MIRA INFORM REPORT
|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SLS STAINLESS PRIVATE LIMITED (w.e.f. 27.05.2008) |
|
|
|
|
Formerly Known
As : |
SLS SCORODITE PRIVATE LIMITED (w.e.f. 01.12.2004) SAGAR STEELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
43, 1st Carpenter Street, C. P. Tank, Mumbai – 400004,
Maharashtra |
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|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
11.10.1994 |
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|
|
|
Com. Reg. No.: |
04-163692 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.93.561
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH1994PTC163692 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS1273P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer, exporter of Stainless Steel Seamless Pipes, Industrial Stainless Steel Pipes, Stainless Seamless Pipes, Industrial Steel Pipes, Carbon Steel Pipes, Nickel Alloy Pipes, Pipes, Tubes, Carbon Steel Plate, Fittings, Flanges, U Bend Tube and more. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 450000 |
|
|
|
|
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 moderate track record.
Profitability of the company appears to be low. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
Note: ICRA has suspended its rating BB+ due to lack
of information.
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 : |
43, 1st Carpenter Street, C. P. Tank, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23813552/ 23813553 |
|
Fax No.: |
91-22-23895550 |
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E-Mail : |
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|
Website : |
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Corporate Office: |
904, Venus Atlantis, Near Reliance Petrol Pump, Prahladnagar Road, Ahmedabad-380051, Gujarat, India) |
|
Tel. No.: |
91-79-4900 5000 (1 to 50) line |
|
Fax No.: |
91-79-4900 5050 |
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E-Mail : |
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Plant : |
Survey No.: 68-55 B/s. Simla Hotel Mehsana Highway, Billeswarpura - 382 729, District Gandhinagar, Gujarat, India |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Shantilal Premchand Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
B-805, Vasant Vihar, Dafnala Road, Shahibag, Ahmedabad – 380004, Gujarat,
India |
|
Date of Birth/Age : |
06.05.1958 |
|
Date of Appointment : |
21.03.2007 |
|
DIN No.: |
00483385 |
|
PAN No.: |
ACSPS6496G |
|
|
|
|
Name : |
Mr. Maheshbhai Shantilal Sanghvi |
|
Designation : |
Director |
|
Address : |
B-805, Vasant Vihar, Dafnala Road, Shahibag, Ahmedabad – 380004,
Gujarat, India |
|
Date of Birth/Age : |
23.10.1981 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
01507210 |
|
PAN No.: |
AKIPS7448G |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Amit Sanghvi |
|
20727 |
|
Dadmiben Sanghavi |
|
37323 |
|
Himansubhai Sanghavi |
|
6909 |
|
Kalpesh S. Sanghavi |
|
76000 |
|
Mahesh Sanghavi |
|
854074 |
|
Manjulaben Sanghavi |
|
20741 |
|
Mukesh Sanghavi |
|
29723 |
|
Pradip Sanghavi |
|
21418 |
|
Pravinaben Sanghavi |
|
15200 |
|
Pushpaben Sanghavi |
|
13818 |
|
Shantibhai Sanghavi |
|
2760555 |
|
Sumerbhai Sanghavi |
|
110545 |
|
Optima Stainless Private Limited, India |
|
5389091 |
|
Total |
|
9356124 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
57.60 |
|
Directors or relatives of Directors |
42.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter of Stainless Steel Seamless Pipes, Industrial Stainless Steel Pipes, Stainless Seamless Pipes, Industrial Steel Pipes, Carbon Steel Pipes, Nickel Alloy Pipes, Pipes, Tubes, Carbon Steel Plate, Fittings, Flanges, U Bend Tube and more. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
IDBI Bank Limited, Opposite Municipal Staff Quarters, Near Lal Bunglow, Off C. G. Road,, Ahmedabad - 380006, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
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|
|
|
Auditors : |
|
|
Name : |
R R S and Associates Chartered Accountants |
|
Address : |
211, Kamal Complex, Near Stadium Circle, Opposite State Bank Of India, C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
PAN No.: |
BJSPS1323Q |
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|
|
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Holding company : |
Optima Stainless Private Limited |
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Associate : |
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CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9356124 |
Equity Share |
Rs.10/- each |
Rs.93.561
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 |
|
93.561 |
93.561 |
|
(b) Reserves & Surplus |
|
19.943 |
14.693 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
9.918 |
|
Total
Shareholders’ Funds (1) + (2) |
|
113.504 |
118.172 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
27.263 |
13.330 |
|
(b) Deferred tax liabilities (Net) |
|
0.035 |
0.040 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
27.298 |
13.370 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
76.514 |
56.327 |
|
(b) Trade payables |
|
145.407 |
106.782 |
|
(c) Other current
liabilities |
|
28.857 |
12.598 |
|
(d) Short-term
provisions |
|
4.161 |
9.208 |
|
Total Current
Liabilities (4) |
|
254.939 |
184.915 |
|
|
|
|
|
|
TOTAL |
|
395.741 |
316.457 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
14.953 |
15.104 |
|
(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 |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.112 |
0.087 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
15.065 |
15.191 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
85.786 |
62.886 |
|
(c) Trade receivables |
|
247.816 |
180.118 |
|
(d) Cash and cash
equivalents |
|
13.318 |
33.734 |
|
(e) Short-term loans
and advances |
|
33.756 |
24.528 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
380.676 |
301.266 |
|
|
|
|
|
|
TOTAL |
|
395.741 |
316.457 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
28.709 |
|
|
2] Share Application Money |
|
|
55.678 |
|
|
3] Reserves & Surplus |
|
|
29.166 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
113.553 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
53.701 |
|
|
2] Unsecured Loans |
|
|
22.633 |
|
|
TOTAL BORROWING |
|
|
76.334 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.121 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
190.008 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8.205 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
53.678
|
|
|
Sundry Debtors |
|
|
152.652
|
|
|
Cash & Bank Balances |
|
|
12.110
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
57.860
|
|
Total
Current Assets |
|
|
276.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
69.818
|
|
|
Other Current Liabilities |
|
|
17.772
|
|
|
Provisions |
|
|
8.919
|
|
Total
Current Liabilities |
|
|
96.509 |
|
|
Net Current Assets |
|
|
179.791
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
2.012 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
190.008 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
885.237 |
|
610.045 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
885.237 |
658.755 |
610.045 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
876.800 |
639.029 |
601.001 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
876.800 |
639.029 |
601.001 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8.437 |
19.726 |
9.044 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.187 |
7.606 |
2.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.250 |
12.120 |
6.319 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
0.410 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Import |
7.297 |
8.171 |
2.884 |
|
|
TOTAL IMPORTS |
7.297 |
8.171 |
2.884 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.56 |
1.88 |
2.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.59
|
1.84 |
1.04
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.13
|
6.23 |
3.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.17 |
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.91
|
0.59 |
0.67
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.63 |
2.86
|
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 |
Yes |
NOTE:
The Registered office has again shifted from, 9, Kamer Building, 1st Floor, 38
Cawasji Patel Street, Fort, Mumbai – 400023, Maharashtra, India, to the present
address w.e.f. 26.10.2009.
OPERATIONS:
During the year, the performance of the company is below average. The net profit of the company after taxation has decreased to Rs. 5.250 Millions as compared to Rs. 12.120 Millions in the previous year. While the turnover of the Company has increased by Rs.885.237 Millions as compared to Rs.658.755 Millions in the previous year.
The Directors are striving hard by making more sincere efforts for better growth and prospects of the Company in future and to yield better returns for the members of the company.
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
27.215 |
13.101 |
|
Total |
27.215 |
13.101 |
FIXED ASSETS:
· Land
· Land Development
· Office
· Furniture
· Office Equipments
· Air Conditioner
· Electric Equipments
· Fan
· Fax
· Pager
· Telephone
· Type Writer
· Water Pump
· Plant and Machinery
· Computers
· 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.59.80 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.