|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CREST STEEL AND POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441,
Chhattisgarh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.05.2004 |
|
|
|
|
Com. Reg. No.: |
11-016643 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.961.743 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109CT2004PTC016643 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPC00874G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC3836H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sponge Iron, Steel and Power Generation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20763000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. Latest financials i.e. 2011-12
are missing with the Government Department. However, from the previous year
financials it seems that the company is performing well. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can
be considered normal for business dealings with some cautions. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk. |
|
Date |
28.03.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety it carry higher
credit risk. |
|
Date |
28.03.2012 |
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/ Factory : |
Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441, |
|
Tel. No.: |
91-788-2617341/ 342/ 343/ 344/ 2617210 |
|
Fax No.: |
91-788-2617353/ 2617358 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
45 Acres |
|
Location : |
Owned |
|
|
|
|
Head Office : |
4, Raheja Centre, 214, Free Press Journal Marg, Nariman Point, Mumbai
– 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-22841414 |
|
Fax No.: |
91-22-22840211/ 22880141 |
|
Area : |
1800 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Corporate Office
1 : |
Village Karluhi, Tehsil, Amb. District UNA - 177 023, |
|
Tel No.: |
91-1976-261887/ 88/ 89 |
|
Fax No.: |
91-1976-261888 |
|
Area : |
9 Acres |
|
Location : |
Owned |
|
|
|
|
Corporate Office
2 : |
1302, |
|
Email : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Abhay Narendra Lodha |
|
Designation : |
Managing Director |
|
Address : |
Vaitrana Building,
Flat No.502, Sir Pochkhanwala Road, Worli, Mumbai – 400 030, Maharashtra,
India |
|
Date of Birth/Age : |
01.06.1971 |
|
Qualification : |
LLB, B. com |
|
Date of Appointment : |
01.04.2009 |
|
00052194 |
|
|
|
|
|
Name : |
Mr. Narendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
Flat No.4, Cozy Mansion, 100/25, Gidney Park, Salisbury Park, Pune –
411 037, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1947 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.06.2007 |
|
DIN No.: |
00164574 |
|
|
|
|
Name : |
Mr. Ashwin Narendra Lodha |
|
Designation : |
Director |
|
Address : |
502, Vaitarna
Worli Sagar CHS. Limited, Sir Pochkanwala Road, Worli Sea Face, Worli, Mumbai – 400
030, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1976 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.05.2007 |
|
DIN No.: |
00066948 |
|
|
|
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
126-128 Shriram
Tower, Kingsway, Sadar, Nagpur – 440 001, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1965 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
28.06.2007 |
|
DIN No.: |
00044782 |
|
|
|
|
Name : |
Mr. Sanjiv Ved
Prakash Goel |
|
Designation : |
Director |
|
Address : |
522, Clover
Citadel, Wanorie, Pune – 411 040, Maharashtra, India |
|
Date of Appointment : |
06.09.2011 |
|
DIN No.: |
03616090 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Champalal Motilal Steel Company Private Limited, India |
|
2750600 |
|
Topworth Steels and Power Private Limited, India |
|
5000000 |
|
Riya Real Estate Private Limited, India |
|
63862100 |
|
Phoenix Realtors Private Limited, India |
|
82895000 |
|
Akshata Realtors Private Limited, India |
|
78811900 |
|
Abhay Lodha |
|
15769500 |
|
Sheela Lodha |
|
8331500 |
|
Rajesh Jain |
|
6410000 |
|
Ashwin Lodha |
|
13000000 |
|
Nitin Golecha |
|
23367000 |
|
Stemcor Trade Finance Cyrus Limited, Cyprus |
|
3925999 |
|
Mona Lodha |
|
5100000 |
|
Anika Tie-Up Private Limited, India |
|
30240000 |
|
Surendra C. Lodha |
|
16171290 |
|
Total |
|
355634889 |
As on: 29.09.2012
|
Names of Shareholders (Preference Shareholders of Rs.100/- each) |
|
No. of Shares |
|
Netra Mercantile Private Limited, |
|
531100 |
|
Akshata Mercantile Private Limited, |
|
1526200 |
|
Royaloak Steels Private Limited, |
|
236450 |
|
Champalal Motilal Steel Company Private Limited, India |
|
950000 |
|
Deepstar Alloys and Steels Private Limited, |
|
91250 |
|
Poscho Steels Private Limited, |
|
23000 |
|
Phoenix Impex Private Limited, |
|
187000 |
|
Total |
|
3545000 |
As on: 29.09.2012
|
Names of Shareholders (Preference Shareholders of Rs.10/- each) |
|
No. of Shares |
|
Akshata Mercantile Private Limited, India |
|
874369 |
|
Champalal Motilal Steel Company Private Limited, India |
|
376033 |
|
Deepstar Alloys and Steels Private Limited, India |
|
2220341 |
|
Netra Mercantile Private Limited, India |
|
418180 |
|
Phoenix Realtors Private Limited, India |
|
3769190 |
|
Phoenix Impex Private Limited, India |
|
765828 |
|
Poscho Steels Private Limited, India |
|
105628 |
|
Pheonix Auto Private Limited, India |
|
5754 |
|
Riya Real Estate Private Limited, India |
|
141000 |
|
Royaloak Steels Private Limited, India |
|
417012 |
|
Vibrant Global
Capital Limited, India (Formerly known as Vibrant Capital and Finance
Limited) |
|
31277 |
|
Abhay Narendra
Lodha |
|
244121 |
|
Aswhin Lodha |
|
2 |
|
Ishwar C. Lodha |
|
2 |
|
Rajmati Golechha |
|
2 |
|
Jayant R. Kasliwal |
|
40 |
|
Kavita R. Jain |
|
3610 |
|
Koyal Vijay Lodha |
|
2 |
|
Kunal J. Kasliwal |
|
2 |
|
Kusum P. Lodha |
|
2 |
|
Mona A. Lodha |
|
2 |
|
Narendra C. Lodha |
|
2 |
|
Nitin J. Golechha |
|
2812 |
|
Rajesh P. Jain |
|
2785 |
|
Rajesh Jain (HUF) |
|
9900 |
|
Sharmistha S. Lodha |
|
2 |
|
Sheela A. Lodha |
|
4 |
|
Surendra C. Lodha |
|
7922 |
|
Vaibhav N. Lodha |
|
2 |
|
Vaibhav P. Lodha |
|
2 |
|
Vajendla R. Rao |
|
80 |
|
Vandana N. Lodha |
|
2 |
|
Vijay C. Lodha |
|
2 |
|
Topworth Steels and Power Private Limited, India |
|
250170 |
|
Total |
|
9646082 |
As on 31.12.2012
|
Names of Allottee (Equity Shares) |
|
No. of Shares |
|
Stemcor Chhattisgarh Projects Limited, Cyprus (Formerly known as
Stemcor Trade Finance Cyprus Limited) |
|
1851728 |
|
Total |
|
1851728 |
As on: 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
1.10 |
|
Bodies corporate |
74.11 |
|
Directors or relatives of Directors |
24.79 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sponge Iron, Steel and Power Generation. |
|
|
|
|
Products : |
v Sponge Iron v MS Billets v TMT Bars v Power |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Sponge Iron |
MT |
105000.000 |
75562.300 |
|
MS Billets |
MT |
187500.000 |
98454.105 |
|
Power |
MW |
86400.00 (86400000.00
Units) |
90197.000 (90197000.000
Units) |
|
TMT Bars |
MT |
115500.000 |
23080.210 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
ICICI
Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat,
India ·
Allahabad Bank, Fort Branch, Allahabad bank
Building, Ground Floor, 37, Mumbai Samachar Marg, Mumbai – 400023,
Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities: |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Chhoriya Chartered Accountants |
|
Address : |
59, |
|
Mobile No.: |
91-9320278797 |
|
E-Mail : |
|
|
PAN No. : |
AADFJ9495M |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
703000000 |
Equity Shares |
Rs.10/- each |
Rs.7030.000 millions |
|
3600000 |
Preference Shares |
Rs.100/- each |
Rs.360.000 millions |
|
11000000 |
Preference Shares |
Rs.10/- each |
Rs.110.000 millions |
|
|
Total |
|
Rs.7500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
357486617 |
Equity Shares |
Rs.10/- each |
Rs.3574.866
millions |
|
3545000 |
Preference Shares |
Rs.100/- each |
Rs.354.500
millions |
|
9646082 |
Preference Shares |
Rs.10/- each |
Rs.96.461
millions |
|
|
Total |
|
Rs.4025.827 millions |
As on 31.03.2011
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.961.743 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
961.743 |
678.447 |
634.496 |
|
|
2] Share Application Money |
1267.955 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2961.032 |
2410.573 |
63.519 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5190.730 |
3089.020 |
698.015 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2942.079 |
755.419 |
660.963 |
|
|
2] Unsecured Loans |
742.697 |
794.255 |
506.820 |
|
|
TOTAL BORROWING |
3684.776 |
1549.674 |
1167.783 |
|
|
DEFERRED TAX LIABILITIES |
151.257 |
124.693 |
99.559 |
|
|
|
|
|
|
|
|
TOTAL |
9026.763 |
4763.387 |
1965.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1363.005 |
1357.898 |
895.191 |
|
|
Capital work-in-progress |
532.081 |
26.594 |
447.615 |
|
|
|
|
|
|
|
|
INVESTMENT |
2984.638 |
2213.153 |
0.759 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2075.371
|
1213.722 |
496.068 |
|
|
Sundry Debtors |
249.291
|
201.211 |
391.254 |
|
|
Cash & Bank Balances |
283.208
|
126.026 |
56.922 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3519.087
|
739.455 |
247.294 |
|
Total
Current Assets |
6126.957
|
2280.414 |
1191.538 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Sundry Creditors |
1868.395
|
1013.090 |
535.309 |
|
|
Other Current Liabilities |
6.695
|
8.774 |
1.581 |
|
|
Provisions |
107.113
|
94.878 |
33.769 |
|
Total
Current Liabilities |
1982.204
|
1116.742 |
570.659 |
|
|
Net Current Assets |
4144.753
|
1163.672 |
620.879 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.286 |
2.070 |
0.913 |
|
|
|
|
|
|
|
|
TOTAL |
9026.763 |
4763.387 |
1965.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Finished Goods Sales (Gross) |
4113.868 |
3056.172 |
1966.841 |
|
|
|
Other Income |
5.426 |
10.589 |
10.356 |
|
|
|
TOTAL (A) |
4119.294 |
3066.761 |
1977.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Material and Stores and Spares Consumed |
2722.593 |
2130.403 |
1077.586 |
|
|
|
Excise Duty (including Cess) and Taxes |
286.247 |
206.000 |
233.525 |
|
|
|
Manufacturing Expenses |
448.372 |
399.652 |
234.157 |
|
|
|
Employees Cost and Benefits |
83.758 |
72.480 |
39.947 |
|
|
|
Selling and Administrative Expenses |
94.887 |
64.681 |
22.114 |
|
|
|
Preliminary Expenses W/Off |
1.284 |
1.134 |
0.676 |
|
|
|
Loss on Vehicle Sold |
0.047 |
0.000 |
0.000 |
|
|
|
Increase/Decrease in Finished Goods |
(181.584) |
(244.922) |
9.219 |
|
|
|
TOTAL (B) |
3455.604 |
2629.428 |
1617.224 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
663.690 |
437.333 |
359.973 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
204.403 |
102.547 |
88.601 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
459.287 |
334.786 |
271.372 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
77.189 |
70.984 |
50.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
382.098 |
263.802 |
221.199 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
121.827 |
70.361 |
50.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
260.271 |
193.441 |
170.943 |
|
|
|
|
|
|
|
|
|
Add |
MAT CREDIT
RECOGNIZED FOR EARLIER YEARS |
30.684 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
256.960 |
63.519 |
(107.424) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
547.915 |
256.960 |
63.519 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
6.91 |
6.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.32
|
6.31 |
8.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.29
|
8.63 |
11.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.10
|
7.25 |
10.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.71
|
0.50 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.09
|
2.04 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
Yes |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
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 |
No |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Unsecured Loan |
742.697 |
794.255 |
|
|
|
|
BANKER CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U27109CT2004PTC016643 |
|
Name of the
company |
CREST
STEEL AND POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441,
Chhattisgarh, India E-Mail: secretarial@topworthgroup.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Allahabad Bank, Fort Branch, Allahabad bank Building, Ground Floor,
37, Mumbai Samachar Marg, Mumbai – 400023, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed
of Hypothecation Executed on 06.05.2013 |
|
Date of
instrument Creating the charge |
06.05.2013 |
|
Amount secured by
the charge |
Rs. 500.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interest: 14.95% i.e., Base Rate + 4.75% p.a. (Presently BR being 10.20%) Term
of Payment: 8.50 Years, (28 quarterly installments after moratarium of
one year from COD which will be firmed up upon financial closure. Margin: 30% which the
company shall bring in as margin by way of capital. Extent and
operation of the charge: This Term Loan II is secured by first pari passu
charge by way of hypothecation on all movebale fixed assets, being project
assets for expansion project both present and future relating to expansion
project and Second Pari passu charge by way of hypothecation on the current
assets such as stock raw material, book debts etc. of the Company. Others: Personal
Gurantees of Mr. Abhay Lodha, Mr. Ashwin Lodha, Mr. Narendra Lodha and Mr.
Surendra Lodha. Punjab
National Bank, Lead bank of Consortium, has given its NOC for ceding pari
passu charge on all immovable and moveable assets, being project assets for
the expansion project for this additional Term Loan of Rs. 500.000 millions
of Allahabad Bank. |
|
Short particulars
of the property charged (Including location of the property) |
i.
All movebale fixed assets, being project
assets for expansion project situated at Village Joratarai, District
Rajnandgaon, C.G. ii.
The current assets such as stock raw
material, book debts etc. of the Company. |
PRESS RELEASE:
PROBE INTO COAL BLOCKS ALLOTMENT FINDS MISSING FIRM, FUEL DIVERSION
July 03, 2012
An internal probe by the coal
ministry into the allotment of blocks between 2006 and 2009 has found cases of
obscure firms allegedly merging with other firms after getting their hands on
the resource, or allegedly diverting excess fuel in violation of norms.
The ongoing inquiry began after a CAG report in March alleged irregularities in the allotment of blocks in 2004-2009. As reported earlier, the ministry has found allotments being misused by firms which did not deserve an allotment, or are squatting on blocks without starting production.
According to the latest findings, a company called Veerangana Steels Limited, which was allotted three coal blocks in Yavatmal, Maharashtra, in 2005, no longer exists. The Nagpur-based firm had been re-christened as Topworth Urja and Metals Limited, and merged with another firm called Crest Steel and Power Limited, a Chhattisgarh-based steel trading firm.
In a second case, the ministry found that another Nagpur-based firm, Sunflag Iron and Steel Company, which was allotted Belgaon block in Wardha, Maharashtra, and has been producing coal from it since December 2007, could be diverting excess fuel.
The Coal Controller's Organisation (CCO) has informed the ministry that between December 2008 and November 2009, the firm produced 1.2 Lakh stones, and was supposed to use it all for its 15 MW captive power plant in Bhandara.
IRREGULARITIES
Veerangana Steels Limited rechristened as Topworth Urja and Metals Limited, merged with Crest Steel and Power Limited, says report
Sunflag Iron and Steel Company supposed to use all coal for power plant; but could be diverting, shows probe
FIXED ASSETS:
v Land
v Internal Road and Infrastructure Development
v Infrastructure Development (Railway Siding)
v Building (Office)
v Boundary Wall
v Building (Factory)
v Plant and Machinery
v Computer
v Telephone Installation
v Electrical Installation
v Office Equipment
v Tools Equipment
v Furniture and Fixture
v Vehicles
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.59.90 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.