MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIMIT STEELS AND ALLOYS PRIVATE LIMITED |
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Registered
Office : |
Kailash Esplanade, C-417A, 4th Floor, LBS Marg, Opposite Shreyas
Talkes, Ghatkopar, Mumbai – 400086, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.04.2003 |
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Com. Reg. No.: |
11-139994 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U27100MH2003PTC139994 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10447D |
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PAN No.: [Permanent Account No.] |
AABCN7969D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Importer and Exporter
of Iron and Steel Products Wire Rods, Round Bras, Billets, Bloom, and
Structure. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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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 890000 |
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Status : |
Satisfactory |
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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 satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Cash Credit) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
01.04.2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Akshay Haresh Bhansali |
|
Designation : |
Director |
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Contact No.: |
91-9004669600 |
|
Date : |
27.04.2013 |
LOCATIONS
|
Registered Office : |
Kailash Esplanade, C-417A, 4th Floor, LBS Marg, Opposite Shreyas
Talkes, Ghatkopar, Mumbai – 400086, Maharashtra, India |
|
Tel. No.: |
91-22-30915889 / 91-22-42465401 |
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Mobile No” |
91-9004669600 (Akhay H Bhansali) |
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Fax No.: |
91-22-25005441 |
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E-Mail : |
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Corporate Office : |
D-225, Swstik Disa Corporate Park, LBS Road, Opposite Shreyas Cinema,
Ghatkopar (West), Mumbai-400086, Maharashtra, India |
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Godown 1 : |
Located At: Dahisar, Mumbai
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Godown 2 : |
Plot No.572, Kalamboli Warehousingh Complex, Navi Mumbai –
410218, Maharashtra,
India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Haresh Pragji Bhansali |
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Designation : |
Director |
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Address : |
702, Siddhi Apartment Tilak Road, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
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Date of Birth/Age : |
20.06.1979 |
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Date of Appointment : |
23.03.2010 |
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PAN No.: |
AAAHB2403C |
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DIN No.: |
00222412 |
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|
|
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Name : |
Mr. Akshay Haresh Bhansali |
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Designation : |
Director |
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Address : |
702, Siddhi Apartment Tilak Road, Ghatkopar (East), Mumbai – 400077, Maharashtra,
India |
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Date of Birth/Age : |
20.06.1979 |
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Date of Appointment : |
23.03.2010 |
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PAN No.: |
AABPB9035H |
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DIN No.: |
01864287 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Bhansali Akshay Hetal |
441450 |
|
Shah Amrutlal Dhanesh |
441450 |
|
Haresh Pragaji Bhansali (HUF) |
441450 |
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Akshay Haresh Bhansali (HUF) |
441450 |
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Bhansali Haresh Akshay |
441450 |
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Shah Bharat Kalpesh |
441450 |
|
Bhansali Akshay Meru |
441482 |
|
Bhansali Pragati Haresh |
441450 |
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Bhansali Haresh Rajeshwari |
441450 |
|
Mehta Jayantkumar Milan |
441450 |
|
Mehta Vakatchand Jayantkumar |
85468 |
|
Jagdhara Dealcomm Private Limited, India |
325000 |
|
Aadhar Ventures India Limited, India |
175000 |
|
TOTAL
|
5000000 |
AS ON 14.01.2013
|
Names of Allottees |
No. of Shares |
|
Haresh Pragaji Bhansali |
500000 |
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Hetal Bhansali |
2000000 |
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TOTAL
|
2500000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
10.00 |
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Directors or relatives of Directors |
72.34 |
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Other top fifty shareholders |
17.66 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Importer and Exporter of
Iron and Steel Products Wire Rods, Round Bras, Billets, Bloom, and Structure. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Finished Goods |
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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
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Customers : |
End Users |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
Tel. No.: 91-22-24103887
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Mr Vinod K Mehta and company Chartered Accountant |
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Address : |
B/5, Satyam Shopping Centre, 2nd Floor, M G Road, Mumbai – 400077,
Maharashtra, India |
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PAN No.: |
AADFV6947N |
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Related Parties : |
Hetal Steels Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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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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|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
45.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
173.068 |
105.919 |
52.012 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
223.068 |
150.919 |
102.012 |
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LOAN FUNDS |
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1] Secured Loans |
111.278 |
85.989 |
37.445 |
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2] Unsecured Loans |
25.811 |
8.291 |
71.856 |
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TOTAL BORROWING |
137.089 |
94.280 |
109.301 |
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DEFERRED TAX LIABILITIES |
4.125 |
0.473 |
0.464 |
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TOTAL |
364.282 |
245.672 |
211.777 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.643 |
51.233 |
9.510 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.007 |
1.007 |
1.525 |
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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 |
388.517
|
292.062
|
168.471 |
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Sundry Debtors |
473.352
|
308.742
|
350.366 |
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Cash & Bank Balances |
395.791
|
179.866
|
0.038 |
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Other Current Assets |
0.083
|
0.112
|
0.168 |
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Loans & Advances |
33.058
|
17.119
|
73.451 |
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Total
Current Assets |
1290.801
|
797.901 |
592.494 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
122.016
|
42.569
|
113.589 |
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Other Current Liabilities |
852.924
|
555.200
|
276.194 |
|
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Provisions |
5.229
|
6.700
|
1.969 |
|
Total
Current Liabilities |
980.169
|
604.469 |
391.752 |
|
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Net Current Assets |
310.632
|
193.432
|
200.742 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
364.282 |
245.672 |
211.777 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
1927.100 |
1738.646 |
1389.387 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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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 |
NA |
NA |
NA |
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PROFIT / (LOSS)
BEFORE TAX |
26.102 |
23.093 |
20.001 |
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Less |
TAX |
8.952 |
8.009 |
7.265 |
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PROFIT / (LOSS)
AFTER TAX |
17.150 |
15.084 |
12.736 |
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Value of Imports
|
NA |
NA |
95.180 |
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Earnings Per Share
(Rs.) |
3.43 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.35
|
1.33 |
1.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.94
|
2.72 |
3.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.15 |
0.20 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61
|
0.62 |
1.07 |
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Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.32 |
1.51 |
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 |
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 |
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 |
No |
|
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 |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FACILITIES
(Rs. In Millions)
|
Unsecured Loan |
31.03.2012 |
31.03.2011 |
|
Term Loan from Others |
25.811 |
8.291 |
|
|
|
|
|
TOTAL |
25.811 |
8.291 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
122.016
|
42.569
|
113.589 |
|
|
|
|
|
|
TOTAL |
122.016
|
42.569
|
113.589 |
FORM 8
|
Corporate identity
number of the company |
U27100MH2003PTC139994 |
|
Name of the
company |
NIMIT STEELS AND
ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Kailash Esplanade, C-417A, 4th Floor, LBS Marg, Opposite Shreyas Talkes, Ghatkopar, Mumbai – 400086, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10212680 |
|
Type of charge |
|
|
Particular of
charge holder |
Corporation Bank, Wadala Branch, India Printing House, 42, G. D.
Ambekar Marg, Wadala (West), Mumbai - 400031, Maharashtra, India |
|
Nature of
instrument creating charge |
Fourth Common Supplemental
Deed of Hypothecation of Movables / Assets / Debts Dated 27.02.2013
(Limit Enhanced From 330.000 Millions To Rs. 470.000 Millions) |
|
Date of
instrument Creating the charge |
27.02.2013 |
|
Amount secured by
the charge |
Rs. 470.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest (1) Cash Credit
Cum WCDL-(Book Debts)-Base Rate + 5.10% i.e. 15.35% p.a. At Present Subject
To Revision From Time To Time, The Bank Reserves The Regiht To Revise The
Rate Of Interest Based On Gradation Terms of repayment (1) Cash
Credit-Running Account Repayable On Demand Subject To Annual Renewal Margin (1) Cash Credit-
Book Debts 40%,Age of Book Debts-90 Days (2) Inland/Import Letter of Credit -
Cash Margin - 15% (By Way of Fixed Deposit) Extent and operation of the charge (1) Cash
Credit-Hypothecation/Paripassu First Charge On Inventory Cum Book Debts /
Current Assets (2) Inland/Import Letter of Credit- Extension of Paripassu
First Charge on Hypothecation of Inventory Cum Book Debts/Current Assets Other (1) Cash Credit-
(Purpose) - To Meet Working Capital Requirement of The Company (2)
Inland/Import Letter of Credit - (Purpose) - Procurement / Import of Raw
Materials |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Stock In Trade Comprising Iron and Steel, Bars, Coils, Rods etc and Book
Debts of The Company (Outstanding For Less Than 90 Days) |
|
Date of
instrument modifying the charge |
18.09.2012 |
|
Particulars of
the present modification |
By This
Modification, The Limit Enhanced From Rs.33,00,00,000/- to Rs. 470.000
Millions, The Existing Limit of (1) Cash Credit Limit From Rs.100.000
Millions to Rs.150.000 Millions and (2) Inland/Import Letter Of Credit Cum
Buyers Credit From Rs.230.000 Millions To Rs.320.000 Millions The Charges
Further Secure By Way of Hypothecation of Stock In Trade Comprising Iron and
Steel, Bars, Coils, Rods Etc And Book
Debts of The Company (O/S For Less Than 90 Days),Hence The Total Aggregating
Limit Stand Up to Rs.470.000 Millions |
FIXED ASSETS
- Air conditioner
- Mobile
- Xerox Machine
- Fax Machine
- Office Equipment
- Printer
- Plant and machinery
- Crane
- Furniture and fixture
- Electrical Installation
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 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. 54.27 |
|
|
1 |
Rs. 84.23 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.