MIRA INFORM REPORT

 

 

 

 

Report Date :

01.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ATIBIR INDUSTRIES COMPANY LIMITED

 

 

Registered Office :

20-B, Abdul Hamid Street, 7th Floor, Block 7-B, Kolkata – 700069, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

07.08.2000

 

 

Com. Reg. No.:

21-118392

 

 

Capital Investment / Paid-up Capital :

Rs.260.828 Millions

 

 

CIN No.:

[Company Identification No.]

U00331WB2000PLC118392

 

 

PAN No.:

[Permanent Account No.]

AADCA1825B

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Sponge Iron, Pig Iron, Sinter, Pellet etc.

 

 

No. of Employees :

Not Available

 

 

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Term Loans: BB-

Rating Explanation

Having moderate risk of default 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 :

20-B, Abdul Hamid Street, 7th Floor, Block 7-B, Kolkata – 700069, West Bengal, India

Tel. No.:

91-6532-229224/ 229222

Fax No.:

91-6532-229223

E-Mail :

atibirindustries@rediffmail.com

 

 

DIRECTORS

 

(AS ON 29.09.2012)

 

Name :

Mr. Harish Kumar Sarawgi

Designation :

Director

Address :

Dumri Road, Sarawgi Sadan, Giridih – 815301, Jharkhand, India

Date of Birth/Age :

13.02.1966

Date of Appointment :

01.04.2005

DIN No.:

00539230

 

 

Name :

Mr. Paras Kumar Sarawgi

Designation :

Director

Address :

Dumri Road, Sarawgi Sadan, Giridih – 815301, Jharkhand, India

Date of Birth/Age :

10.01.1960

Date of Appointment :

07.08.2000

DIN No.:

00539243

 

 

Name :

Mr. Samir Kumar Sarawgi

Designation :

Managing Director

Address :

Dumri Road, Sarawgi Sadan, Giridih – 815301, Jharkhand, India

Date of Birth/Age :

19.01.1975

Date of Appointment :

07.08.2000

DIN No.:

00539253

 

 

Name :

Mr. Sandeep Kumar Sarawgi

Designation :

Director

Address :

Dumri Road, Sarawgi Sadan, Giridih – 815301, Jharkhand, India

Date of Birth/Age :

23.08.1970

Date of Appointment :

26.03.2004

DIN No.:

00539285

 

 

Name :

Mr. Siva Sagar Rao Yendamuri

Designation :

Additional Director

Address :

D-3, Steel House, CMDS Bunglow Sector – 7, Ukkunagaram, Visakhapatnam – 530032, Andhra Pradesh, India

Date of Birth/Age :

01.05.1947

Date of Appointment :

02.10.2009

DIN No.:

00210188

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinit Kumar Dalmia

Designation :

Company Secretary

Address :

Lakhisarai – 811311, Bihar, India

Date of Birth/Age :

30.07.1978

Date of Appointment :

01.01.2012

PAN No.:

BDQPD6300J

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 29.09.2012)

 

Names of Shareholders

 

 

No. of Shares

 

 

 

Santosh Kumar Sarawgi

 

5000

Paras Kumar Sarawgi

 

54000

Harish Kumar Sarawgi

 

486000

Sandeep Kumar Sarawgi

 

3674300

Samir Kumar Sarawgi

 

1083200

Atibir Hi-Tech Private Limited, India

 

987500

Sribir Marketing Services Private Limited, India

 

54000

Surendra Kumar Sarawgi (HUF)

 

2228220

Samir Kumar Sarawgi (HUF)

 

1869970

Paras Kumar Sarawgi (HUF)

 

2439590

Harish Kumar Sarawgi (HUF)

 

1894573

Sandeep Kumar Sarawgi (HUF)

 

1762880

Santosh Kumar Sarawgi (HUF)

 

2178100

Sharad Sarawgi

 

175500

Arpit Sarawgi

 

216000

Hamayan Barter Private Limited, India

 

2009000

Saini Motors Finance Company Private Limited, India

 

3987625

GCD Credit Private Limited, India

 

4078000

 

 

 

Total

 

29183458

 

 

(AS ON 19.02.2013)

 

Names of Allottees

 

 

No. of Shares Allotted

 

 

 

Ramesh Mertcantile Private Limited, India

 

70000

Nariman Fiscal Services Private Limited, India

 

200000

Jit Finance Private Limited, India

 

130000

Amit Auto Credit Company Private Limited, India

 

153800

Baba Iron Industries Private Limited, India

 

110000

 

 

 

Total

 

663800

 

 

(AS ON 28.01.2013)

 

Names of Allottees

 

 

No. of Shares Allotted

 

 

 

Hamayan Barter private Limited, India 

 

625

GCD Credit  Private Limited, India

 

46875

Saini Motor Finance Company Private Limited, India

 

16250

 

 

 

Total

 

63750

 

 

(AS ON 30.09.2012)

Equity Shares Break – up

 

Category

 

Percentage

 

 

 

Bodies corporate

 

38.09

Directors or relatives of Directors

 

61.91

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Sponge Iron, Pig Iron, Sinter, Pellet etc.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         HDFC Bank Limited

HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

 

 

 

Rupee Term Loans from banks

(Secured by Charge on Fixed assets)

1003.761

1267.891

Working Capital Loans from banks

(Hypothecation of Current Assets)

1267.254

814.718

 

 

 

Total

 

2271.015

2082.609

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Kedia Agarwal and Associates

Chartered Accountant

Address :

Tah Complex, Gandhi Chowk, Giridih – 815301, Jharkhand, India

PAN No.:

AACFK6368H

 

 

Other Related Parties :

·         Sribir Marketing Services Private Limited, India

·         Atibir Hitech Private Limited, India

 

 

CAPITAL STRUCTURE

 

(AS ON 29.09.2012)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

32490000

Equity Shares

Rs 10/-each

Rs 324.900 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

29911008

Equity Shares

Rs 10/-each

Rs.299.110 Millions

 

 

 

 

 

 

(AS ON 31.03.2012)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

32490000

Equity Shares

Rs 10/-each

Rs 324.900 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

26082833

Equity Shares

Rs 10/-each

Rs.260.828 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

260.828

208.698

195.738

2] Share Application Money

0.000

0.000

98.920

3] Reserves & Surplus

1889.536

1375.870

1032.739

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2150.364

1584.568

1327.397

LOAN FUNDS

 

 

 

1] Secured Loans

2271.015

2082.609

1833.742

2] Unsecured Loans

0.000

0.000

144.882

TOTAL BORROWING

2271.015

2082.609

1978.624

DEFERRED TAX LIABILITIES

37.891

34.220

25.449

 

 

 

 

TOTAL

4459.270

3701.397

3331.470

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1838.029

2018.152

1625.652

Capital work-in-progress

532.237

510.748

630.098

 

 

 

 

INVESTMENT

42.000

42.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1949.646

1537.860

1106.120

 

Sundry Debtors
342.689

66.887

31.753

 

Cash & Bank Balances
576.446

47.594

76.284

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
277.810

113.998

204.652

Total Current Assets
3146.591

1766.339

1418.809

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
803.888

191.440

150.869

 

Other Current Liabilities
281.916

430.954

189.107

 

Provisions
13.783

13.448

3.113

Total Current Liabilities
1099.587

635.842

343.089

Net Current Assets
2047.004

1130.497

1075.720

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

4459.270

3701.397

3331.470

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Turnover

3167.035

2752.287

1241.079

 

 

Other Income

7.825

1.374

1.869

 

 

TOTAL                                     (A)

3174.860

2753.661

1242.948

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

2270.861

1916.785

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(276.661)

(123.400)

1018.051

 

 

Employee benefit expense

91.210

51.608

 

 

 

Other expenses

472.890

408.650

 

 

 

TOTAL                                     (B)

2558.300

2253.643

1018.051

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

616.560

500.018

224.897

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

270.322

195.600

69.443

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

346.238

304.418

155.454

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

283.266

247.828

107.958

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

62.972

56.590

47.496

 

 

 

 

 

Less

TAX                                                                  (H)

18.475

22.704

17.530

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

44.497

33.886

29.966

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

131.563

97.677

67.703

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

176.060

131.563

97.669

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.71

1.73

1.59

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
2.05

1.23

2.41

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.99

2.06

3.83

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.26

1.50

1.56

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.03

0.04

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
1.06

1.31

1.49

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.86

2.78

4.14

 

 

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

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

-----

23]

Banking Details

Yes

24]

Banking facility details

Yes 

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes 

28]

Incorporation details, if applicable

Yes 

29]

Last accounts filed at ROC

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

Yes 

 

NOTE:

 

The Registered office of the company has been shifted from, 20-B, Abdul Hamid Street, 7th Floor, Block-7-A, Kolkata – 700069, West Bengal, India, to the present address w.e.f. 14.02.2013.

 

FIXED ASSETS:

 

·         Land

·         Building

·         Factory Building

·         Plant and Machinery

·         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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

 

INFORMATION DETAILS

 

Report Prepared by :

VNT

 

 

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

 

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

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