|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
METCRAFT STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
601-602,
Siddharth Arcade, L T Road Borivali [West], Mumbai – 400092, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.08.2011 |
|
|
|
|
Com. Reg. No.: |
11-220698 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 60.573 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2011PTC220698 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCM4619B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Light Gauge Galvanized Sections for Suspended False Ceilings Systems,
Metal Stud Partitions and Aluminum lineal Ceiling Systems. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 276000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track record. The
company has achieved small turnover from its first year of operation. However,
trade relations are reported to be improving. Business is active. Payment
terms are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
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.
LOCATIONS
|
Registered/ Head Office : |
601-602,
Siddharth Arcade, L T Road Borivali [West], Mumbai – 400092, Maharashtra,
India |
|
Tel. No.: |
91-22-28992174/ 28984630/ 28993478 |
|
Fax No.: |
91-22-28993048 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Unit I : |
Plot No. 17 and 19, S. No. 437, Bidco Road, Village Mahim, Palghar,
District Thane – 401404, Maharashtra, India |
|
Tel. No.: |
952525-254144 |
|
Fax No.: |
952525-254503 |
|
|
|
|
Unit II : |
S. N. 438/1 – 4 and 5, 439 1/4, Chintu Pada Road, Village Mahim,
Palghar, District Thane – 401404, Maharashtra, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Devang Kishore Thakkar |
|
Designation : |
Director |
|
Address : |
603, 4 Marble Arc, TPS Road, Borivali [West], Mumbai – 400092,
Maharashtra, India |
|
Date of Birth/Age : |
01.09.1966 |
|
Date of Appointment : |
08.08.2011 |
|
PAN No.: |
AAAPT8278R |
|
DIN No.: |
00001785 |
|
|
|
|
Name : |
Mr. Bhavin Kishorebhai Thakkar |
|
Designation : |
Director |
|
Address : |
1401 Raghunath Tower, Devidas Lane, Borivali [West], Mumbai – 400092,
Maharashtra, India |
|
Date of Birth/Age : |
26.06.1964 |
|
Date of Appointment : |
08.08.2011 |
|
PAN No.: |
AAAPT8279Q |
|
DIN No.: |
00001780 |
|
|
|
|
Name : |
Mrs. Sushila Kishore Thakkar |
|
Designation : |
Director |
|
Address : |
143, Vasukamal Tower, Devidas Extension Road, Borivali [West], Mumbai –
400092, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1937 |
|
Date of Appointment : |
08.08.2011 |
|
PAN No.: |
AADPT0748D |
|
DIN No.: |
00001782 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Devang Kishore Thakkar |
|
3646900 |
|
Bhavin Kishorebhai Thakkar |
|
1397800 |
|
Sushila Kishore Thakkar |
|
1001400 |
|
Vatsal Devang Thakkar |
|
2800 |
|
Mansi Devang Thakkar |
|
2800 |
|
Devang Thakkar HUF |
|
2800 |
|
Thakkar Sons Roll Forming Private Limited, India |
|
2800 |
|
|
|
|
|
Total |
|
6057300 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
0.05 |
|
Directors
or relatives of directors |
|
99.95 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Light Gauge Galvanized Sections for Suspended False Ceilings Systems, Metal
Stud Partitions and Aluminum lineal Ceiling Systems. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Bankers : |
Karnataka Bank
Limited, Borivali (West) Branch, LIC Shopping Complex, Jeevan Bima Nagar, Borivali
(West), Mumbai – 400103, Maharashtra, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Surya Associates Chartered Accountants |
|
Address : |
103, Deepika,
Gokhale Road, Kandivali West, Mumbai – 400067, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AARFS6853Q |
|
|
|
|
Enterprises over which key management personnel
and their relatives are able to exercise
significant influence : |
Ř Thakkarsons Roll
Forming Private Limited Ř Metcraft Engineering
Private Limited Ř Metform
Corporation Ř Metframe
Corporation Ř KLT Automotive
and Tubular Products Limited Ř Colour Roof
(India) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,057,300 |
Equity Shares |
Rs. 10/- each |
Rs. 60.573
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
60.573 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
8.450 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
69.023 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
194.508 |
|
|
2] Unsecured Loans |
|
|
14.254 |
|
|
TOTAL BORROWING |
|
|
208.762 |
|
|
DEFERRED TAX LIABILITIES |
|
|
7.745 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
285.530 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
142.956 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4.300 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
120.987 |
|
|
Sundry Debtors |
|
|
98.000 |
|
|
Cash & Bank Balances |
|
|
36.653 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
34.229 |
|
Total
Current Assets |
|
|
289.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
45.540 |
|
|
Other Current Liabilities |
|
|
104.649 |
|
|
Provisions |
|
|
1.406 |
|
Total
Current Liabilities |
|
|
151.595 |
|
|
Net Current Assets |
|
|
138.274 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
285.530 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
4.448 |
|
|
|
Other Income |
|
|
N.A. |
|
|
|
TOTAL |
|
|
N.A. |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
N.A. |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
15.037 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
6.783 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
8.254 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
7.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
|
0.555 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
8.450 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB basis) |
|
|
0.760 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
29.054 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
1.30 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
185.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
1.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
3.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.91 |
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
one year |
Yes |
|
12] |
Profitability for last
one year |
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 (Rs. In Millions) |
|
Deferred payment liabilities |
9.877 |
|
Loans and advances from related parties |
4.377 |
|
Total |
14.254 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27100MH2011PTC220698 |
|
Name of the
company |
METCRAFT STEEL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
601-602, Siddharth
Arcade, L T Road Borivali [West], Mumbai – 400092, Maharashtra, India Email: dkthakkar@metcraftindia.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Karnataka Bank
Limited, Borivali (West) Branch, LIC Shopping Complex, Jeevan Bima Nagar,
Borivali (West), Mumbai – 400103, Maharashtra, India Email: bom.borivli@ktkbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds by constructive delivery. |
|
Date of
instrument Creating the charge |
09.07.2012 |
|
Amount secured by
the charge |
Rs. 210.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Not applicable Terms of Repayment Not applicable Margin Not applicable Extent and Operation of the charge Security extended
in respect of the following credit facilities sanctioned as per bank's
resolution no. MDS LFCD 55/12-13 dated 22.06.12: 1/ Overdraft
facility - Rs.120.000
Millions 2/ LC (ILC /
FLC) - Rs.70.000 Millions 3/ BG - Rs.20.000
Millions 4/ Forward
Contract - Rs.0.400 Million Total - Rs.210.400
Millions Others The title deeds
of immovable properties charged to the bank were originally deposited on
16.03.07 and 29.06.07 with the bank by the erstwhile partnership firm namely,
Metcraft Engineering Corporation. This partnership firm was converted into a
private company under the name Metcraft Steel Private Limited under Part IX
of the Companies Act, 1956. Consequent to the said conversion all the
immovable properties belonging to the partnership firm now vest in the name
of the Company. |
|
Short particulars
of the property charged |
Immovable
property being (i) Land and factory building situated at plot bearing Survey
No. 438 and 439, Village Mahim, Taluka Palghar, District Thane. (ii) Land and
factory building bearing plot no.17 admeasuring 790 sq. mtrs., Survey No.
437, Bidco Road, Mahim Village, Taluka Palghar, District Thane. (iii) Land and
factory building bearing plot no.19 admeasuring 700 sq. mtrs, Survey No. 437,
Bidco Road, Mahim Village, Taluka Palghar, District Thane. |
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. 53.84 |
|
|
1 |
Rs. 81.24 |
|
Euro |
1 |
Rs. 70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.