MIRA INFORM REPORT

 

 

Report Date :

07.03.2013

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

 

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

 

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, Chhattisgarh, India

Tel. No.:

91-788-2617341/ 342/ 343/ 344/ 2617210

Fax No.:

91-788-2617353/ 2617358

E-Mail :

mailadmin@topworthgroup.com

creststeel@rediffmail.com

dilip_jain1969@yahoo.co.in

headoffice@crest.co.in

vijay.pathak@topworthgroup.com

Website :

http://www.topworthgroup.com

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, Himachal Pradesh, India

Tel No.:

91-1976-261887/ 88/ 89

Fax No.:

91-1976-261888

Area :

9 Acres

Location :

Owned

 

 

Corporate Office 2 :

1302, Purna Building, Sir Pochkhanwala Road, Worli, Mumbai – 400 018, Maharashtra, India

Email :

creststeel@vsnl.net

 

 

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

DIN No.:

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, India

 

531100

Akshata Mercantile Private Limited, India

 

1526200

Royaloak Steels Private Limited, India

 

236450

Champalal Motilal Steel Company Private Limited, India

 

950000

Deepstar Alloys and Steels Private Limited, India

 

91250

Poscho Steels Private Limited, India

 

23000

Phoenix Impex Private Limited, India

 

187000

Total

 

3545000

 

 

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 Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 :

·         Dena Bank, Corporate Business Branch, C-10, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

·         The Lakshmi Vilas Bank Limited, Fort Branch, 64, Dr. V.B. Gandhi Marg, Kalaghoda Fort, Mumbai – 400 001, Maharashtra, India 

·         Punjab National Bank (As lead banker), Foreshore Road Branch, 1st Floor, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India 

·         State Bank of Indore, Commercial Branch, 2-B, Mittal Court, B wing, Nariman Point, Mumbai – 400 021, Maharashtra, India

·         State Bank of Mysore, Mumbai Main Branch, PB No.11595, Mittal Court, 224, Nariman Point, Mumbai – 400 021, Maharashtra, India

·         Syndicate Bank, G-001, Rajan House, Prabhadevi, Mumbai – 400 025, Maharashtra, India

·         Canara Bank, 1st Floor, Chandan Complex, Opposite City Kotwali, Malviya Road, Raipur – 492 001, Chhatisgarh, India   

·         State Bank of Patiala, Commercial Branch, Atlanta, 1st Floor, Nartiman Point, Mumbai – 400 021, Maharashtra, India

·         ICICI Bank Limited

 

 

Facilities :

Secured Loans

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Term Loan Account

 

 

From Canara Bank, Raipur

26.521

57.792

From State Bank of Indore, Mumbai

46.561

104.998

From State Bank of Mysore, Mumbai

28.056

72.295

From Syndicate Bank, Mumbai

37.505

83.625

 

 

 

Cash Credit Account

 

 

From Canara Bank, Raipur

139.359

78.144

From State Bank of Indore, Mumbai

171.040

131.371

From State Bank of Indore, Bhilai

15.380

10.299

From Syndicate Bank, Mumbai

140.661

81.704

The Laxmi Vilas Bank

79.888

38.192

State Bank of Patiala

58.182

0.000

 

 

 

Hire Purchases (From ICICI Bank Limited)

 

 

Honda CRV Car Loan Account

(Secured against hypothecation of Honda CRV Loan)

0.000

0.148

BMW Car Loan Account

(Secured against hypothecation of BMW Car)

1.069

2.395

Tata Capital Limited

(Secured against hypothecation of Gen Set)

9.200

0.000

State Bank of India Una Branch

 

 

Vehicle Loan-SBI-Tata Indigo

(Secured against hypothecation of Tata Indigo)

0.338

0.000

Vehicle Loan-SBI-Mahindra Max

(Secured against hypothecation of Mahindra Max)

0.331

0.000

Tata Capital Loan-JCB

(Secured against hypothecation of JCB)

1.328

0.000

Total

755.419

660.963

 

Notes

 

1.       Secured against first charge by way of equitable mortgage on entire Fixed Assets of Company. Promoters/Directors have also provided their respective personal guarantee.

 

2.       Secured by way hypothecation of all types of Inventories and Book Debts. Promoters/Directors have also provided their respective personal guarantee.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jain and Chhoriya

Chartered Accountants  

Address :

59, Gaya Building, 4th Floor, Yusuf Meher Ali Road, Masjid Bunder, Mumbai – 400 003, Maharashtra, India

Mobile No.:

91-9320278797

E-Mail :

suniljain_ca@yahoo.com

Income-tax PAN of auditor or auditor's firm :

AADFJ9495M

 

 

Associates (As on 31.03.2010) :

Akshata Mercanitle Private Limited

Address: “Raheja Centre”, Off No.4, 214 Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

Line of Business: Trading of HR Coils, CC Sheets, CR Sheets, Steel Plates, GP/GC Sheets.

 

Phoenix Impex Private Limited

Address: 4, Raheja Centre, 214 Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

Line of Business: Trading in Steel i.e. Imported Scrap, MS Sheets, Galvanized Sheets etc)

 

Topworth Steel and Power Private Limited

Address: Behind HEG Limited, Zone – B, Borai (Rasmada), Tehsil and District: Durg, Borai Industrial Area, state – Chhattisgarh State, India

Line of Business: Manufacturer of Sponge Iron and Billets, Co-generation.

 

Shree Virangna Steels Limited

Address: At Guma Urla Road, Village Borjhara, District, Raipur, India

Line of Business: Manufacturer of Sponge Iron.

 

Champalal Motilal Steel Company Private Limited

Address: 229, Sant Tukaram Road, Opposite Tukarama Mandir, Caqrnac Bundar, Mumbai – 400009, Maharashtra, India

Line of Business: Trading in Steel like HR, CR Coils / Sheets, GP / GC/ Sheets.

 

Satyarth Steel and Power Private Limited

 

 

Subsidiaries (As on 31.03.2010) :

v      Topworth Infra Private Limited, India

v      First Steel and Power Nigeria Limited, Nigeria

v      Topworth Metal and Energy Singapore Private Limited, Singapore

v      Topworth Steel and Power Private Limited, India

v      Shree Virangna Steels Limited, India

v      Satyarth Steel and Power Private Limited, India

 

 

CAPITAL STRUCTURE

 

After 29.09.2012

 

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 29.09.2012

 

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

355634889

Equity Shares

Rs.10/- each

Rs.3556.349 millions

3545000

Preference Shares

Rs.100/- each

Rs.354.500 millions

9646082

Preference Shares

Rs.10/- each

Rs.96.461 millions

 

Total

 

Rs.4007.310 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
1875.091

1013.090

535.309

 

Other Current Liabilities
 

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

5.38

NA

 

 

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

 

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

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

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

 

 


Note

The Registered Office of the company has been shifted from 30, Shopping Complex, Nehru Nagar (East), Bhilai, Chhattisgarh, India to the present address w.e.f. 07.02.2009.

 

Unsecured Loans

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

From Shareholders and Inter-corporate Deposits

794.255

506.820

Total

794.255

506.820

 

Bankers 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 India of the company

Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441, Chhattisgarh, India

E-Mail: amit.gupta@topworthgroup.com

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property (not being pledge)

Floating Charge

Others (Current Assets of the Company)

Particular of charge holder

Dena Bank, Corporate Business Branch, C-10, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

E-Mail: vlaxman@vsnl.com

Nature of description of the instrument creating or modifying the charge

Agreement of Hypothecation

Date of instrument Creating the charge

04.07.2012

Amount secured by the charge

Rs.750.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Dena Bank Base Rate (DBBR) + TP (0.50%) + Spread 3.05%  (presently DBBR is 10.45%) per annum (floating) with monthly rest or at such other rate of interest as may be decided by  Bank from time to time.

 

Terms of Repayment:

10 Years door to door tenor including a construction period of 24 months and a moratorium of 12 months and 7 years repayment calculated from quarter of first disbursement till quarter of repayment-both included.

 

Margin:

The Company shall bring in their margin of Rs.6236.300 millions (as equity against the revised project cost of Rs.14551.300 millions.)

 

Extent and Operation of the charge:

First pari passu charge on all the moveable assets being project assets for the expansion of project for which the present term loan has been sanctioned, both present and future relating to the expansion project.

Second charge on pari passu basis on the current assets of the Company.

Short particulars of the property charged

All the moveable assets are being project assets for the expansion of project for which the present term loan has been sanctioned, both present and future relating to the expansion project.

 

Current assets of the Company

 

FIXED ASSETS:

 

v      Land

v      Internal Road and Infrastructure Development

v      Infrastructure Development (Railway Siding)

v      Building (Office)

v      Boundry 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, India Prisons Service, Interpol, etc.

 

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.54.70

UK Pound

1

Rs.82.79

Euro

1

Rs.71.43 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

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

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.