MIRA
INFORM REPORT
|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAMNADAS STEEL PRIVATE LIMITED [w.e.f. 22.06.2010] |
|
|
|
|
Formerly Known
As : |
JAMNADAS STEELS PRIVATE LIMITED |
|
|
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Registered
Office : |
C/o Jamnadas and Company, Dharaskar Road, Itwari, Nagpur-440002,
Maharashtra |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.06.2009 |
|
|
|
|
Com. Reg. No.: |
11-193011 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.24.475
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2009PTC193011 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer of Steel. |
|
|
|
|
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 301000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record.
Reserves of the company appear to be low. The company has also recorded huge
external borrowings. However, trade relations are reported as fair. Business
is active. Payments are reported to be slow. The company can be considered 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 |
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 : |
C/o Jamnadas and Company, Dharaskar Road, Itwari, Nagpur-440002,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
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|
Factory : |
National Highway No. 6, 17 KM Stone, Nagpur-Bhandara Road, Kadoli,
Nagpur-442701, Maharashtra, India |
|
Tel. No.: |
91-712-2761253/2764568 |
|
Fax No.: |
91-712-2763152 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Vinay Jamnadas Udeshi |
|
Designation : |
Director |
|
Address : |
403, Dwarkesh Apartment, Opposite Jain Temple, Ramdaspeth,
Nagpur-440010, Maharashtra, India |
|
Date of Birth/Age : |
16.08.1959 |
|
Date of Appointment : |
04.06.2009 |
|
Din No.: |
02623234 |
|
|
|
|
Name : |
Mr. Mukesh Jamnadas Udeshi |
|
Designation : |
Director |
|
Address : |
403, Dwarkesh Apartment, Opposite Jain Temple, Ramdaspeth,
Nagpur-440010, Maharashtra, India |
|
Date of Birth/Age : |
06.06.1965 |
|
Date of Appointment : |
04.06.2009 |
|
Din No.: |
02623243 |
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|
|
|
Name : |
Mr. Chetan Vinay Udeshi |
|
Designation : |
Director |
|
Address : |
403, Dwarkesh Apartment, Opposite Jain Temple, Ramdaspeth,
Nagpur-440010, Maharashtra, India |
|
Date of Birth/Age : |
21.11.1985 |
|
Date of Appointment : |
04.06.2009 |
|
Din No.: |
02623247 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
NOTE:
SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 27.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel. |
GENERAL INFORMATION
|
Suppliers : |
·
Agrawal Structure Mills Private Limited ·
Yogesh Enterprise Private Limited ·
Universal Security Services ·
Maharashtra
Bricks ·
Heera Industries ·
Action Ispat and Power Private Limited ·
Om Traders ·
Shree Om Traders ·
Tools Marketing Inc. ·
Vinayaka Ispat ·
Tirupati Electricals and Industries Agencies |
||||||||||||||||||
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No. of Employees : |
Not Available |
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Bankers : |
The Shamrao Vithal Co-operative Bank Limited, SVC Tower, Nehru Road,
Vakola, Santacruz (East), Mumbai-400055, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ajay Amar and Associates Chartered Accountants |
|
Address : |
208-210, Neel Kamal complex, Mahajan Market, Nagpur-440012, Maharashtra,
India |
|
PAN No: |
AACFA8632Q |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
2447500 |
Equity Shares |
Rs.10/- each
|
Rs.24.475
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.475 |
24.475 |
0.100 |
|
|
2] Share Application Money |
35.720 |
0.000 |
32.817 |
|
|
3] Reserves & Surplus |
15.115 |
13.425 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
75.310 |
37.900 |
32.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
137.762 |
63.039 |
0.000 |
|
|
2] Unsecured Loans |
67.890 |
44.281 |
15.676 |
|
|
TOTAL BORROWING |
205.652 |
107.320 |
15.676 |
|
|
DEFERRED TAX LIABILITIES |
0.303 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
281.265 |
145.220 |
48.593 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
127.013 |
115.573 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
41.585 |
|
|
|
|
|
|
|
|
INVESTMENT |
22.862 |
5.892 |
0.050 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
135.763
|
21.211 |
0.000 |
|
|
Sundry Debtors |
41.005
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.128
|
5.121 |
1.804 |
|
|
Other Current Assets |
14.347
|
8.971 |
9.629 |
|
|
Loans & Advances |
1.028
|
1.198 |
0.000 |
|
Total
Current Assets |
192.271
|
36.501 |
11.433 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.945
|
11.965 |
4.770 |
|
|
Other Current Liabilities |
1.445
|
0.781 |
0.000 |
|
|
Provisions |
11.491
|
0.000 |
0.042 |
|
Total
Current Liabilities |
60.881
|
12.746 |
4.812 |
|
|
Net Current Assets |
131.390
|
23.755 |
6.621 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.337 |
|
|
|
|
|
|
|
|
TOTAL |
281.265 |
145.220 |
48.593 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
385.307 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX |
|
|
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX |
|
|
1.690 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
0.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
0.44
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.73
|
2.83 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
2.86 |
2.37 |
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 one years |
Yes |
|
12] |
Profitability for last one 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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans From Shareholders |
65.196 |
44.281 |
|
Other Loan and Advances Shri Rani Sati Traders |
2.694 |
0.000 |
|
TOTAL
|
67.890 |
44.281 |
FINANCIAL RESULT:
During the year
under consideration the company has started the business and Registered total
Income of Rs 385.307 Millions and Profit after Tax 1.690 Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10230015 |
|
Corporate
identity number of the company |
U27100MH2009PTC193011 |
|
Name of the
company |
JAMNADAS STEEL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C/o Jamnadas and Company, Dharaskar Road, Itwari, Nagpur-440002,
Maharashtra, India |
|
Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, SVC Tower, Nehru Road,
Vakola, Santacruz (East), Mumbai-400055, Maharashtra, India Email: umathenw@svcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplementary
Deed of Hypothecation 2. Recording
Letter evidencing deposit of Title Deeds 3. Loan Agreement |
|
Date of
instrument Creating the charge |
27.10.2012 |
|
Amount secured by
the charge |
Rs.290.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit and
Term Loans: At PLR less 4.75% p.a. i.e. @ 12.75% p.a. with monthly rests.
Present PLR of Bank is 17.50% p.a. Terms of Repayment 1. Term Loan of
Rs 20.000 Millions repayable in 60 EMI of Rs 470035/- per month. 2. Term Loan of
Rs 40.000 Millions repayable in 60 EMI of Rs 941070/- per month. 3. Term Loan of
Rs 30.000 Millions repayable in 60 EMI of Rs 683000/- per month. Margin Cash Credit 170.000
Millions: 25% Letter of Credit:
10% Term Loan 20.000 Millions:
25% Term Loan 40.000 Millions:
25% Term Loan 30.000 Millions:
25% Bank Guarantee:
15% Extent and Operation of the charge The original
title deeds of the immovable properties which was deposited with the Bank on
31.03.2010 will continue as security and shall stand cover and extended for
the entire facility of Rs 290.000 Millions. In consideration
of Bank having granted additional facility, the security of hypothecated
movable assets by Principle Agg. of Hypothecation and/or last Suppl. Agg. of
Hypothecation shall constitute security to the bank for due repayment of
balance due from time to time. |
|
Short particulars
of the property charged |
Stocks:
Hypothecation of present and future stocks of raw materials, goods in process
and all finished and manufactured goods and articles with all stores, which
belong to the Borrower or which may be brought into, stored in or upon or
about the borrower's factories or godowns or wherever else including any such
articles or goods, stores or similar moveable property. Book Debts:
Hypothecation of present and future book debts, outstanding monies,
receivables, claims, bills rights to or in movable properties and movable
assets. Plant and
Machinery: Hypothecation of Plant and Machinery, other assets etc. installed
at the borrower's factory and all other tangible movable assets, plant and
machinery, furniture, fixtures fittings and installation, civil works,
cranes, computers and other accessories, vehicles together with spares,
tools, accessories and all other articles lying in the premises or godowns of
the borrower. Equitable
Mortgage of Land bearing S. No. 46 adm. about 8.45 acres at Mouza Kadoli,
Taluka Kamptee, Dist. Nagpur, owned by Mr. Vinay Jamnadas Udeshi and Mrs.
Sudha Vinay Udeshi. Equitable
Mortgage of Land admeasuring 1.096 Hectares , Khasra/Gut Bhumapan no.46,
Mouza Kadholi, P.H.No. 24, Tahasil Kamptee, Dist. Nagpur along with entire
structure constructed/ to be constructed. Thereon owned and
possessed by Jamnadas Steel Private Limited. Equitable
Mortgage of Land adm. 2578 Sq. Ft, City survey no. 579, sheet no. 160, ward
no. 31, along with structure of House standing thereon bearing House no. 271
admeasuring 92.90 sq. mtrs and tin shed located therein, Mouza Nagpur, Kasar
Lane, Dharaskar, Itwari, Nagpur, Tahsil and Dist. Nagpur owned and possessed
by Jamnadas Naggi Udeshi (HUF). |
|
Particulars of
the present modification |
By this
modification, the Bank has enhanced cash credit facility from Rs 90.000 Millions
to Rs 170.000 Millions (L/C: Rs 30.000 Millions sub limit of CC). The Bank
also sanctioned New Term Loan of Rs 30.000 Millions and the Bank Guarantee of
Rs 30.000 Millions. The aggregate facility sanctioned to the Company till
date including the existing facility is Rs.290.000 Millions detailed as
under- CC: Rs 170.000 Millions, Term Loan (I): Rs 20.000 Millions, Term Loan
(II): Rs 40.000 Millions, New Term Loan: Rs 30.000 Millions, and Bank
Guarantee: Rs 30.000 Millions. |
FIXED ASSETS:
·
Building
·
Computer and Printers
·
Mobile
·
Air Conditioner
·
Plant and Machineries
·
Furniture and Fixtures
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 records 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.53.74 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
|
--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.