MIRA INFORM REPORT
|
Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHILPA STEEL AND POWER LIMITED (w.e.f.15.10.2011) |
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Formerly Known
As : |
SHILPA STEEL AND POWER PRIVATE LIMITED (w.e.f.31.05.2011) SHILPA RE-ROLLERS PRIVATE LIMITED |
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Registered
Office : |
1,2,3, and 4, Wanjra Layout, Kamptee Road, Nagpur – 440026,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.01.1988 |
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Com. Reg. No.: |
11-046038 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.990
Millions |
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CIN No.: [Company Identification
No.] |
U27100MH1988PLC046038 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS00753E |
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PAN No.: [Permanent Account No.] |
AABCS8627D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Galvanized Steel Structures and
Hot Rolled Steel Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4420000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track record. Financially
company seems to be strong. Trade relations are reported to be fair. Business
is active. Payments are reported to be regular 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit : (CRISIL) BBB |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation. |
|
Date |
November 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 1 : |
1,2,3, and 4, Wanjra Layout, Kamptee Road, Nagpur – 440026,
Maharashtra, India |
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Tel. No.: |
91-712-2640060/ 61 |
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Fax No.: |
91-712-2640097 |
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E-Mail : |
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Website : |
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Factory 2 : |
B 209, MIDC Industrial Area, Butibori, Nagpur – 441108, Maharashtra,
India |
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Tel. No.: |
91-7104-265544/ 5 |
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Fax No.: |
91-7104-265657 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Krishnakumar Bagaria |
|
Designation : |
Managing director |
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Address : |
190, Shivaji Nagar, Cement Road, Nagpur, Maharashtra, India |
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Date of Birth/Age : |
23.01.1951 |
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Qualification : |
B Com |
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Date of Appointment : |
28.01.1988 |
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PAN No.: |
ABWPB2002J |
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DIN No.: |
00515846 |
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Name : |
Mrs. Saraswatidevi Bagaria |
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Designation : |
Director |
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Address : |
190, Shivaji Nagar, Cement Road, Nagpur, Maharashtra, India |
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Date of Birth/Age : |
16.03.1955 |
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Qualification : |
BA |
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Date of Appointment : |
28.01.1988 |
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PAN No.: |
ABWPB2034J |
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DIN No.: |
00515906 |
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Name : |
Mr. Karan Bagaria |
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Designation : |
Director |
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Address : |
190, Shivaji Nagar, Cement Road, Nagpur, Maharashtra, India |
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Date of Birth/Age : |
10.11.1981 |
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Qualification : |
BE, MBA |
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Date of Appointment : |
01.04.2005 |
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DIN No.: |
00602948 |
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Name : |
Mrs. Shilpa Poddar |
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Designation : |
Additional Director |
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Address : |
6C, Singhee Park, 48/3, Gariahat Road, Kolkata – 700019, West Bengal,
India |
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Date of Birth/Age : |
21.05.1977 |
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Date of Appointment : |
31.03.2012 |
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DIN No.: |
01227879 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Krishna Kumar Bagaria |
|
681920 |
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Saraswati Devi Bagaria |
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292080 |
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Shilpa Poddar |
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2500 |
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Karan Bagaria |
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22500 |
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Sudhir D Thengdi |
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10 |
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Khusbu Bagaria |
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10 |
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Sharad Seth |
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10 |
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Anurag Poddar |
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10 |
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Total |
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999040 |
AS ON 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Galvanized Steel Structures
and Hot Rolled Steel Products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of
India, Industrial Finance Bank, 5 Sai Complex, Bharat Nagar, Nagpur - 440010,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Loya Bagri and Associates Chartered Accountants |
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Address : |
Flat No. 102,
Plot No. 24, Kheta Layout, Wardha Road, New Snehnagar, Somalwada, Nagpur -
440015 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFL2607C |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
999,040 |
Equity Shares |
Rs. 10/- each |
Rs. 9.990
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
9.990 |
9.990 |
9.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1095.138 |
924.258 |
767.159 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1105.128 |
934.248 |
777.149 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
692.299 |
556.243 |
641.306 |
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2] Unsecured Loans |
141.533 |
131.661 |
137.573 |
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TOTAL BORROWING |
833.832 |
687.904 |
778.879 |
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DEFERRED TAX LIABILITIES |
23.519 |
28.474 |
35.366 |
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TOTAL |
1962.479 |
1650.626 |
1591.394 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
405.933 |
416.273 |
464.833 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
32.755 |
8.355 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
1024.313
|
736.298 |
726.848 |
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Sundry Debtors |
568.358
|
496.531 |
362.842 |
|
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Cash & Bank Balances |
2.325
|
1.754 |
9.621 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
223.242
|
184.995 |
210.292 |
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Total
Current Assets |
1818.238
|
1419.578 |
1309.603 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
45.495
|
31.213 |
112.613 |
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Other Current Liabilities |
140.597
|
64.709 |
0.000 |
|
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Provisions |
108.355
|
97.658 |
70.429 |
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Total
Current Liabilities |
294.447
|
193.580 |
183.042 |
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Net Current Assets |
1523.791
|
1225.998 |
1126.561 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
1962.479 |
1650.626 |
1591.394 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
|
|
|
|
|
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Revenue from operations |
3948.876 |
3069.690 |
2269.474 |
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Other Income |
81.373 |
33.314 |
43.397 |
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TOTAL (A) |
4030.249 |
3103.004 |
2312.871 |
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Less |
EXPENSES |
|
|
|
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Cost of materials consumed |
3249.719 |
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Purchases of stock-in-trade |
10.068 |
5.577 |
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|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(163.483) |
80.399 |
|
|
|
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Employee benefit
expense |
94.346 |
79.664 |
|
|
|
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Other expenses |
364.816 |
265.089 |
|
|
|
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TOTAL (B) |
3555.466 |
2662.388 |
1939.767 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
474.783 |
440.616 |
373.104 |
|
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
158.744 |
138.943 |
105.297 |
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
316.039 |
301.673 |
267.807 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.778 |
66.242 |
64.247 |
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PROFIT BEFORE
TAX (E-F) (G) |
256.261 |
235.431 |
203.560 |
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Less |
TAX (H) |
85.381 |
78.332 |
69.814 |
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PROFIT AFTER TAX
(G-H) (I) |
170.880 |
157.099 |
133.746 |
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|
Earnings Per
Share (Rs.) |
170.58 |
157.26 |
133.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.24
|
5.06 |
5.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.49
|
7.67 |
8.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.52
|
12.82 |
11.47 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.25 |
0.26 |
|
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|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75
|
0.74 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.18
|
7.33 |
7.15 |
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
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Deferred payment liabilities |
37.317 |
38.909 |
|
Loans repayable on demand |
104.216 |
0.000 |
|
Loans and advances from related parties |
0.000 |
92.752 |
|
Total |
141.533 |
131.661 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27100MH1988PLC046038 |
|
Name of the
company |
SHILPA STEEL AND
POWER LIMITED |
|
Address of the
registered office or of the principal place of business in |
1,2,3, and 4, Wanjra Layout, Kamptee Road, Nagpur – 440026,
Maharashtra, India Email: shipla_ngp@shilparl.com
|
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
90243791 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of
India, Industrial Finance Bank, 5 Sai Complex, Bharat Nagar, Nagpur - 440010,
Maharashtra, India Email: lakshman.mahto@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
1. Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit. 2. Letter
regarding the grant of individual limits within overall limits. |
|
Date of instrument
Creating the charge |
25.03.2013 |
|
Amount secured by
the charge |
Rs. 2460.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : 2.05%
above base rate present effective rate being 11.75% with monthly rests. Term Loan : 2.30%
above base rate present effective rate 12.00% p.a. with monthly rests Terms of Repayment Cash credit : on
demand Term loan :
repayable in 36 installments of Rs. 10.000 Millions commencing from April
2014. Margin Raw Material
: 25% Finished Goods
: 33% Book Debts : 40% Letter Of Credit
: 10% Bank Guarantee
: 10% Term Loan : 50.79% Extent and Operation of the charge The charge
operates as a security on the assets of the company. |
|
Short particulars
of the property charged |
First charge by
hypothecation of entire current assets of the company comprising raw materials,
stock in process, finished goods, consumable stores and spares, book debts,
outstanding moneys, receivables, claims and bills at the factories of the
company or at such places as may be approved by the bank from time to time
including stocks-in-transit. First charge over
entire fixed assets of the company, present and future, including
hypothecation of plant and machinery. |
|
Date of
Modification |
22.03.2012 |
|
Particulars of
the present modification |
By way present
modification, cash credit limit increased from 800.000 Millions to 1000.000
Millions, bank guarantees increased from 750.000 Millions to 800.000
Millions, letter of credit of Rs.200.000 Millions, fresh TL of Rs.360.000
Millions and fresh SLC limit of Rs.100.000 Millions was sanctioned. Thus
total credit facilities stands at Rs.2460.000 Millions. The bifurcation of
the above credit facilities stand as under : 1.CC : 1000.000
Millions 2.BG : 800.000 Millions 3.LC : 200.000 Millions 4.TL : 360.000 Millions 5.SLC: 100.000
Millions Total: 2460.000
Millions |
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Factory building
Ø Plant and equipment
Ø Factory equipments
Ø Furniture and fixtures
Ø Vehicles
Ø Motor vehicles
Ø Office equipment
Ø Computer equipments
Ø Other equipments
Ø Computer software
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] 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. 54.28 |
|
|
1 |
Rs. 84.32 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.