MIRA INFORM REPORT
|
Report Date : |
22.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
REGENT STEEL AND ENGINEERING CO. |
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Registered
Office : |
23/25/27, Guruchaya Apartments, 2nd Floor, 1st Parsiwada, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Year of
Establishment : |
February, 2007 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 3.693 Millions |
|
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|
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CST NO.: |
27280590233C |
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TIN No.: |
27280590233 |
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PAN No.: [Permanent Account No.] |
ADSPJ9929L |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Trader of Carbon Steel, Stainless Steel and Nickel Alloys |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000 |
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|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established proprietory concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.
INFORMATION PARTED BY
|
Name : |
Mr. Girish Hastimal Jain |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9892229800 |
LOCATIONS
|
Registered Office : |
23/25/27, Guruchaya Apartments, 2nd Floor, 1st Parsiwada, |
|
Tel. No.: |
91-22-23884555 / 66394655 / 66394858 / 66393544 |
|
Mobile No.: |
91-9892229800 (Mr. Girish Hastimal Jain) |
|
Fax No.: |
91-22-23884556 |
|
E-Mail : |
purchase@regentsteel.com |
|
Website : |
|
|
Area : |
315 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Stock Yard 1 : |
Shop No.5, 3rd Cross Lane, 5th |
|
Tel. No.: |
91-22-66109845 |
|
Location : |
Owned |
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|
|
|
Stock Yard 2 : |
B- 41, |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Girish Hastimal Jain |
|
Designation : |
Proprietor |
|
Qualification : |
T.Y.B.Com. |
BUSINESS DETAILS
|
Line of Business : |
Trader of Carbon Steel, Stainless Steel and Nickel Alloys |
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Products : |
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Exports : |
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|
Products : |
Stainless Steel |
|
Countries : |
European Countries |
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Imports : |
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Products : |
Nickel Alloy Bars |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Prudent Alloys
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Customers : |
End Users · Hindustan Dorr-Oliver Limited
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Facilities : |
|
%2022-Oct-2012_files/image001.gif){kind=small}
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Shailesh A Shah and Company Chartered Accountants |
|
Address : |
Borivali, Mumbai, |
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|
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Associates/Subsidiaries : |
Vardhaman Steel Centre, Near Alankar Cinema |
CAPITAL STRUCTURE
AS ON 31.03.2012
|
Capital Investment : |
|
|
Owned : |
Rs. 3.693 Millions |
|
Borrowed : |
|
|
Total : |
Rs. 3.693 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2012-2013) Rs.100.000 Millions
The above information has been parted by Mr. Girish (Proprietor)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
|
3.693 |
1.160 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3.693 |
1.160 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
5.553 |
|
|
2] Unsecured Loans |
|
10.678 |
7.386 |
|
|
TOTAL BORROWING |
|
10.678 |
12.939 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
14.371 |
14.099 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.348 |
0.418 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.213 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.125 |
2.639 |
|
|
Sundry Debtors |
|
12.828 |
15.970 |
|
|
Cash & Bank Balances |
|
2.605 |
0.140 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
8.020 |
9.420 |
|
Total
Current Assets |
|
27.578 |
28.169 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
13.712 |
14.464 |
|
|
Other Current Liabilities |
|
0.056 |
0.024 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
13.768 |
14.488 |
|
|
Net Current Assets |
|
13.810 |
13.681 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.371 |
14.099 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Local Sales |
|
20.072 |
-- |
|
|
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Interstate Sales |
|
30.573 |
-- |
|
|
|
Export Sales |
|
32.019 |
-- |
|
|
|
Income |
|
-- |
45.247 |
|
|
|
Other Income |
|
0.938 |
1.395 |
|
|
|
TOTAL (A) |
|
83.602 |
46.642 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
75.858 |
42.298 |
|
|
|
Advertisement and Publicity |
|
0.207 |
0.395 |
|
|
|
Auditors Remuneration |
|
0.000 |
0.030 |
|
|
|
Audit Fees Iso |
|
0.035 |
0.025 |
|
|
|
Bajaj Alianze Car Insurance |
|
0.014 |
0.000 |
|
|
|
Bank Charges |
|
0.023 |
0.067 |
|
|
|
Bank Interest |
|
0.000 |
0.799 |
|
|
|
BiH Discounting charges |
|
0.000 |
0.036 |
|
|
|
Car Insurance |
|
0.000 |
0.011 |
|
|
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Car Repairs |
|
0.020 |
0.001 |
|
|
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Car Repairs @ 5% |
|
0.009 |
0.000 |
|
|
|
Input Vat 5% |
|
0.001 |
0.000 |
|
|
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Cell Phone Charges |
|
0.053 |
0.000 |
|
|
|
Certificate Fees |
|
0.001 |
0.000 |
|
|
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Commission |
|
1.006 |
0.000 |
|
|
|
Computer Expenses |
|
0.020 |
0.000 |
|
|
|
Computer Repairs @ 5% |
|
0.002 |
0.000 |
|
|
|
Input Vat 5% |
|
0.000 |
0.000 |
|
|
|
Computer Repairs |
|
0.000 |
0.006 |
|
|
|
Conveyance |
|
0.075 |
0.000 |
|
|
|
CST Paid |
|
0.000 |
0.011 |
|
|
|
Depb Licence |
|
0.000 |
0.003 |
|
|
|
Digital Signature |
|
0.004 |
0.000 |
|
|
|
Electric Exp |
|
0.030 |
0.030 |
|
|
|
Export Promotion Charges |
|
0.000 |
0.066 |
|
|
|
Festival Expenses |
|
0.057 |
0.004 |
|
|
|
Fin Insurance |
|
0.000 |
0.001 |
|
|
|
Freight Charges (Export) |
|
0.900 |
0.315 |
|
|
|
Goods Loss in Transit |
|
0.193 |
0.000 |
|
|
|
Goods Insurance |
|
0.000 |
0.006 |
|
|
|
Hospitality |
|
0.042 |
0.007 |
|
|
|
Input VAT on Cap. Goods |
|
0.000 |
0.001 |
|
|
|
Input vat on Expense 5% |
|
0.000 |
0.003 |
|
|
|
Interest on Bank C.C. |
|
0.292 |
0.000 |
|
|
|
Internet |
|
0.784 |
0.747 |
|
|
|
Late Delivery Charges |
|
0.171 |
0.000 |
|
|
|
Late Fee TDS |
|
0.001 |
0.000 |
|
|
|
Loading and Unloading |
|
0.074 |
0.000 |
|
|
|
Internet Charges |
|
0.000 |
0.004 |
|
|
|
Late Payment Charges |
|
0.000 |
0.001 |
|
|
|
Licence Fees |
|
0.000 |
0.004 |
|
|
|
Membership & Subscription Fees |
|
0.022 |
0.011 |
|
|
|
Packing @ 5% (for Export) |
|
0.060 |
0.000 |
|
|
|
Input vat 5% |
|
0.003 |
0.000 |
|
|
|
Packing Charges |
|
0.039 |
0.015 |
|
|
|
|
|
0.000 |
0.001 |
|
|
|
Petrol and Fuel |
|
0.072 |
0.003 |
|
|
|
Postage and Couner Chg |
|
0.060 |
0.007 |
|
|
|
Printing and Stationery |
|
0.000 |
0.002 |
|
|
|
Professional Tax |
|
0.003 |
0.000 |
|
|
|
Professional Fees |
|
0.031 |
0.002 |
|
|
|
Custom Duty ref w/off |
|
0.017 |
0.000 |
|
|
|
Rent |
|
0.300 |
0.144 |
|
|
|
Salary A/C |
|
1.066 |
0.360 |
|
|
|
Sales Promotion 5% |
|
0.021 |
0.000 |
|
|
|
Inpuvat 5% |
|
0.001 |
0.000 |
|
|
|
Software Expenses |
|
0.017 |
0.000 |
|
|
|
Stationary @5% |
|
0.067 |
0.000 |
|
|
|
Input Vat 5% |
|
0.003 |
0.000 |
|
|
|
Sundry Expenses |
|
0.063 |
0.000 |
|
|
|
Telephone Expenses |
|
0.040 |
0.100 |
|
|
|
Telephone Tata Indicom |
|
0.026 |
0.000 |
|
|
|
Testing and Inspection Charges |
|
0.042 |
0.022 |
|
|
|
Transport |
|
0.256 |
0.323 |
|
|
|
Travelling |
|
0.050 |
0.020 |
|
|
|
Vatav Kasar |
|
0.000 |
0.000 |
|
|
|
Vat Paid/ Payable |
|
0.017 |
0.000 |
|
|
|
Vat w/off as reduced rate eligible |
|
0.000 |
0.001 |
|
|
|
Websight Designing |
|
0.000 |
0.012 |
|
|
|
TOTAL (B) |
|
82.148 |
45.894 |
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION
|
|
1.454 |
0.748 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.069 |
0.093 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
1.385 |
0.655 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
1.66 |
1.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.29 |
2.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.00 |
1.94 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
-------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
No |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.70.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.