MIRA INFORM REPORT
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHANDAN STEEL LIMITED |
|
|
|
|
Registered
Office : |
504, Sukh Sagar,
N.S. Patkar Marg, Mumbai – 400 007,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.11.1989 |
|
|
|
|
Com. Reg. No.: |
11-054206 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.303.587 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1989PLC054206 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC03758G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4713B
|
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Stainless Steel Products,
Pipe Fittings and Valves. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4533000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely
servicing of financial obligation it carry moderate credit risk |
|
Date |
July, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vinod Sharma |
|
Designation : |
General Manager in Accounts and Finance |
|
Contact No.: |
91-9833041563 |
|
Date : |
03.05.2013 |
LOCATIONS
|
Registered/ Head/ Administrative Office : |
504, Sukh Sagar,
N.S. Patkar Marg, Mumbai – 400 007,
Maharashtra, India |
|
Tel. No.: |
91-22-66290600 |
|
Mobile No.: |
91-9833041563 (Mr. Vinod Sharma) |
|
Fax No.: |
91-22-66290633/ 34 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
31, 32, 33B, 35 and 36, GIDC, Umbergaon, District Valsad – 396 171, Gujarat, India |
|
Tel. No.: |
91-260-2562066/ 4367/ 1166/ 3089999 |
|
Fax No.: |
91-260-2562287/ 0103/ 3089872 |
|
E-Mail : |
|
|
Area : |
200 Acres |
|
Location : |
Owned |
DIRECTORS
(AS ON 27.09.2012)
|
Name : |
Mr. Chunilal Ghamandiram Chandan |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
26.01.1938 |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
ADGPC1366E |
|
DIN No.: |
00260127 |
|
|
|
|
Name : |
Mr. Dilip Chunilal Chandan |
|
Designation : |
Managing Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
01.01.1962 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
AAGPC2155A |
|
DIN No.: |
00259884 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chunilal Chandan |
|
Designation : |
Joint Managing Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
05.06.1967 |
|
Qualification : |
HSC |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
AAGPC2153G |
|
DIN No.: |
00259988 |
|
|
|
|
Name : |
Mr. Prahalad Hargovind Acharya |
|
Designation : |
Whole-time Director |
|
Address : |
No.126/13, Garden View, Indulal Bhuva Marg, Wadala, Mumbai – 400 031,
Maharashtra, India |
|
Date of Birth/Age : |
29.09.1943 |
|
Qualification : |
B.Sc |
|
Date of Appointment : |
01.12.2004 |
|
DIN No.: |
00260284 |
|
|
|
|
Name : |
Mr. Prabhat Kumar Gopi Kaushik |
|
Designation : |
Whole-time Director |
|
Address : |
108, Afghan Street, P.O Jammu Tawi, Jammu Kashmir – 180 001, India |
|
Date of Birth/Age : |
17.07.1951 |
|
Date of Appointment : |
30.09.2006 |
|
PAN No.: |
ACWPK6029M |
|
DIN No.: |
00292959 |
|
|
|
|
Name : |
Mr. Jagdish Padmakant Joshipura |
|
Designation : |
Director |
|
Address : |
103, Vasundhara Flats, Near Pritam Nagar, Ellisbridge, Ahmedabad – 380
006, Gujarat, India |
|
Date of Birth/Age : |
05.03.1951 |
|
Qualification : |
Ph.D |
|
Date of Appointment : |
16.03.1997 |
|
DIN No.: |
00260590 |
|
|
|
|
Name : |
Mr. Pravin Chahanlal Jain |
|
Designation : |
Whole-time Director |
|
Address : |
301, 3rd Floor, Padmavati Darshan, A Wing, N.M. Joshi Marg,
Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
15.07.2007 |
|
PAN No.: |
AACPJ9872F |
|
DIN No.: |
00345045 |
|
|
|
|
Name : |
Mr. Anil Kumar Dhar |
|
Designation : |
Director |
|
Address : |
2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
10.09.1952 |
|
Qualification : |
MBA |
|
Date of Appointment : |
11.07.2008 |
|
DIN No.: |
01524239 |
|
|
|
|
Name : |
Mr. Hiten Mukundbhai Parikh |
|
Designation : |
Director |
|
Address : |
2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
17.08.1963 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
23.03.2010 |
|
DIN No.: |
01686215 |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Vasant Gudekar |
|
Designation : |
Company Secretary |
|
Address : |
B-8, Plot No. 543, Susmruti Co- Operatuve Society, Sector-5, Kandivali
West, Mumbai- 400067, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1979 |
|
Date of Appointment : |
01.08.2008 |
|
Pan No. : |
ALMPG9925H |
|
|
|
|
Name : |
Mr. Vinod Sharma |
|
Designation : |
General Manager in Accounts and Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2012)
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
|
|
|
|
Chunilal Ghamadiram Chandan |
|
2284017 |
|
Dilip Chunilal Chandan |
|
2806001 |
|
Vijay Chunilal Chandan |
|
2811453 |
|
Samuben Chunilal Chandan |
|
1030432 |
|
Urmila Dilip Chandan |
|
1328526 |
|
Usha Vijay Chandan |
|
1596015 |
|
Chaitny Dilip Chandan |
|
714905 |
|
Chirag Dilip Chandan |
|
741504 |
|
Dilip Chunilal Chandan – HUF |
|
969130 |
|
Vijay Chunilal Chandan – HUF |
|
1711008 |
|
Chunilal Ghamadiram Chandan –
HUF |
|
928561 |
|
|
|
|
|
Total |
|
16921552 |
|
Names of Shareholders (6% Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
|
|
|
|
Chunilal Ghamadiram Chandan |
|
1000000 |
|
Vijay Chunilal Chandan |
|
2000000 |
|
Dilip Chunilal Chandan |
|
630000 |
|
Usha Vijay Chandan |
|
300000 |
|
Urmila Dilip Chandan |
|
1070000 |
|
|
|
|
|
Total |
|
5000000 |
|
Names of Shareholders (9% Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
|
|
|
|
Amber Solutions Private Limited, |
|
1000000 |
|
Adhiraj Construction Private Limited, |
|
2000000 |
|
Arnold Holding Limited, |
|
5430000 |
|
Keemtee Financial Service Limited, |
|
570000 |
|
|
|
|
|
Total |
|
9000000 |
(AS ON 03.12.2012)
|
Names of Allottee (Equity Shares) |
|
No. of Shares
Allotted |
|
|
|
|
|
Vijay Chunilal Chandan |
|
338170 |
|
|
|
|
|
Total |
|
338170 |
(AS ON 03.10.2012)
|
Names of Allottees (Equity Shares) |
|
No. of Shares
Allotted |
|
|
|
|
|
Chunilal Ghamadiram Chandan |
|
24813 |
|
Dilip Chunilal Chandan |
|
17980 |
|
Vijay Chunilal Chandan |
|
35112 |
|
Samuben Chunilal Chandan |
|
7338 |
|
Urmila Dilip Chandan |
|
18606 |
|
Usha Vijay Chandan |
|
13931 |
|
Chaitny Dilip Chandan |
|
3155 |
|
Chirag Dilip Chandan |
|
2927 |
|
Chunilal Ghamadiram Chandan –
HUF |
|
6615 |
|
Dilip Chunilal Chandan – HUF |
|
12289 |
|
Vijay Chunilal Chandan – HUF |
|
12188 |
|
|
|
|
|
Total |
|
154954 |
(AS ON 30.09.2012)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stainless Steel Products,
Pipe Fittings and Valves. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Stainless Steel Products, Pipe Fittings and Valves |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Adarsh Stainless
Private Limited, Mumbai |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
End Users ·
Reliance Industries
Limited, Mumbai |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
1800 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
The Saraswat Co-operative Bank Limited ·
The Shamrao Vithal Co-operative Bank Limited ·
Kotak Mahindra Bank Limited ·
Barclays Bank PLC, 601/603, Ceejay House, Shivsagar,
Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra,
India ·
United Bank of India, Corporate Finance Branch, 2nd
Floor, 25, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India ·
Bank of Baroda, 10/12, Mumbai Samachar Marg, Fort,
Mumbai – 400 001, Maharashtra, India ·
Small Industries Development Bank of India,
Samruddhi Venture Park, Upper Ground Floor, MIDC Road, MIDC Industrial Area,
Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India ·
Dena Bank, Industrial Finance Branch, Maker
Towers, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
State Bank of India, Girgaum Branch, Mumbai – 400
004, Maharashtra, India ·
Oriental Bank of Commerce, Fort ·
Standard Chartered Bank, BKC Branch ·
Dena Bank, Gulabwadi Branch |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Total Fund Base – Rs.1500.000 millions and Non Fund Base – Rs.2000.000
millions (From Oriental Bank of Commerce-Fort, Standard Chartered Bank-BKC
Branch, Dena Bank-Gulabwadi Branch, United Bank of India-Fort, Bank of
Baroda, Fort)
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
·
Aditya Birla Finance Limited, Indian Rayon
Compound, Veraval – 362 266, Gujarat, India · Gujarat State Financial Corporation, Jal Darshan Building, Ashram Road, Ahmedabad – 380 009, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Taparia Chartered Accountants |
|
Address : |
12, Navjeevan Wadi, Dhobi Talao, Mumbai – 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-66319266 / 67/ 68 |
|
Fax No.: |
91-22-66319266 / 67/ 68 |
|
E-Mail : |
|
|
PAN No.: |
AAOFS0663D |
|
|
|
|
Subsidiary Company
: |
·
Chandan Minerals Private Limited, India (CIN No.:
U14292MH2010PTC209730) ·
Kalikund Investment B.V., Netherlands |
|
|
|
|
Fellow Subsidiary : |
· KDG Steel sp.z.o.o., Poland |
CAPITAL STRUCTURE
(AFTER 27.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
15000000 |
Preference Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17414676 |
Equity Shares |
Rs.10/- each |
Rs.174.147
Millions |
|
5000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
9000000 |
9% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.90.000
Millions |
|
|
Total |
|
Rs.314.147 Millions |
(AS ON 27.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
15000000 |
Preference Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16921552 |
Equity Shares |
Rs.10/- each |
Rs.169.216
Millions |
|
5000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
9000000 |
9% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.90.000
Millions |
|
|
Total |
|
Rs.309.216 Millions |
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
5000000 |
6% Redeemable
Non Cumulative, Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
10000000 |
9% Redeemable
Non Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16358696 |
Equity Shares |
Rs.10/- each |
Rs.163.587
Millions |
|
5000000 |
6% Redeemable
Non Cumulative, Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
9000000 |
9% Redeemable
Non Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.90.000
Millions |
|
|
Total |
|
Rs.303.587 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 |
303.587 |
295.741 |
201.056 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
829.766 |
646.091 |
494.495 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1133.353 |
941.832 |
695.551 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2092.305 |
2115.844 |
1898.381 |
|
|
2] Unsecured Loans |
0.000 |
50.611 |
151.000 |
|
|
TOTAL BORROWING |
2092.305 |
2166.455 |
2049.381 |
|
|
DEFERRED TAX LIABILITIES |
189.566 |
176.522 |
148.264 |
|
|
|
|
|
|
|
|
TOTAL |
3415.224 |
3284.809 |
2893.196 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1332.403 |
1285.178 |
836.394 |
|
|
Capital work-in-progress |
153.304 |
55.284 |
236.501 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.418 |
1.973 |
1.593 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1643.414
|
1215.139 |
1214.179 |
|
|
Sundry Debtors |
942.116
|
959.114 |
779.255 |
|
|
Cash & Bank Balances |
154.597
|
187.473 |
146.342 |
|
|
Other Current Assets |
307.207
|
307.861 |
0.000 |
|
|
Loans & Advances |
302.906
|
279.473 |
384.810 |
|
Total
Current Assets |
3350.240
|
2949.060 |
2524.586 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1099.931
|
780.582 |
587.201 |
|
|
Other Current Liabilities |
179.371
|
127.439 |
63.760 |
|
|
Provisions |
166.839
|
98.665 |
54.917 |
|
Total
Current Liabilities |
1446.141
|
1006.686 |
705.878
|
|
|
Net Current Assets |
1904.099
|
1942.374 |
1818.708 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3415.224 |
3284.809 |
2893.196 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
5250.533 |
4594.628 |
2913.884 |
|
|
|
Other Income |
23.415 |
12.285 |
49.970 |
|
|
|
TOTAL (A) |
5273.948 |
4606.913 |
2963.854 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4428.839 |
3593.512 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(373.445) |
74.469 |
|
|
|
|
Employee Benefit Expenses |
76.831 |
52.486 |
|
|
|
|
Other Expenses |
552.768 |
455.024 |
|
|
|
|
Prior Period Items |
2.266 |
0.777 |
|
|
|
|
TOTAL (B) |
4687.259 |
4176.268 |
2656.192 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
586.689 |
430.645 |
307.662 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
254.801 |
149.313 |
169.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
331.888 |
281.332 |
137.993 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.051 |
65.272 |
53.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
249.837 |
216.060 |
84.116 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.343 |
66.956 |
34.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
166.494 |
149.104 |
50.078 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
529.264 |
394.533 |
356.801 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend and Dividend Distribution Tax |
NA |
14.373 |
12.346 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
529.264 |
394.533 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports (Net of Return) |
4897.757 |
3938.872 |
2574.224 |
|
|
TOTAL EARNINGS |
4897.757 |
3938.872 |
2574.224 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2423.893 |
1686.282 |
954.575 |
|
|
|
Capital Goods |
34.424 |
80.082 |
72.467 |
|
|
TOTAL IMPORTS |
2458.317 |
1766.364 |
1027.042 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.82 |
8.84 |
3.15 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
5750.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs.6300.000 millions
The above information has been parted by Mr. Vinod Sharma (General
Manager in Accounts and Finance).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.16
|
3.24 |
1.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.76
|
4.70 |
2.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.34
|
5.10 |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.23 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.85
|
2.30 |
2.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.93 |
3.58 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
1099.931
|
780.582 |
587.201 |
|
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 |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Rupee term loans banks |
0.000 |
50.611 |
|
Total |
0.000 |
50.611 |
Note:
The registered office of the company has been shifted from 170/172 Kika
Street R No.12, Gulalwadi Branch, Gulalwadi, Mumbai- 400004, Maharashtra, India
to the present address w. e. f. 11.07.2007.
CORPORATE
INFORMATION
Subject
is a company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The company is engaged in the business of production of
stainless steel billets and other long products. It produces industrial and
engineering grade stainless steel flats, bars, coils, flanges, tubes etc.
REVIEW OF
OPERATIONS
The EBIDTA as a percentage to sales has gone up from 10.80% to 11.95% in
2011-12.
During the year Company
has achieved Net Sales of Rs.5250.000 millions as compared to Rs.4550.000
millions in 2010-11 thereby showing an increase of 15.38%. The Net Profit after
Tax is at Rs.166.400 millions as compared to Rs.149.100 millions same period on
previous year showing an increase of 11.60 %. The sales volume also marginally
increase to 22371.629 MT in 2011-12 as compared to 22306.170 MT in 2010-11.
SEAMLESS TUBES
DIVISION:
The year 2011-12
started on a good note. The year saw a very encouraging response from various
leading EPC'S such as L&T, BHEL, Ponj Lloyds, UDHE, EIL, TOYO, AKER
Solutions, Jacob Engineering Fabricators such as Godrej, Siemens, Tema India,
ISGEC, TEAMCO and End users such as GSFC, GSNC, NPCIL, RIL, CFCL in their
facilities, systems and products.
The most important
development worth noting in the Export Sector with particular reference to E.U
is the imposition of Anti dumping duty on SS. Tubes and Pipes imported from
China. The percentage of anti dumping duty was as high as from 48% to 68%. This
E.U Measure lent a competitive edge to Chandan Product into European markets
and thereby witnessed a substantial flow of business. This trend is expected to
continue for few more years, thereby giving a comparative edge to export of
Chandan Steel tubular products.
Another
development worth noting from technological and niche market point of view is
the in house melting, hot piercing, and cold finishing of Stainless Steel
Duplex Tubes and its successful execution to customers both within and out side
India. The fully integrated facilities of Chandan Steel is going to make
Chandan Steel as a leading suppliers of Duplex Tubes and Pipes for both
Domestic and Export Markets.
Hence it can be
safely concluded that the completion of year 2011-12 saw a very positive and
encouraging response from customers (Shop audit, approvals, Pre qualifications,
trial orders, bulk orders, and repeat orders) and gave a lot of boost to
manufacturing experience and meeting requirements of the customers. The year
2012 ended with sales turnover of Rs.222.200 millions and back log of order
worth Rs.320.000 millions (Approx).
They have projected gross sales of Rs.500.000 millions in the current
year.
FORGING DIVISION:
The forging
division has improved the performance in terms of volume and value in the year.
This division will achieve the total shipment of 6000 MT (till date 383.39 MT)
with an expected top line of Rs.2100.000 millions till date Rs.144.400 millions) during this
year against the shipment of 2146.00 MT tons of stainless steel flanges valuing
Rs.799.600 millions in the previous year 2011-12.
With the improved
economic environment in Europe and America, the demand of stainless steel
forgings is growing and the company is expecting the performance to further
improve in 2012-13. With the help of the acquisition of Zapp Germany, they will
be able to increase the forging capacity up to 750 MT of finished flanges per
month as they are in process of shifting the major equipments to India. They
are also going for several new approvals in the Oil and Gas sector from Middle
east and Shipbuilding sector from Korean markets. They are also in the process
of hiring top professionals to help them achieve these targets in the coming
months which will enable them to supply direct to the end users' making their
margins even better.
The company is
proposing additional machineries for forging division with an outlay of
Rs.200.000 millions (Proposed Term Loan of Rs.150.000 millions from BOB) to
increase the tonnage of production and sales.
MINERALS DIVISION:
They have formed a
JV company named Chandan Minerals Private Limited and have acquired the mining
rights of minerals like Graphite, Manganese, Quartz, Lime stone and Gemstones
etc.
Their Investment
has reached to around Rs.25.000 millions as on date for acquiring above mining
rights and creating the new infrastructure at various levels.
They are likely to set up the graphite beneficiation plant in the year
2013-14 at a cost of Rs.80.000-100.000 millions.
INDUSTRIAL
MACHINERY DIVISION:
They have made 2
machines of 100 kg capacity and 1 machine of 150 kg capacity. There are still
some technical short comings due to which this product is yet to be
commercialized. An initial trial is encouraging and is appreciated by
customers. They are vigorously working on ironing out the minor snags. It is
difficult to estimate as to by what time it can be commercialized.
In the mean time
they have commercialized other products like Vacuum Slit and Hot Air Stenter
and have booked orders with advance from customers.
They have received
3 machine orders for Vacuum Slit of Rs.0.350 million each and 3 for Stenter of
Rs.7.500 millions each valuing Rs.24.600 millions approximately.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U99999MH1989PLC054206 |
|
Name of the
company |
CHANDAN STEEL
LIMITED |
|
Address of the
registered office or of the principal place of business in |
504, Sukh Sagar,
N.S. Patkar Marg, Mumbai – 400 007, Maharashtra, India E-Mail: csl@chandansteel.net |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
United Bank of India,
Corporate Finance Branch, 2nd Floor, 25, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India
E-Mail: bmzcm@unitedbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
21.09.2012 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest As per the
sanctioned letter of the bank. Terms of
Repayment Out of the
proceeds of the negotiated bills. Margin Nil Extent and
Operation of the charge Charge operates
to secure the Foreign Bill Negotiation (FBN) facility of Rs.100.000 Millions. |
|
Short particulars
of the property charged |
Inventories lying
at plot no.31,32,33,33B,34,35,36,45 and 46, 46/2, 47, 48, 49/2, 102/3,
102/2/P2, J-11, 12, 13 and 142 at GIDC, Umbergaon, District Valsad, Gujarat. |
TRADE REFERENCES:
·
Reliance Industries
Limited, Mumbai
·
Adarsh Stainless Private
Limited, Mumbai
FIXED ASSETS
·
Freehold
Land
·
·
Buildings
·
Plant
and Machinery
·
Computers
·
Office
Equipments
·
Furniture
and Fixtures
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.