|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
STAR WIRE (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
35, Link Road, 2nd Floor, Lajpat Nagar – III, Delhi –
110024 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.07.1963 |
|
|
|
|
Com. Reg. No.: |
55-117600 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.187.203 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109DL1963PLC117600 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALT00276D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS1124Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and Exporters of Steel Castings, Special Steel Rolled
Products/ Forged Products, Forging Quality Ingot. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. It has
achieved better increase in its revenue earned from operations and profits
during 2011. Trade relations are reported as decent. Business is active. Payment
terms re usually correct and as per commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
February, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
February, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Head Office : |
35, Link Road, 2nd Floor, Lajpat Nagar – III, Delhi –
110024, India |
|
Tel. No.: |
91-11-29832650/ 29832654 |
|
Fax No.: |
91-11-29832542 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
21/4, Mathura Road, Ballabgarh – 121004, Haryana, India |
|
Tel. No.: |
91-129-2242263/ 2241263/ 2241264/ 2240762 / 2240763/
2246762/ 2246763, 2248262/ 2300462/ 2213365/ 2246463 / 5062143/ 5062144/
5062145/ 5062146/ 5061751/ 5061752 / 5061753 |
|
Fax No.: |
91-129-2241265 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Mohindar Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
A-11, Nizamuddin West, New
Delhi – 110013, India |
|
Date of Birth/Age : |
01.12.1958 |
|
Date of Appointment : |
16.03.1981 |
|
DIN No.: |
00054110 |
|
|
|
|
Name : |
Ms. Rekha Gupta |
|
Designation : |
Director |
|
Address : |
A-11, Nizamuddin West, New
Delhi – 110013, India |
|
Date of Birth/Age : |
23.10.1963 |
|
Date of Appointment : |
10.11.1993 |
|
DIN No.: |
00054073 |
|
|
|
|
Name : |
Ms. Abhishek Gupta |
|
Designation : |
Whole Time Director |
|
Address : |
A-11, Nizamuddin West, New Delhi – 110013, India |
|
Date of Birth/Age : |
16.04.1987 |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
00054145 |
|
|
|
|
Name : |
Mr. Mahima Gupta |
|
Designation : |
Director |
|
Address : |
A-11, Nizamuddin West, New Delhi
– 110013, India |
|
Date of Birth/Age : |
06.05.1987 |
|
Date of Appointment : |
21.02.2011 |
|
DIN No.: |
02237504 |
|
|
|
|
Name : |
Mr. Samir Gupta |
|
Designation : |
Whole Time Director |
|
Address : |
A-11, Nizamuddin West, New Delhi
– 110013, India |
|
Date of Birth/Age : |
01.10.1983 |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00054308 |
KEY EXECUTIVES
|
Name : |
Mrs. Rekha Sharma |
|
Designation : |
Company Secretary |
|
Address : |
E-35, Arya Samaj Road, Uttam Nagar, New Delhi |
|
Date of Appointment : |
25.04.2008 |
|
PAN No.: |
AWTPS2736E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mohinder Kumar Gupta |
|
42030000 |
|
Minal Gupta |
|
5000 |
|
Juhi Leasing and Finance Limited, India |
|
5070000 |
|
Interglobal Steels Private Limited, India |
|
16420000 |
|
Samir Gupta |
|
26863125 |
|
Supersigma Alloys and Forggings Private Limited, India |
|
5680000 |
|
Nipin Steels Private Limited, India |
|
5395000 |
|
Abhishek Gupta |
|
3355000 |
|
Rekha Gupta |
|
6600000 |
|
Murnet India private Limited, India |
|
7748000 |
|
Padmabh Steel Private Limited, India
|
|
1350000 |
|
S. J. Tea and Traders Private Limited, India |
|
1592000 |
|
Polylink Vinimay Private Limited, India |
|
1350000 |
|
Cornflower Vinimy Private Limited, India |
|
1250000 |
|
Sita Ram Gupta |
|
12500000 |
|
Shares under dispute |
|
24589375 |
|
|
|
|
|
Total
|
|
161797500 |
(AS ON 10.01.2012)
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Juhi Leasing and Finance Limited, India |
|
100000000 |
|
|
|
|
|
Total |
|
100000000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
28.34 |
|
Directors or relatives of directors |
|
71.66 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Steel Castings, Special Steel Rolled
Products/ Forged Products, Forging Quality Ingot. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
Overseas
Customers v
v
Ata Muhammad Enterprises, v
Shekat Taulidi Yadaki Motors, v
v
Paradowsey AMP S.J., v
Edival S. A., v
v
Supar Supap Ve Parca Sanayi Ticaret
A.S., v
Federal Mogul Valves (Pty) Limited, v
Supsan Motor, Turka v
v
v
v
v
Enpar Limited, Valve
Steel Customers v
Rane Engine Valves Limited, Chennai
and Medchal v
Kar Mobile Limited, v
Shriram Pistons and Rings Limited, v
Kirloskar Oil Engines Limited, Nashik v
Duro Valves v
Vikram Valves and General Industries,
v
Automotive Valves, Kad v
TRW Special
Steel Customers v
Motor Industries Company Limited, v
Shriram Fuel Injection Industries,
Hyderbad v
Atlas Copco India Limited, Pune High
Spped Steel Customers v
Miranda Tools, Ankleshwar v
Forbes Gohak Limited, Mumbai v
I.T.M. (Zenith Limited) Mumbai Forging
Quality Ingot Customers v
Bay Forge Limited v
Bharat Forge Limited v
Rajkumar Forge Limited v
Choudhary Hammer v
Echjay Forging v
Pushpaman Forgings v
Achme Forgings Forged
Products Customers v
Manugraph India Limited v
The Printer House Limited v
Triveni Engg, v
Flender v
Eleon |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
(Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India Commercial Branch, 6th Floor, Palm Court, Mahrauli
Gurgaon Road, Gurgaon – 122001, Haryana, India ·
ICICI Limited |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P D Mittal and Company Chartered Accountants |
|
Address : |
70, Daryaganj, New Delhi – 110002, India |
|
PAN No.: |
AAGFP0579D |
|
|
|
|
Holding/ Subsidiaries : |
· Star Wire (India) Engineering Limited |
|
|
|
|
Enterprises over
which Management Personnel and their relatives are able to exercise
significant influence: |
· Supreme Comm. Enterprises Limited · Eagle International Limited · Inter Global Steels Private Limited · Mahawar Iron Stores Private Limited · Nipin Steel Private Limited · Star Wire Elect Private Limited · Star Wire (India) Biomass Private Limited · Super Sigma Alloy and Forgings Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28720250 |
Equity Shares |
Rs.10/- each |
Rs.287.203
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.1/- each |
Rs.190.000 Millions |
|
6000000 |
Preference Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
161797500 |
Equity Shares |
Rs.1/- each |
Rs.161.798
Millions |
|
2540500 |
Preference Shares |
Rs.10/- each |
Rs.25.405 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.187.203
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 |
187.203 |
137.203 |
137.203 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1347.727 |
1122.428 |
924.569 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1534.930 |
1259.631 |
1061.772 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1280.420 |
1098.061 |
888.568 |
|
|
2] Unsecured Loans |
304.980 |
309.907 |
248.744 |
|
|
TOTAL BORROWING |
1585.400 |
1407.968 |
1137.312 |
|
|
DEFERRED TAX LIABILITIES |
108.214 |
68.315 |
28.154 |
|
|
|
|
|
|
|
|
TOTAL |
3228.544 |
2735.914 |
2227.238 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1533.461 |
1223.544 |
1109.100 |
|
|
Capital work-in-progress |
208.325 |
227.191 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.628 |
2.429 |
0.429 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
633.783
|
665.427 |
553.440 |
|
|
Sundry Debtors |
834.514
|
633.573 |
686.399 |
|
|
Cash & Bank Balances |
65.466
|
51.699 |
44.216 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
217.587
|
153.119 |
95.033 |
|
Total
Current Assets |
1751.350
|
1503.818 |
1379.088 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
156.300
|
76.399 |
94.618 |
|
|
Other Current Liabilities |
96.150
|
130.660 |
166.839 |
|
|
Provisions |
19.985
|
14.269 |
0.000 |
|
Total
Current Liabilities |
272.435
|
221.328 |
261.457 |
|
|
Net Current Assets |
1478.915
|
1282.490 |
1117.631 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.215 |
0.260 |
0.078 |
|
|
|
|
|
|
|
|
TOTAL |
3228.544 |
2735.914 |
2227.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3430.665 |
2787.013 |
3202.269 |
|
|
|
Other Income |
54.775 |
59.054 |
122.780 |
|
|
|
TOTAL (A) |
3485.440 |
2846.067 |
3325.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
2123.594 |
1702.508 |
2611.368 |
|
|
|
Manufacturing service costs |
340.135 |
280.888 |
230.393 |
|
|
|
Employee related expenses |
318.327 |
260.387 |
47.316 |
|
|
|
Administrative selling other expenses |
133.048 |
132.504 |
64.723 |
|
|
|
TOTAL (B) |
2915.104 |
2376.287 |
2953.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
570.336 |
469.780 |
371.249 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
125.290 |
92.385 |
134.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
445.046 |
377.395 |
237.046 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.861 |
60.107 |
56.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
367.185 |
317.288 |
180.771 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
121.900 |
105.161 |
57.104 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
245.285 |
212.127 |
123.667 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
519.507 |
331.648 |
228.050 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preferences Shares |
1.016 |
1.016 |
1.016 |
|
|
|
Equity Shares |
16.180 |
11.180 |
11.180 |
|
|
|
Dividend Distribution Tax |
2.790 |
2.073 |
2.073 |
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
5.800 |
|
|
BALANCE CARRIED
TO THE B/S |
734.806 |
519.506 |
331.648 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
647.088 |
653.691 |
872.218 |
|
|
TOTAL EARNINGS |
647.088 |
653.691 |
872.218 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
125.114 |
106.167 |
102.148 |
|
|
|
Capital Goods |
55.815 |
10.017 |
120.087 |
|
|
TOTAL IMPORTS |
180.929 |
116.184 |
222.235 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.96 |
1.89 |
1.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.04
|
7.45 |
3.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.70
|
11.38 |
5.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.17
|
11.63 |
7.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.25 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
1.29 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.43
|
6.79 |
5.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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 |
Yes |
|
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
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The Registered office of the company has been
shifted from A-11, Nizammuddin West ND-13, New Delhi, India, to the present
address w.e.f. 01.06.2007.
PERFORMANCE OF THE COMPANY:
During the year, the company has recorded highest ever revenue and profits
amidst challenging and volatile market conditions. Revenue earned and net
profit after tax in the year is increased by 22.46% and 15.63 % as compared to
previous year.
FUTURE OUTLOOK:
The Company is looking forward to do better operations during the
current financial year as compared to the last year in view of good order
booking for high value castings for power sectors and special steel materials
for Nuclear Power Plants and for other applications.
Furthermore, Company has taken steps to increase its production
capacity. Accordingly, during the second half of the year it will install one
20 MT capacity Electric Arc Furnace and one 25 MT capacity Laddle Refining
Furnace to double its melting capacity. Company is also investing in other
matching fixed assets to have better sales and profitability in the current
financial year.
EXPANSION:
The Company has taken up major expansion plan for putting up additional
plant and machineries toward forward integration for the manufacture of high
valued sophisticated special steel used in Aerospace and Aviation Sector, Power
Sector, Nuclear Power Plants and for defence applications. The project is
spread over the period of two years and it is expected that after the
completion of the project, the revenue of the company will take leap jump.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
a. Bills drawn on
customers and discounted with banks at close of the year amounting to Rs.9.988
Millions (Rs. 27.780 Millions).
b. Demand Orders
of Central Excise Authorities disputed by the Company amounting to Rs.32.188
Millions (Rs. 31.275 Millions).
c. The company has
not deposited Local Area Development Tax (LADT) of Rs 6.474 Millions from
2004-05 to 2007-08 imposed by Haryana State Government as it was held by the
Hon’ble Supreme Court of India vide its order dated 30.10.2009 detail as under:
“There will be no
recovery of tax till further orders of this Court, subject to each and every
assessed in this group of cases giving an undertaking to the State and to this
Court that, in the event of their ultimately losing the matter, they shall pay
the amount due with interest at the rate that may be fixed by this Court at the
time of final hearing of the matters.”
d. Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances), as certified by the management Rs.126.612
Millions (Rs.45.500 Millions).
e. Bank Guarantees
outstanding at the close of the year amounting to Rs.98.839 Millions (Rs.81.038
Millions).
f. Letter of credit outstanding at the close of the year amounting to
Rs. 148.038 Millions (Rs 79.826 Millions).
FORM 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80007937 |
|
Corporate
identity number of the company |
U27109DL1963PLC117600 |
|
Name of the
company |
STAR WIRE (INDIA)
LIMITED |
|
Address of the
registered office or of the principal place of business in |
35, Link Road,
2nd Floor, Lajpat Nagar-III, Delhi – 110024, India |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge Others: Current and
Fixed Assets |
|
Particular of
charge holder |
State Bank of
India Commercial Branch
, 6th Floor, Palm Court ,Mehrauli Gurgaon Road, Gurgaon – 122001, Haryana,
India |
|
Nature of description
of the instrument creating or modifying the charge |
C-2A
(Supplemental Agreement of Hypothecation of Goods & Assets for increase
in the overall Limit) C-5 (Letter
regarding the Grant of Individual Limits within the overall limit). |
|
Date of instrument
Creating the charge |
26.09.2012 |
|
Amount secured by
the charge |
Rs.2216.800
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest FBWC:-BR+2.50%
presently effective @12.25% p.a ,TL(I),(II)&(III) :-@11.75%
p.a.,TL(IV):-BR+2.65% presently effective @12.40% p.a.,SLC WC :- BR +3.50%
presently effective @13.25% p.a . Terms of
Repayment Working capital
:- on demand TLs Existing 1,2
& 3:- as per existing repayment schedule Term Loan(IV) :-
In 20 quarterly installment {8
installment of Rs.12.100 Millions each next 11 installment of Rs.24.300
Millions each and last installment of Rs.23.500 Millions} Margin Raw-materials -
25% Stock in process
-30% Finished goods
-30% stores &
spares -30% Book-debts -35% (
cover period 120 days for Govt. &90 days for others) EPC/PCFC -25% LC & BG -5% Extent and
Operation of the charge First pari passu
charge on entire current assets. First charge on
entire fixed assets barring financed by SCB. Credit Facilities
:- CC ( Stocks )
Rs.1000.000 Millions CC ( Book-debts )
Rs.(350.000) Millions EPC/PCFC
Rs.(300.000) Millions FBP/FBD
Rs.(110.000) Millions TLs Existing
Rs.23.300 Millions +138.500 Millions +74.400 Millions = 236.200 Millions TL (IV)
-Rs.387.600 Millions FLC/LC/buyers
credit Rs.250.000 Millions Others SLC Rs.50.000 Millions BG Rs.180.000 Millions Forward contract
Rs.113.000 Millions Total 2216.800
Millions Interest on will be
charge on monthly basis and interest on term loan will be charged as and when
due. |
|
Short particulars
of the property charged |
Working Capital
:-First pari passu charge with other WC lenders on all the current assets of
the company includes hypothecation on the co's entire stocks of raw
materials, stores, spares, stocks
in process, finished goods etc. lying/ kept / stored in factory/godowns/
elsewhere and including those in transit , book-debts / receivables both
present and future . Extension of charge
over fixed assets of the company including EM of factory land and building
measuring 106 kanals,4 biswas and 4 biswanis (54361 sq mtrs ) at plot No.21/4
Delhi Mathura Road
Ballabhgarh and Extension of charge over fixed assets of the company at
Village Chhainsa barring assets financed by Standard Chartered Bank. Term Loans:-First
charge over the entire fixed assets, present and future including Equitable
mortgage of factory land and building at plot No.21/4 Delhi Mathura Road
Ballabgarh measuring 106 kanals,4 biswas and 4 biswanis (54361 sq mtrs ). First charge over
the fixed assets present and future including EM of factory L&B measuring
32.756 acres in the name of the company situated at village Chainsa, Distt
Ballabgarh. Extension of charge on entire current assets of the company both
present and future. |
|
Particulars of
the present modification |
Total credit
facilities sanctioned to the company modified from Rs.2693.300 Millions to
Rs.2216.800 Millions. |
FIXED ASSETS:
· Land
· Building
· Factory
·
Plant and Machinery
·
Other Equipments
·
Furniture and Fixtures
·
Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is one of the Mini
Steel Plant is engaged in the manufacturing of Alloy Steels, Stainless Steel
and Special Steels for diversified engineering application in shape of
castings, forging and rolled products. Plant is fully equipped with modern
equipments and testing facilities which have created confidence and ability for
manufacturing various sophisticated grades of steel conforming to international
and National standards.
It has its own research and development centre to facilitate the manufacturing
activities and also catering to engineering and manufacturing industries for
failure analysis and other analytical activities.
The plant is situated in Ballabgarh, about 37 KMs from Delhi - Capital of India
on Main Mathura Road (NH No. 2). The location is at easy approach by Air, Rail
and Road.
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 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.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
49 |
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.