MIRA
INFORM REPORT
|
Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SUNDER ROLLING MILLS PRIVATE LIMITED |
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Registered
Office : |
H/341, Ground Floor, New Rajendra Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.05.2006 |
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Com. Reg. No.: |
148519 |
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Capital Investment
/ Paid-up Capital : |
Rs.45.000 Millions |
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CIN No.: [Company Identification
No.] |
U28111DL2006PTC148519 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS32984A |
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PAN No.: [Permanent Account No.] |
AAJCS9527N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Miled Steel and High Tensile Steel Rolled Product. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 390000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge dip in the sales turnover and the profitability of the company during
the year 2011. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
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 |
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 |
LOCATIONS
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Registered Office : |
H/341, Ground Floor, New Rajendra Nagar, New Delhi – 110066, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Branch Office: |
705, Morya Marle II, New Link Road, Andheri (west), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
022-26731000/40710000 |
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Factory: |
B-212 Industrial Area, Opposite
Indorama Gate No 6, Butibori, Nagpur – 441122, Maharashtra, India |
DIRECTORS
As on 09.09.2011
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Name : |
Mr. Hanwant Manbir Singh |
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Designation : |
Director |
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Address : |
401, 4th Floor,
Goswami Towers, Jai Hind Society, 11th NS Road, Juhu, Mumbai- 400049, Maharashtra,
India |
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Date of Birth/Age : |
02.03.1938 |
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Date of Appointment : |
09.09.2011 |
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DIN No.: |
00583469 |
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Other
Directorship:
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Name : |
Mr. Rajiv Singh |
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Designation : |
Director |
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Address : |
401, 4th Floor, Goswami Towers, Jai Hind Society, 11th NS Road, Juhu,
Mumbai- 400049, Maharashtra, India |
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Date of Birth/Age : |
07.03.1973 |
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Date of Appointment : |
03.03.2011 |
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DIN No.: |
01689209 |
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Other
Directorship:
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Name : |
Mr. Tanveer Singh |
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Designation : |
Director |
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Address : |
401, 4th Floor, Goswami Towers, Jai Hind Society, 11th NS Road, Juhu,
Mumbai- 400049, Maharashtra, India |
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Date of Birth/Age : |
21.01.1970 |
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Date of Appointment : |
03.3.2011 |
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DIN No.: |
01689287 |
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Other Directorship:
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Name : |
Mr. Shreyans Jitendra Shah |
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Designation : |
Director |
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Address : |
B-122 Madhubav
Apartment Worli Hill Road Worli, Mumbai - 400018, Maharashtra, India |
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Date of Birth/Age : |
01.05.1974 |
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Date of Appointment : |
09.09.2011 |
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DIN No.: |
01649714 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2011
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Names of Shareholders |
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No. of Shares |
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Karamtara Steel Private Limited |
|
4450000 |
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Hanwant Manbir Singh |
|
50000 |
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Total |
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4500000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2011
|
Category |
Percentage |
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Bodies corporate |
98.88 |
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Directors or relatives of Directors |
1.12 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Miled Steel and High Tensile Steel Rolled Product. |
PRODUCTION STATUS
|
Particulars |
31.03.2010 |
|
Actual Production |
21454 M.T |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited, Axis House, Grounfd Floor,
Bombay Dyeing Mills Compund, Pandurang Budhkar Marg, Worli, Mumbai – 400025,
Maharashtra, India ·
Punjab National Bank, Plot No. 237, Baba House,
27th Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chokshi and Chokshi Chartered Accountant |
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Address : |
15/17, Raghav Ji Building, Ground Floor, Raghav Ji Road, Gowalia Tank
Kemps Corner, Mumbai – 400036, Maharashtra, India |
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PAN.: |
AAAFC2633B |
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Holding Company: |
Karamtara Steel Private Limited (CIN: U31200MH2005PTC153385) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
45.000 |
45.000 |
45.000 |
|
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2] Share Application Money |
50.000 |
0.000 |
2.000 |
|
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3] Reserves & Surplus |
4.410 |
3.664 |
2.972 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
99.410 |
48.664 |
49.972 |
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LOAN FUNDS |
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|
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1] Secured Loans |
28.692 |
101.269 |
100.503 |
|
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2] Unsecured Loans |
0.000 |
112.903 |
86.550 |
|
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TOTAL BORROWING |
28.692 |
214.172 |
187.053 |
|
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DEFERRED TAX LIABILITIES |
6.646 |
5.990 |
1.073 |
|
|
|
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|
|
|
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TOTAL |
134.748 |
268.826 |
238.098 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.444 |
65.913 |
65.343 |
|
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Capital work-in-progress |
0.000 |
0.000 |
5.825 |
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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 |
|
|
|
|
|
|
Inventories |
96.408
|
129.305 |
104.641 |
|
|
Sundry Debtors |
0.000
|
81.597 |
57.043 |
|
|
Cash & Bank Balances |
5.562
|
13.249 |
2.899 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.719
|
26.776 |
18.582 |
|
Total
Current Assets |
120.689
|
250.927 |
183.165 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.144
|
22.158 |
6.954 |
|
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Other Current Liabilities |
0.000
|
0.008 |
9.141 |
|
|
Provisions |
0.335
|
26.031 |
0.412 |
|
Total
Current Liabilities |
46.479
|
48.197 |
16.507 |
|
|
Net Current Assets |
74.210
|
202.730 |
166.658 |
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.094 |
0.183 |
0.272 |
|
|
|
|
|
|
|
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TOTAL |
134.748 |
268.826 |
238.098 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
285.600 |
609.200 |
488.520 (Gross Turnover) |
|
|
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Other Income |
0.499 |
9.740 |
NA |
|
|
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TOTAL (A) |
286.099 |
618.940 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
NA |
|
|
|
|
Office Expenses |
|
|
NA |
|
|
|
Administrative Expenses |
|
|
NA |
|
|
|
Advertising Expenses |
|
|
NA |
|
|
|
TOTAL (B) |
270.804 |
550.359 |
NA |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.295 |
68.581 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.740 |
27.263 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.555 |
43.318 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.818 |
9.678 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.737 |
31.640 |
3.350 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.992 |
12.582 |
1.247 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.745 |
19.058 |
2.103 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.664 |
2.972 |
0.869 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to
General Reserve |
NA |
3.000 |
0.000 |
|
|
|
Dividend |
NA |
15.750 |
0.000 |
|
|
|
Tax on Dividend |
NA |
2.616 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
0.664 |
2.972 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.17 |
4.23 |
0.47 |
|
%2030-Nov-2012_files/image001.gif){kind=small}
%2030-Nov-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.26
|
3.08 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.61
|
5.19 |
0.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.44
|
12.61 |
1.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.65 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
5.39 |
4.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
9.56 |
11.10 |
LOCAL AGENCY FURTHER INFORMATION
Note: Registered office of the company has been
shifted from DD-7, Kalkaji Extn, Opposite Post office, New Delhi – 110019, India
to the present address w.e.f.03.03.2011
Performance
The Company has achieved a Gross Sales of Rs.314.100
Millions for the year ended March 31, 2011. The Company posted net sales of
Rs.285.600 Millions and profit before tax of Rs.1.700 Millions for the
financial year 2010-11 as against net sales of Rs.609.200 Millions and profit
before tax of Rs.31.600 Millions in 2009-10. Earnings before interest,
depreciation, tax and amortisation (EBITDA) was Rs.15.300 Millions for the
financial year 2010-11 as against Rs.68.600 Millions in 2009-10.
Current and Future Plan
The
Company plans to continue using the supply chain management model, by building
/ nurturing contractors doing specific specialist activities by either
financing them directly or indirectly giving them interest free loans, etc. and
entering into agreement with such contractors for providing goods and services
at concessional rate, thereby resulting in commercial benefits in the long term
to the Company.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U28111DL2006PTC148519 |
|
Name of the company |
SUNDER ROLLING
MILLS PRIVATE LIMITED. |
|
Address of the registered office or of the
principal place of business in |
H/341, Ground Floor,
New Rajendra Nagar, New Delhi – 110066, India Email: prasanta@karamtara.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10315138 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of charge holder |
Punjab National
Bank, Plot No. 237, Baba House, 27th Road, Bandra (West), Mumbai –
400050, Maharashtra, India Email: ravinputhran@yahoo.co.in |
|
Nature of instrument creating charge |
Deed of
confirmation |
|
Date of instrument Creating the charge |
29.03.2012 |
|
Amount secured by the charge |
Rs.300.000
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest :BR+5%-1% liable to change from time. (CC) :BR+0.75% AT present subject to change from time TO Time by Guidelines
(PC/ FOBP/ FOUBP /FOBNLC/ FOUBNLC) Terms of Repayment :BR+5%-1% liable to change from time. (CC) :BR+0.75% at present subject to change from time to time by
guidelines(PC/ FOBP /FOUBP /FOBNLC/ FOUBNLC) Margin 25% on stock of raw material and wip for cc limit 25% on stock of finish goods and on stores and spares for cc limit 25% on book debts for cc limit 25% on stock of raw materials for pc limit 10% by way of FDRs FOR ILC/ FLC/ LG/ FLG LIMIT Extent and Operation of the charge punjab national bank bandra (west) branch with axis bank worli branch
and punjab and sind bank juhu branch on pari passu basis |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Stocks : Various raw
materials viz manufacturing material, raw materials including excisable raw
materials, stocks in process, semi finished goods, finished goods (including
bought out finished goods) Viz. Steel angle
npg, m.s. Angle, h.t. Angle, m.s. Scrap, h.t. Billets, m.s. Inglots, coal,
stores and spares Book debts : Book debts
(sister concerns), book debts (others) outstanding decrees money receivables,
government subsidies, claims, bill contracts and investments Hypothecate with
and charge to the bank the goods and merchandis0065 Stock of raw
materials, stock in process, semi finished and finished goods for pc limits FDRs duly
discharged as margin for ILC/ FLC/ LG/ FLG limits |
|
Date of instrument modifying the charge |
12.01.2012 |
|
Particulars of the present modification |
charge remains
at Rs.300.000 Millions |
Fixed Assets
·
Land and Building
·
Plant and Machinery
·
Tools and Equipments
·
Office Equipment
·
Vehicle
·
Computer
·
Furniture and Fixture
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.55.20 |
|
|
1 |
Rs.88.38 |
|
Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.