MIRA
INFORM REPORT
|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
STEMCOR INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Ideal Center 9, .J.C. Bose Road, Kolkata –
700017, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.10.2003 |
|
|
|
|
Com. Reg. No.: |
21-161834 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 954.150
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420WB2003PTC161834 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS9299R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Steel Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4420000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The external
borrowings of the company are huge. It has incurred loss from its operations
during 2012. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 Office : |
2nd Floor,
Ideal Center 9, .J.C. Bose Road, Kolkata – 700017, West Bengal, India |
|
Tel. No.: |
91-33-22046666 |
|
Fax No.: |
91-33-22046669 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offices : |
Located at: · Bangalore Mumbai Bhubaneswar |
|
|
|
|
Overseas Offices : |
Located at: · Africa Australia Caribbean Central and Eastern Europe Western Europe Middle East Far East North and Central America South America Pakistan |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Matthew Graham Stock |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.08.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AEAPS3449D |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00021030 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
William John Attenborough |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Stemcor M.E.S.A.P.O. Box 37324, Suite 707, City Tower 1, Shaikh Zayed
Road, Dubai NA, UAE |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.07.1952 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.08.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00021057 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Seshadri Dilip |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.01.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01710803 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vineet Mehra |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Apeejay House, 6th Floor, 3, Dinshaw Waccha Road,
Churchgate, Mumbai – 400020, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.12.1980 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
02.04.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ALAPM2544E |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02379118 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Stemcor Holdings Limited |
|
4452969 |
|
Ralph Oppenheimer |
|
50001 |
|
Stemcor UK Limited, United Kingdom |
|
90403244 |
|
Stemcor Mesa DMCC |
|
508792 |
|
|
|
|
|
Total |
|
95415006 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Steel Products. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India Indusind Bank Limited, 2401 Gen
Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India Standard Chartered Bank, 19, N
S Road, Kolkata - 700001, West Bengal, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17,
R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
112, Maker Bhavan No. 3, 21, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAACZ2379Q |
|
|
|
|
Ultimate Holding
Company : |
Stemcor Holdings Limited |
|
|
|
|
Holding Company : |
Stemcor UK Limited |
|
|
|
|
Subsidiary company
: |
Aryan Mining and Trading Corporation Private Limited [U13100WB1936PTC008817] |
|
|
|
|
Fellow Subsidiaries
: |
· Stemcor (SEA) Pte Limited Brahamni River Pellets Limited [U27106OR2006PLC008914] Global Metals PTY Limited Stemcor Australia PTY Limited Uldry do Brasil Acos Escpecials Ltda Stemcor Trading ( Shanghai) Company Limited Acier Metals SAS Stemcor France SAS OKS Otto Knauf Gmbh Stemcor Automotive + Processing GmbH Stemcor Flachstahl GmbH Stemcor GmbH S and W RohrTech GmbH WSK Stahlhandels GmbH Stemcor Italia S.r.I. Semi ? Produtos de Metais, Lda Steel Plate and Sections Limited Stemcor S.E.A.Pte Limited Stemcor Special Steels Pte Stemcor South Africa (Pty) Limited Ansteel Spain SL Stemcor Aceros Especiales SL Stemcor AG Stemcor Re AG Stemcor Risk Management AG Uldry Steel SA Stemcor MESA DMCC Steel Plate and Sections Gulf FZE Stemcor Special Steels Gulf FZE Barclay and Mathieson Limited Eurosteel Products Limited LW Lambourn and Company Limited Samac Steel Supplies Plc Steel Plate and Sections Limited Stemcor Sections A division of Barclay and Mathieson
Limited Stemcor Specials Steels Limited Stemcor Stainless A Division of Eurosteel Products Limited
Stemcor Trade Finance Limited Stemcor Tubes A division of Eurosteel Products Limited Stemcor UK Limited Ferrosource A division of Stemcor USA Inc Global Market Services a Division of Stemcor USA Inc Kenilworth Steel Company Nickelloy LLC Stemcor USA Inc |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,415,006 |
Equity Shares |
Rs. 10/- each |
Rs. 954.150
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
954.150 |
954.150 |
|
(b) Reserves & Surplus |
|
151.732 |
311.300 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1105.882 |
1265.450 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2970.723 |
2671.678 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
2970.723 |
2671.678 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2309.185 |
556.551 |
|
(b)
Trade payables |
|
218.231 |
471.288 |
|
(c) Other
current liabilities |
|
4703.625 |
2545.515 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
7231.041 |
3573.354 |
|
|
|
|
|
|
TOTAL |
|
11307.646 |
7510.482 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
58.445 |
65.203 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
853.443 |
853.443 |
|
(c) Deferred tax assets (net) |
|
2.179 |
2.589 |
|
(d) Long-term Loan and Advances |
|
7588.996 |
3807.401 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
8503.063 |
4728.636 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
942.785 |
428.721 |
|
(c) Trade
receivables |
|
569.683 |
610.162 |
|
(d) Cash
and cash equivalents |
|
1047.235 |
1577.101 |
|
(e)
Short-term loans and advances |
|
118.276 |
40.943 |
|
(f)
Other current assets |
|
126.604 |
124.919 |
|
Total
Current Assets |
|
2804.583 |
2781.846 |
|
|
|
|
|
|
TOTAL |
|
11307.646 |
7510.482 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
307.350 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
94.606 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
401.956 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
552.402 |
|
|
2] Unsecured Loans |
|
|
202.927 |
|
|
TOTAL BORROWING |
|
|
755.329 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.209 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1158.494 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
66.308 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
853.443 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
46.754
|
|
|
Sundry Debtors |
|
|
161.817
|
|
|
Cash & Bank Balances |
|
|
335.630
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1091.441
|
|
Total
Current Assets |
|
|
1635.642
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
32.507
|
|
|
Other Current Liabilities |
|
|
1339.280
|
|
|
Provisions |
|
|
25.112
|
|
Total
Current Liabilities |
|
|
1396.899
|
|
|
Net Current Assets |
|
|
238.743
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1158.494 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA
|
2805.131 |
395.518 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA
|
2558.298 |
192.643 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
246.833 |
202.875 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
30.139 |
6.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(159.567) |
216.694 |
196.239 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
311.301 |
94.607 |
(101.632) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
151.734 |
311.301 |
94.607 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods |
0.000 |
526.724 |
62.901 |
|
|
|
|
|
|
|
|
|
IMPORT OF GOODS |
1130.057 |
652.648 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.67) |
2.27 |
6.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA |
7.72 |
49.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
3.71 |
11.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.20 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.77
|
2.55 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39
|
0.78 |
1.17 |
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 |
No |
|
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 |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10351758 |
20/02/2013 * |
1,500,000,000.00 |
INDUSIND BANK
LIMITED |
2401 GEN
THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B68557669 |
|
2 |
10337738 |
22/02/2012 |
1,100,000,000.00 |
STANDARD
CHARTERED BANK |
19, N S ROAD,
KOLKATA - 700001, WEST BENGAL, INDIA |
B33042805 |
|
3 |
10310082 |
28/02/2013 * |
2,500,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B69685964 |
|
4 |
10225902 |
15/03/2012 * |
2,900,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B34787069 |
|
5 |
10036735 |
09/01/2007 |
270,000,000.00 |
STANDARD
CHARTERED BANK |
NARAIN MANZIL,
23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
A10315539 |
|
6 |
90387752 |
10/10/2005 |
20,000,000.00 |
STANDARD
CHARTERED BANK |
17 PARLIAMENT
STREET, NEW DELHI, INDIA |
- |
|
7 |
90376779 |
10/11/1983 * |
6,798,000.00 |
INDUSTRIAL
FINANCE CORPORATION OF INDIA |
BANK OF BARODA
BUILDING, 16 SANSAD MARG, NEW DELHI, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
68.183 |
56.758 |
|
Loans and advances from related parties |
27.500 |
102.360 |
|
Total |
95.683 |
159.118 |
Note:
The registered office of the company has been shifted from P/1, Hyde
Lane, 9th Floor, Johar Building, Kolkata – 700073, West Bengal, India
to the present w.e.f.01.04.2013
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
In respect of guarantees issued by Banks |
3.867 |
3.867 |
|
Letter of Credit outstanding |
11.522 |
5.186 |
|
There was a demand for Income Tax for AY 2008-09 which has
not been provided for in the books as the same has been adjusted against the
refunds due to the company for various other assessment years. |
0.823 |
-- |
FIXED ASSETS:
·
Land
·
Buildings
·
Office building
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
PRESS RELEASE:
STEMCOR TO CLOSE WSK
STAHLHANDELS GMBH
26 JUNE 2013
Stemcor, one of the world’s largest independent steel traders, today announced that WSK Stahlhandels GmbH, its specialist trading unit importing steels into Germany, will be dissolved and closed with effect from close of business on June 30 2013. The wind-up will affect 27 employees, the majority based in Nuernberg.
Over the past few years the role of specialist traders in imported steels has diminished in Germany and the decision to now close WSK Stahlhandels GmbH stems from a combination of adverse market conditions and an increase in mills supplying direct to WSK’s traditional customer base of local stockists. Together with the closure of WSK, it has been decided to exit the tube & pipe market in which WSK has built a niche stockholding business. WSK will retain a small close-out team for a period to manage existing orders and to liquidate current inventory. None of Stemcor’s other businesses in Germany are affected.
Robert Van der Weck, Managing Director of Stemcor Deutschland Holding GmbH, said: “Stemcor continues to have a thriving steel trading, distribution, stockholding and service centre business in Germany, headquartered in Dusseldorf. With current volumes of 750,000 tonnes per annum, we intend to grow across several key product lines and focus more on end-user business where we can add more value and offer just-in-time delivery. Unfortunately, in Germany it no longer makes commercial sense for us to maintain a specific trading unit for imported steels or to be involved in tube & pipe distribution and stockholding.”
Julian Verden, Chief Executive Officer of Stemcor, said: “Stemcor remains committed to maintaining our strong presence throughout Europe, focusing on where we can add value in the steel supply chain.”
STANDSTILL AGREEMENT
20 JUNE 2013
Stemcor is pleased to confirm that a binding 100-day standstill agreement is now in place with its lenders. The agreement provides Stemcor with stability while a restructuring plan is developed. This plan will shape the business going forward and will set out the basis on which the Group’s debt will be restructured. Simon Freakley of Zolfo Cooper, an independent financial advisory and restructuring practice, has been appointed Chief Restructuring Officer to work with the Board on the development and implementation of the restructuring plan.
Stemcor traded profitably during the first five months of the year, margins are improving and the forward order book remains strong.
In January 2013, with the appointment of Julian Verden as Chief Executive Officer, the Group embarked on a process to significantly reduce its dependence on unsecured credit facilities in favour of traditional transactional finance, securitised receivables and borrowing base facilities.
Julian Verden said: "I remain confident that we have a solid, profitable core business and that the restructuring that we are driving through will place the Group on a sustainable platform from which we can deliver long-term growth and provide an even better service to all our valued counterparties."
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. 61.12 |
|
|
1 |
Rs. 94.77 |
|
Euro |
1 |
Rs. 81.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.