MIRA INFORM REPORT
|
Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BALKISHAN DASS SUBHASH CHAND ISPAT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Z-117-118, Loha Mandi, Naraina, New Delhi - 110028 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.03.2011 |
|
|
|
|
Com. Reg. No.: |
55-215598 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999DL2011PTC215598 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECB4531G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Iron and Steel. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track record. The
company has achieved a sizable turnover from its first year of operations. However,
profit margin remains low. Trade relations are reported to be improving.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 : |
Z-117-118, Loha Mandi, Naraina, New Delhi – 110028, India |
|
Tel. No.: |
91-11-25896633/ 25895544/ 25706565/ 25893399 |
|
Fax No.: |
91-11-25706565 |
|
E-Mail : |
DIRECTORS
As on: 17.09.2012
|
Name : |
Ms. Anju Garg |
|
Designation : |
Director |
|
Address : |
H No. 16, Road No. 14, East Punjabi Bagh, New Delhi – 110026, India |
|
Date of Birth/Age : |
02.09.1970 |
|
Date of Appointment : |
10.03.2011 |
|
DIN No.: |
03200537 |
|
|
|
|
Name : |
Mr. Pawan Kumar Garg |
|
Designation : |
Director |
|
Address : |
H No. 16, Road No. 14, East Punjabi Bagh, New Delhi – 110026, India |
|
Date of Birth/Age : |
01.01.1967 |
|
Date of Appointment : |
10.03.2011 |
|
DIN No.: |
01787019 |
|
|
|
|
Name : |
Mr. Shubhav Garg |
|
Designation : |
Director |
|
Address : |
H No. 16, Road No. 14, East Punjabi Bagh, New Delhi – 110026, India |
|
Date of Birth/Age : |
07.09.1994 |
|
Date of Appointment : |
10.09.2012 |
|
DIN No.: |
06382796 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 17.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pawan Kumar Garg |
|
250000 |
|
Anju Garg |
|
250000 |
|
|
|
|
|
Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 17.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Iron and Steel. |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
The Jammu and Kashmir
Bank Limited, Naraina Branch, Naraina, New Delhi – 110028, India s |
||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapil N. K. Goel and Company Chartered Accountants |
|
Address : |
A - 1/25, Ground Floor, Sector-15, Main Road, Rohini, Delhi – 110085,
India |
|
PAN No.: |
AAJFK1081E |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.000 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.210 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(0.030) |
|
|
NETWORTH |
|
5.210 |
0.970 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.409 |
0.000 |
|
|
2] Unsecured Loans |
|
16.217 |
0.060 |
|
|
TOTAL BORROWING |
|
16.626 |
0.060 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
21.836 |
1.030 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.662 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.128 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
21.228
|
0.000 |
|
|
Sundry Debtors |
|
48.980
|
0.000 |
|
|
Cash & Bank Balances |
|
(23.843)
|
0.910 |
|
|
Other Current Assets |
|
3.979
|
0.120 |
|
|
Loans & Advances |
|
0.410
|
0.000 |
|
Total
Current Assets |
|
50.754
|
1.030 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
28.778
|
0.000 |
|
|
Other Current Liabilities |
|
1.831
|
0.000 |
|
|
Provisions |
|
2.099
|
0.000 |
|
Total
Current Liabilities |
|
32.708
|
0.000 |
|
|
Net Current Assets |
|
18.046
|
1.030 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
21.836 |
1.030 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income/ Gross Receipts |
|
306.409 |
0.000 |
|
|
|
Other Income |
|
0.355 |
0.000 |
|
|
|
TOTAL |
|
306.764 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
306.413 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
0.351 |
(0.030) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
0.351 |
(0.030) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.70 |
NA
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
0.11 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.11 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.65 |
(2.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
3.19 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.55 |
0.00 |
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Anju Garg |
3.926 |
0.030 |
|
Pawan Garg |
4.248 |
0.030 |
|
Pawan Garg HUF |
6.634 |
0.000 |
|
Shanti Garg |
0.109 |
0.000 |
|
Shreya Garg |
0.625 |
0.000 |
|
Shubhav Garg |
0.675 |
0.000 |
|
|
|
|
|
Total |
16.217 |
0.060 |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U28999DL2011PTC215598 |
|
Name of the
company |
BALKISHAN DASS
SUBHASH CHAND ISPAT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Z-117, Loha Mandi, Naraina, New Delhi – 110028, India E-mail: carajeshgoel08@gmail.com
|
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10291824 |
|
Type of charge |
|
|
Particular of
charge holder |
The Jammu and Kashmir
Bank Limited, Naraina Branch, Naraina, New Delhi – 110028, India E-mail: narain@jkbmail.com |
|
Nature of
instrument creating charge |
1. Loan Agreement
dated 30.07.2012 between the Company and the Bank. In addition the following
documents have also been executed by the borrower : a) D.P. Note for Rs.
50.000 Millions (b) Latter of waiver(c) Letter of continuity(d) Letter of
undertaking(e) Deed of hypothecation of Book Debts(f) Deed of Hypothecation
of Stocks(g) General Power of Attorney(h) Affidavits of Directors(i) Loan
Agreement(j) Extension of Charge(k) Deed of Guarantee of Mortgagors and (l)
Deed of Guarantee of Directors. |
|
Date of
instrument Creating the charge |
30.07.2012 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR + 2.00%
(Presently 12.50%) Terms of
Repayment Repayable on
demand (period is one year subject to renewal). Margin N. A. Extent and
Operation of the charge To secure the
repayment of entire loan amount advanced by the Bank to the Borrower,
together with interest and other charges/expenses accruing thereon and the
costs and expenses incurred by the bank from time to time till the adjustment
thereof. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
all kinds of stocks and assignment of book debts. Extension of Charge
qua immoveable property comprising of Basement, Ground, 1st and 2nd floor
constructed on land measuring 557.15 sq. yards at plot no. 16, Road No. 14,
Punjabi Bagh, New Delhi. Personal
guarantee of both the Directors of the Company Personal guarantee
of all mortgagors. |
|
Date of
instrument modifying the charge |
09.01.2012 |
|
Particulars of
the present modification |
By the present
modification the cash credit limit is enhanced from existing Rs. 30.000
Millions to Rs. 50.000 Millions and consequently the charge of assets are
also increased. |
FIXED ASSETS:
- Car
- Computer
- Generator
- Machinery
- Office Equipment
- Shop
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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.