MIRA
INFORM REPORT
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Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DHAMM STEEL SERVICES PRIVATE LIMITED (w.e.f. 26.02.2004) |
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Formerly Known
As : |
DHAMM INFOTECH PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.02.2000 |
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Com. Reg. No.: |
11-124398 |
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Capital
Investment / Paid-up Capital : |
Rs.2.878 Millions |
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CIN No.: [Company Identification
No.] |
U72200MH2000PTC124398 |
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IEC No.: |
0306031973 |
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PAN No.: [Permanent Account No.] |
AABCD0558L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Importer
and Exporter of Steel and Wire Rod. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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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 422000 |
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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 a moderate track record. The management of the company has not filed its financials with the
government department for the year 2012. Ms. Usha Kulkarni, Accounts Manger has provided us all information but
the financials are not verified. As per previous year’s record, there appears some dip in the company’s
turnover and there also appear huge external borrowings recorded by the
company. However, trade relations are reported as fair. Business is active.
Payment terms are 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.
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 |
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 : |
Ms. Usha Kulkarni |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-43343200 |
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Date : |
12.02.2013 |
LOCATIONS
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Registered/ Corporate Office : |
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Tel. No.: |
91-22-43343200/ 40696222/ 40696111/ 40696131/ 66311017 |
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Mobile No.: |
91-9967547745 (Mr. Dhruv Moondhra) |
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Fax No.: |
91-22-40696299/ 40696199 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Warehouse : |
Plot No.A-7/1, MIDC, Taleja, Thane – 410 208, |
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Location
: |
Rented |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sriratan Devkishan Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, |
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Date of Birth/Age : |
09.05.1953 |
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Qualification : |
Bachelor of Science |
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Date of Appointment : |
01.04.2006 |
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DIN No.: |
00152592 |
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Name : |
Mrs. Kusum S. Moondhra |
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Designation : |
Director |
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Address : |
121, Laxmi Vilas, 87, Nepeansea Road, Mumbai – 400 006, Maharashtra,
India |
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Date of Birth/Age : |
20.02.1953 |
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Qualification : |
Bachelor of Arts |
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Date of Appointment : |
22.02.2000 |
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DIN No.: |
00152688 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj |
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Designation : |
Export Executive |
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Name : |
Ms. Usha Kulkarni |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Dhruv S. Moondhra |
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143885 |
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Kusum S. Moondhra |
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143885 |
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Total
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287770 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Importer
and Exporter of Steel and Wire Rod. |
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Products : |
v Hot Rolled Plates / Hot Rolled Sheets v Wire Rod v Tin Plate v Hot Rolled Coils
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Exports : |
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Products : |
Steel and Wire
Rod |
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Countries : |
·
Srilanka ·
China ·
USA |
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Imports : |
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Products : |
Steel and Wire
Rod |
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Countries : |
·
Europe ·
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
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GENERAL INFORMATION
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Suppliers : |
v
Arcelor Mittal |
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Customers : |
End Users v Miki Steel Works Private Limited |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
v
ICICI
Bank Limited, ICICI Centre, 163, H.T. Parekh Marg, Backbay Reclamation,
Churchgate, Mumbai - 400 020,
Maharashtra, India Tel. No.: 91-22-28307777 v
HDFC
Bank v
Bank
of v
State
Bank of v
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, v
HSBC Bank, M.G. Road, Fort, Mumbai-400001,
Maharashtra, India Tel. No.: 91-22-40422424 |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
v 3i Infotech Trusteeship Services Limited, 6th Floor, Akruti Centre, Point, MIDC Central Road, Next to Marol Telephone Exchange, Andheri (East), Mumbai-400 093, Maharashtra, India v 3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi, Mumbai - 400 703, Maharashtra, India v TATA Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400 001, Maharashtra, India |
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Auditors : |
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Name : |
N.A. Shah and Associates Chartered Accountants |
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Address : |
B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400
013, |
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Tel. No.: |
91-22-40733000 |
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Fax No.: |
91-22-40733090 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFN5380N |
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Memberships : |
Engineering Export Promotion Council |
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Subsidiaries : |
Kusum
International Private Limited CIN No.: U27109MH2001PTC133198 Address : Fort, Mumbai-400001, Maharashtra, India Line of Business: Trader,
Importer and Exporter of Steel and Wire Rod. |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
287770 |
Equity Shares |
Rs.10/- each |
Rs.2.878 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.878 |
2.878 |
2.878 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
102.614 |
85.605 |
40.240 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.492 |
88.483 |
43.118 |
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LOAN FUNDS |
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1] Secured Loans |
338.883 |
178.591 |
245.525 |
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2] Unsecured Loans |
0.000 |
40.162 |
5.162 |
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TOTAL BORROWING |
338.883 |
218.753 |
250.687 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.019 |
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TOTAL |
444.375 |
307.236 |
293.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.166 |
4.012 |
4.042 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
67.825 |
36.332 |
38.683 |
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DEFERRED TAX ASSETS |
3.380 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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|
Inventories |
156.897 |
73.401 |
94.576 |
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Sundry Debtors |
165.736 |
214.029 |
113.094 |
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Cash & Bank Balances |
75.190 |
59.510 |
69.889 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
92.722 |
121.389 |
79.362 |
|
Total
Current Assets |
490.545 |
468.329 |
356.921 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
100.596
|
185.093
|
97.927 |
|
|
Other Current Liabilities |
18.873 |
13.872 |
6.894 |
|
|
Provisions |
4.072 |
2.472 |
1.001 |
|
Total
Current Liabilities |
123.541 |
201.437 |
105.822 |
|
|
Net Current Assets |
367.004 |
266.892 |
251.099 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
444.375 |
307.236 |
293.824 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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Income |
971.722 |
1355.299 |
1235.411 |
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Other Income |
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TOTAL |
971.722 |
1355.299 |
1235.411 |
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TOTAL
EXPENDITURE |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
NA |
NA |
NA |
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|
TAX |
NA |
NA |
NA |
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PROFIT/(LOSS)
AFTER TAX |
17.008 |
45.365 |
(55.330) |
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EARNINGS IN
FOREIGN CURRENCY |
18.190 |
39.999 |
251.086 |
|
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Earnings Per
Share (Rs.) |
59.10 |
157.64 |
(192.27) |
|
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Particulars |
|
|
31.03.2012 |
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|
|
Sales Turnover (Approximately) |
|
|
1725.900 |
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|
Expected Sales (2012-2013) : Rs. 1250.000 millions (Reason : Due to less Export)
The above information has been parted by Ms. Usha Kulkarni (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.75
|
2.95
|
(4.48)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.21
|
2.47
|
5.81
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.97
|
2.32
|
3.37
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
Yes |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Total
Outstanding Dues of Micro and Small Enterprises |
-- |
-- |
-- |
|
- Total Outstanding
Dues of Creditors other than Micro and Small Enterprises |
100.596
|
185.093
|
97.927 |
|
Total |
100.596
|
185.093
|
97.927 |
NOTE
The registered office of the
company has been shifted from Simplex Mills Compound, 1st Floor, K.K. Marg,
Mumbai - 400 011, Maharashtra to the present address w.e.f. 07.07.2008.
OPERATIONS
The total income for the current year was Rs.971.722 Millions as compared to the income of Rs.1335.299 Millions for the same period during the last year. During the year, the Company has made a net profit of Rs.17.008 Millions as compared to the net loss of Rs.45.365 Millions for the last year.
|
Unsecured Loan |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Short Term Loan |
|
|
|
- From Others |
|
|
|
Inter Corporate Loan [Amount payable within 1 year – Rs. Nil (Rs.40.000 millions)] |
0.000 |
40.000 |
|
Other Loans and
Advances |
|
|
|
From Directors |
0.000 |
0.162 |
|
Total
|
0.000 |
40.162 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U72200MH2000PTC124398 |
|
Name of the
company |
DHAMM STEEL SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of
Charge |
|
Type of charge |
|
|
Particular of
charge holder |
TATA Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai –
400 001, Email : shailesh.rajadhyaksha@tatacapital.com
CIN : U65990MH1991PLC060670 |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 12.05.2011 |
|
Date of
instrument Creating the charge |
12.05.2011 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Short Term
Lending Rate (STLR) @ 14.50% p.a. Rate of Interest
Payable Equal to STLR, subject to a minimum of 13.50% p.a. Terms of
Repayment: Principal and Interest amount to be repaid in 12 Months Margin: Margin @ 10 % for
Letter of Credit Minimum Security
cover of 1.25x should be maintained on the stocks and debtors. Extent and
Operation of the charge: The charge
extends to the due repayment of the loan of Rs.150.000 millions including
interest, additional interest, costs, charges, expenses and all other monies
payable by the Borrower under the Agreement dated 29.01.2011. In the event of
default in payment of interest or repayment of principal amount of the Loan
the Borrower shall pay to the Lender, further interest @ 6% p.a. as penal
interest. |
|
Short particulars
of the property charged |
All Present and
future current Assets including Book debts, outstanding monies receivables, claims
and bills, which are now due and owing to the Borrower. All the present and
future stock in trade consisting of raw materials, finished goods, goods in
process of manufacturing, fixed Assets, other merchandise and whatsoever
being movable properties now or at anytime hereafter belonging to the
Borrower. |
TRADE REFERENCES:
v Miki Steel Works Private Limited
v
Arcelor Mittal
FIXED ASSETS:
Tangible Assets
v Computers
v Motor Car
v Furniture and Fixtures
v Office Equipments
v Electrical Installations
Intangible Assets
v Software
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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
33 |
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.