MIRA INFORM REPORT
|
Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHAKARH STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sagar Estate, 7th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
30.12.1997 |
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|
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Com. Reg. No.: |
21-086217 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 29.979 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27101WB1997PTC086217 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB07417E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB9910C |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Exporter and Importer of Iron and Alloys Steels. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 250000 |
|
|
|
|
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. Trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 DENIED
|
Name : |
Mr. Shiv Bhakarh |
|
Contact No.: |
91-9836612130 |
|
Date : |
26.07.2013 |
LOCATIONS
|
Registered Office : |
Sagar Estate, 7th Floor, |
|
Tel. No.: |
91-33-22622028 / 22102330 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on : 29.09.2012
|
Name : |
Mr. Mahesh Kumar Bhakarh |
|
Designation : |
Director |
|
Address : |
14/17, |
|
Date of Birth/Age : |
02.12.1965 |
|
Date of Appointment : |
21.09.2012 |
|
Din No.: |
00866062 |
|
|
|
|
Name : |
Mr. Naresh Kumar Bhakarh |
|
Designation : |
Director |
|
Address : |
14/17, |
|
Date of Birth/Age : |
07.10.1967 |
|
Date of Appointment : |
30.12.1997 |
|
Din No.: |
01316561 |
|
|
|
|
Name : |
Mr. Shiv Kumar Bhakarh |
|
Designation : |
Director |
|
Address : |
14/17, |
|
Date of Birth/Age : |
07.04.1963 |
|
Date of Appointment : |
30.12.1997 |
|
Din No.: |
00866037 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Bhakarh Properties Private Limited, |
999275 |
|
Naresh Kumar Bhakarh |
936300 |
|
Ruma Devi Bhakarh |
206000 |
|
Seema Devi Bhakarh |
63000 |
|
Shiv Bhakarh |
673300 |
|
Sonam Bhakarh |
35000 |
|
Suryanshi Bhakarh |
85000 |
|
Total |
2997875 |
Equity Share Break up (Percentage of Total Equity)
As on : 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
33.33 |
|
Directors or relatives of Directors |
56.53 |
|
Other top fifty shareholders |
10.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Iron and Alloys Steels. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Allahabad Bank, Red Cross Place Branch, 7, Red Cross Place,
Kolkata-700001, West Bengal, India |
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Facilities : |
Rs in Millions
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Auditors : |
|
|
Name : |
Vidisha and Company Chartered Accountants |
|
Address : |
419, City Centre, 19, |
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Tel. No.: |
91-33-22311473 |
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E-Mail : |
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PAN No.: |
AAFFV5412N |
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|
|
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Associates : |
Bhakarh Properties Private Limited Super Stahl India Private Limited |
CAPITAL STRUCTURE
As on : 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2997875 |
Equity Shares |
Rs.10/- each |
Rs.29.979
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 |
|
29.979 |
29.979 |
|
(b) Reserves & Surplus |
|
32.609 |
31.955 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.300 |
0.396 |
|
Total
Shareholders’ Funds (1) + (2) |
|
62.888 |
62.330 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.151 |
0.571 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.151 |
0.571 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
21.354 |
29.217 |
|
(b)
Trade payables |
|
15.725 |
15.786 |
|
(c)
Other current liabilities |
|
0.528 |
4.198 |
|
(d)
Short-term provisions |
|
0.338 |
0.404 |
|
Total Current
Liabilities (4) |
|
37.945 |
49.605 |
|
|
|
|
|
|
TOTAL |
|
100.984 |
112.506 |
|
|
|
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II.
ASSETS |
|
|
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|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
|
|
(ii)
Intangible Assets |
|
0.976 |
1.267 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.784 |
0.784 |
|
(c) Deferred tax assets
(net) |
|
0.055 |
0.025 |
|
(d) Long-term Loan
and Advances |
|
0.005 |
0.005 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1.820 |
2.081 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
17.501 |
6.245 |
|
(c)
Trade receivables |
|
71.792 |
92.107 |
|
(d)
Cash and cash equivalents |
|
7.350 |
8.112 |
|
(e)
Short-term loans and advances |
|
0.000 |
0.000 |
|
(f)
Other current assets |
|
2.521 |
3.961 |
|
Total
Current Assets |
|
99.164 |
110.425 |
|
|
|
|
|
|
TOTAL |
|
100.984 |
112.506 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
29.979 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
31.442 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
61.421 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.993 |
|
|
2] Unsecured Loans |
|
|
0.211 |
|
|
TOTAL BORROWING |
|
|
1.204 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
62.646 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.485 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.784 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11.062 |
|
|
Sundry Debtors |
|
|
70.559 |
|
|
Cash & Bank Balances |
|
|
0.561 |
|
|
Other Current Assets |
|
|
1.616 |
|
|
Loans & Advances |
|
|
0.456 |
|
Total
Current Assets |
|
|
84.254 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
23.562 |
|
|
Other Current Liabilities |
|
|
0.187 |
|
|
Provisions |
|
|
0.175 |
|
Total
Current Liabilities |
|
|
23.924 |
|
|
Net Current Assets |
|
|
60.330 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
62.646 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
111.727 |
95.056 |
70.674 |
|
|
|
Other Income |
0.505 |
0.351 |
0.027 |
|
|
|
TOTAL |
112.232 |
95.407 |
70.701 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
111.663 |
79.864 |
|
|
|
|
Changes in Inventories of Finished Goods |
(11.256) |
4.817 |
|
|
|
|
Employees Benefits Expenses |
0.925 |
0.485 |
|
|
|
|
Auditor Remuneration |
0.030 |
0.030 |
|
|
|
|
Other expenses |
6.223 |
6.597 |
|
|
|
|
TOTAL |
107.585 |
91.793 |
69.923 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.647 |
3.614 |
0.778 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.395 |
2.456 |
0.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.252 |
1.158 |
0.773 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.298 |
0.379 |
0.174 |
|
|
|
|
|
|
|
|
|
Add |
EXTRA ORDINARY
ITEMS |
0.008 |
0.008 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.962 |
0.787 |
0.599 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.308 |
0.244 |
0.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.654 |
0.543 |
0.383 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.003 |
1.460 |
1.078 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.657 |
2.003 |
1.461 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.22 |
0.18 |
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.58
|
0.57 |
0.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.86
|
0.83 |
0.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.96
|
6.39 |
0.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.34
|
4.48 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
0.22 |
3.52 |
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE OF THE
COMPANY:
During the year
turnover of the Company has been increased considerably. The Directors are
hopeful to achieve better results in the next accounting year.
UNSECURED LOANS :
(Rs in Millions)
|
PARTICULARS |
31.03.2012
|
31.03.2011
|
|
Long term
borrowings |
|
|
|
Loans and advances from related parties |
0.151 |
0.571 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Aakarshan Housing Private Limited |
0.000 |
1.300 |
|
Bhakarh Properties Private Limited |
0.000 |
2.727 |
|
Markhana Tradecom Private Limited |
0.000 |
2.500 |
|
Mechand Ger Tech Services India Private Limited |
0.000 |
1.600 |
|
Durga Dutta Bhakarh Charity Trust |
1.747 |
0.000 |
|
Smt. Draupati Devi Bhakarh Jan Kalyan Trust |
3.587 |
2.449 |
|
Total |
5.485 |
11.147 |
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1. |
10225526 |
14/05/2010 |
30,000,000.00 |
ALLAHABAD BANK |
Red Cross Place Branch, 7, Red Cross Place, Kolkata - 700001, West
Bengal, India |
A88066451 |
FIXED ASSETS:
- Plant and
Machinery
- Office
Equipments
- Electric Fans
- Refrigerator
- Air
Conditioner
- Cutting
Machine
- Furniture and
Fixtures
- Mobile Phones
- Motor Car
- Computer
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. 58.91 |
|
|
1 |
Rs. 90.68 |
|
Euro |
1 |
Rs. 78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.