the company |
MAHALAXMI TMT PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
B 306, Dynasty Business Park, JB Nagar, Andheri Kurla Road, Andheri
(East), Mumbai 400059, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10237089 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Union Bank of India, First Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg,
Nariman Point, Mumbai 400021, Maharashtra, India E-mail : katkar@unionbankofindia.com
|
|
Nature of instrument creating charge |
Memorandum of Entry executed on 31.10.2011 describing oral assent
given with intent to create further security on the immoveable property to
secure due repayment , discharge and redemption by Mortgager to the said banks of the aggregate credit
facilities of Rs.7790.000 Millions |
|
Date of instrument Creating the charge |
31.10.2011 |
|
Amount secured by the charge |
Rs. 7790.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
: Interest shall be charged on the outstanding amount at such rate or
rates as may be determined by respective banks from time to time, more
particularly stated in respective documents of charge Terms of
Repayment : The loan shall be repayable in such installments as mentioned in loan
agreements executed with respective banks. Margin : The borrower shall at all times maintain such margin as mentioned in loan
facility agreement executed with respective banks. Extent and
operation of the charge : First pari-passu charge basis for the term lenders banks for Rs.
4800.00 Millions and second pari passu charge basis for working capital
lenders banks for Rs. 2990.000 Millions more particularly described in
Memorandum of Entry executed on 31.10.2011 |
|
Short Particulars of the property charged |
Piece or parcel of landed property plot no C-2 and B-1/4 situated at Deoli
Growth Centre Taluka Deoli, Dist Wardha together with constructions structure built or to be
built |
|
Particulars of the present modification |
A Memorandum of Entry was executed on 31/10/2011 on plot no. C-2 and
B- 1/4 situated at Deoli Growth Centre, taluka Deoli, Wardha in Maharashtra
in favour of Union Bank of India, acting for itself and an agent of UBI
consortium to secure due repayment , discharge and redemption by Mortgager to
the said banks of the aggregate credit
facilities of Rs.7790.000 Millions |
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 Intl
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 companys 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.56.29 |
|
|
1 |
Rs.88.26 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
This score serves as a reference to assess SCs 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.