MIRA INFORM REPORT
|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKM STEELS LIMITED |
|
|
|
|
Registered
Office : |
30, 2nd
Floor, C.P. Tank Road, Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.12.1994 |
|
|
|
|
Com. Reg. No.: |
11-083403 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 47.638
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1994PLC083403 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37214C/ MUMS41878E/
MUMS42024D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADC57801F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Stainless Steel Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5749000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There is a dip in sales and profit of the company in 2012. However, general financial position of the company appears to be good.
Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits : BBB- |
|
Rating Explanation |
Moderate credit quality and average credit
risk. |
|
Date |
June 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
June 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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-40716600]
LOCATIONS
|
Registered Office : |
30, 2nd
Floor, C.P. Tank Road, Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23862884/
22336691/ 66336691/ 40716600/ 40716666 |
|
Fax No.: |
91-22-23886165/
23805392/ 94 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Head Office : |
SKM House, 12,
Khetwadi 6th Lane, Mumbai – 400004, Maharashtra, India |
|
|
|
|
Factory : |
Plot No. 2803, GIDC Phase III, Umbergaon, District Valsad - 396171,
Gujarat, India |
|
|
|
|
Marketing Division : |
|
|
|
|
|
Branch Offices
: |
Located at: v 13, Mooker Nalla , Muthu Street, Chennai – 600001, Tamilnadu, India v 311,
v 202,
Ashwarath, Opposite Fortune Landmark, Usmanpura, |
|
|
|
|
Export Division
: |
66, C.P. Tank Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-66272727 |
|
Fax No.: |
91-22-66570103 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Kirtilal Moolchand Shah |
|
Designation : |
Managing director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1949 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
AAHPS8248K |
|
Passport No.: |
|
|
Voter ID No.: |
MT/04/024/0135554 |
|
DIN No.: |
00105703 |
|
|
|
|
Name : |
Mr. Pankaj Dahyalal Shah |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.161, 16th
Floor, Enterprise Apartment, Forjet Hill Road, Mumbai – 400004, Maharashtra,
India |
|
Date of Birth/Age : |
19.02.1973 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
AAEPS7087D |
|
Voter ID No.: |
ISD1526912 |
|
DIN No.: |
00078997 |
|
|
|
|
Name : |
Mr. Chirag Shantilal Shah |
|
Designation : |
Director |
|
Address : |
704, Gokul Apartments, 14th Khetwadi Back Road, Mumbai –
400004, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1977 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.07.2000 |
|
PAN No.: |
AAGPS8472C |
|
Voter ID No.: |
ISD1587963 |
|
DIN No.: |
00081637 |
|
|
|
|
Name : |
Mr. Kalpesh Haribhai Chowdhary |
|
Designation : |
Director |
|
Address : |
Makharia House, 1st Floor, 327, SVP Road, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth/Age : |
06.11.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
AABPC9287C |
|
Voter ID No.: |
MT/04/023/0114628 |
|
DIN No.: |
00084800 |
|
|
|
|
Name : |
Mr. Amit Kirtilal Shah |
|
Designation : |
Director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1980 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.06.2001 |
|
PAN No.: |
ALTPS7632L |
|
Voter ID No.: |
ISD1622265 |
|
DIN No.: |
00105932 |
|
|
|
|
Name : |
Mr. Ramanugrah Singh |
|
Designation : |
Director |
|
Address : |
B/ 34, Abhishek Apartment, Block No. 12, Cross Road, Lokhandwala
Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1946 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
27.11.1995 |
|
DIN No.: |
00369580 |
|
|
|
|
Name : |
Mr. Rajeev Singh |
|
Designation : |
Whole-time director |
|
Address : |
13/D, 13th Floor, Harmony Towers, Dr E Moses Road, Worli Mumbai –
400018, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1973 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
06603416 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shah Kirtilal
Moolchand and Shah Veenaben Kirtilal |
|
475400 |
|
Shah Amit
Kirtilal and Shah Veenaben Kirtilal |
|
474000 |
|
SKM Constructions
Private Limited, |
|
400000 |
|
Shah Veenaben
Kirtilal and Shah Kirtilal Moolchand |
|
475000 |
|
Sapan Chemicals Limited, India (Earlier known as Suryadeep Salt and
Chemicals Limited) |
|
12000 |
|
Kailash Ficom Limited, |
|
18000 |
|
Zen Shaving Limited, |
|
4000 |
|
Tribhuvan Housing Limited, |
|
10000 |
|
Shah Kirtilal Moolchand HUF |
|
468000 |
|
Shah Ruchita Amit and Shah
Amit Kirtilal |
|
402900 |
|
Shah Amit Kirtilal
HUF |
|
476000 |
|
Chowdhary Anju Kalpesh |
|
378000 |
|
Shah Sejal Chirag and Shah Chirag Shantilal |
|
365450 |
|
SKM Industries Private Limited, |
|
65000 |
|
SKM Capital and Holdings Private Limited, India |
|
15000 |
|
Shree Parul Developers Private Limited, |
|
110000 |
|
Megha Bhavesh Shah |
|
125000 |
|
Juvenile Capfin Private Limited, |
|
490000 |
|
|
|
|
|
Total |
|
4763750 |
AS ON 28.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
2.62 |
|
Bodies
corporate |
73.78 |
|
Directors
or relatives of directors |
23.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products. |
||||||||||||
|
|
|
||||||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Commonwealth Bank of Australia, Mumbai Branch, Level 2, Hoechst House, Nariman Point, Mumbai - 400021, Maharashtra, India · Union Bank of India · Standard Chartered Bank · HSBC Bank Limited · ICICI Bank Limited · Yes Bank Limited · Citi Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
· Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India · Kotak Mahindra Prime Limited |
|
|
|
|
Auditors : |
|
|
Name : |
M.C. Doshi and Company Chartered Accountants |
|
Address : |
307, Shyamkamal-C, Agarwal Market, Vile Parle [East]
Mumbai – 400057, Maharashtra, India |
|
Tel. No.: |
91-22-67437416/ 17 |
|
Fax No.: |
91-22-23824232 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAUFM8321L |
|
|
|
|
Subsidiary company : |
· SKM Alloys Private Limited [U27100MH1997PTC111184] ·
Mahima Infrastructures Private Limited
[U45200MP2007PTC019444] |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Bharat Steel Yard · Shree Steel Depot |
|
|
|
|
Associates : |
· Heavy Metal and Tubes Limited [U25200GJ1990PLC014554] · Maitri Metals Private Limited [U51909MH2009PTC189603] · SKM Enterprises Private Limited [U24110MH1984PTC031790] · SKM Industries Private Limited [U28100MH1983PLC029050] · SKM Metal Processors Private Limited [U51420MH1997PTC105245] · Sunstar Infratech Private Limited [U70100MP2008PTC020178] · SHREe Sejal Construction Private Limited [U45200MH1983PTC031489] · Shree Chintamani Stainless ·
Khyati Fincap Limited [U65910GJ1995PLC028135] |
|
|
|
|
Other Related Party : |
SKM Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,763,750 |
Equity Shares |
Rs. 10/- each |
Rs. 47.638
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
47.638 |
47.638 |
|
(b) Reserves & Surplus |
|
1389.728 |
1287.773 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1437.366 |
1335.411 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
144.237 |
38.100 |
|
(b) Deferred tax liabilities (Net) |
|
8.215 |
9.603 |
|
(c)
Other long term liabilities |
|
22.159 |
22.047 |
|
(d)
long-term provisions |
|
6.771 |
4.768 |
|
Total
Non-current Liabilities (3) |
|
181.382 |
74.518 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2633.024 |
2907.439 |
|
(b)
Trade payables |
|
82.401 |
313.750 |
|
(c)
Other current liabilities |
|
88.513 |
59.945 |
|
(d)
Short-term provisions |
|
7.793 |
46.285 |
|
Total
Current Liabilities (4) |
|
2811.731 |
3327.419 |
|
|
|
|
|
|
TOTAL |
|
4430.479 |
4737.348 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
184.421 |
90.028 |
|
(ii)
Intangible Assets |
|
0.736 |
0.540 |
|
(iii)
Capital work-in-progress |
|
283.322 |
141.707 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
19.764 |
19.626 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
159.883 |
40.246 |
|
(e)
Other Non-current assets |
|
5.251 |
5.251 |
|
Total
Non-Current Assets |
|
653.377 |
297.398 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
959.791 |
1469.357 |
|
(c)
Trade receivables |
|
2499.798 |
2716.760 |
|
(d)
Cash and cash equivalents |
|
120.814 |
77.612 |
|
(e)
Short-term loans and advances |
|
196.266 |
175.903 |
|
(f)
Other current assets |
|
0.433 |
0.318 |
|
Total
Current Assets |
|
3777.102 |
4439.950 |
|
|
|
|
|
|
TOTAL |
|
4430.479 |
4737.348 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
49.900 |
|
|
2] Share Application Money |
|
|
20.000 |
|
|
3] Reserves & Surplus |
|
|
1147.262 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1217.162 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1534.763 |
|
|
2] Unsecured Loans |
|
|
81.000 |
|
|
TOTAL BORROWING |
|
|
1615.763 |
|
|
DEFERRED TAX LIABILITIES |
|
|
11.557 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2844.482 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
57.485 |
|
|
Capital work-in-progress |
|
|
54.894 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
19.609 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
880.067
|
|
|
Sundry Debtors |
|
|
1766.560
|
|
|
Cash & Bank Balances |
|
|
179.173
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
137.734
|
|
Total
Current Assets |
|
|
2963.534
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
167.072 |
|
|
Other Current Liabilities |
|
|
48.623
|
|
|
Provisions |
|
|
35.345
|
|
Total
Current Liabilities |
|
|
251.040
|
|
|
Net Current Assets |
|
|
2712.494
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2844.482 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
15069.828 |
16752.538 |
9232.855 |
|
|
|
Other Income |
106.223 |
65.458 |
109.142 |
|
|
|
TOTAL |
15176.051 |
16817.996 |
9341.997 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2150.082 |
2215.559 |
|
|
|
|
Purchases of stock-in-trade |
11135.041 |
13941.235 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
475.792 |
(528.511) |
|
|
|
|
Employee benefit expense |
60.176 |
40.484 |
|
|
|
|
Other expenses |
757.842 |
691.367 |
|
|
|
|
TOTAL |
14578.933 |
16360.134 |
9045.047 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
597.118 |
457.862 |
296.950 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
419.432 |
235.188 |
86.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
177.686 |
222.674 |
210.871 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
18.199 |
8.152 |
5.289 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
(4.508) |
1.685 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
154.979 |
216.207 |
205.582 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
53.024 |
76.603 |
65.563 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
101.955 |
139.604 |
140.019 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
706.766 |
567.162 |
427.143 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA
|
706.766 |
567.162 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
414.506 |
360.328 |
169.245 |
|
|
|
Compensation Earned |
0.131 |
17.524 |
0.000 |
|
|
TOTAL EARNINGS |
414.637 |
377.852 |
169.245 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
458.151 |
0.000 |
0.000 |
|
|
|
Capital Goods |
10.688 |
0.000 |
0.000 |
|
|
|
Trading Goods |
140.551 |
2473.901 |
617.250 |
|
|
TOTAL IMPORTS |
609.390 |
`2473.901 |
617.250 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.40 |
29.31 |
28.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.67
|
0.83 |
1.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.03
|
1.29 |
2.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.75
|
4.72 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.16 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.93
|
2.21 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.33 |
11.81 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
58.284 |
0.954 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10434284 |
18/06/2013 * |
75,000,000.00 |
COMMONWEALTH BANK OF AUSTRALIA |
MUMBAI BRANCH, LEVEL 2, HOECHST HOUSE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B78773272 |
|
2 |
10406046 |
01/02/2013 |
250,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V.
B. GANDHI MARG, FORT, MUMBAI - 400001, |
B68432640 |
|
3 |
10387084 |
12/10/2012 |
250,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
B62231139 |
|
4 |
10348025 |
25/03/2012 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B37096682 |
|
5 |
10300041 |
29/03/2012 * |
100,000,000.00 |
COMMONWEALTH BANK OF AUSTRALIA |
LEVEL 2, HOECHST
HOUSE, NARIMAN POINT, MUMBAI - 400021, |
B37540309 |
|
6 |
10294191 |
29/06/2011 |
60,000,000.00 |
EDELWEISS FINANCE & INVESTMENTS LIMITED |
2ND FLOOR, MB TOWERS, PLOT NO 5, ROAD NO 2, BANJARA HILLS, HYDERABAD - 500034, ANDHRA PRADESH, INDIA |
B15816846 |
|
7 |
10285489 |
30/03/2011 |
399,500,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE
BRANCH, FREE PRESS BUILDING, 9TH |
B12247367 |
|
8 |
10259012 |
30/03/2011 * |
399,500,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE
BRANCH, FREE PRESS BUILDING, 9TH |
B12244026 |
|
9 |
10238175 |
04/08/2010 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
A93450187 |
|
10 |
10231574 |
01/07/2010 |
50,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
66/80, MUMBAI SAMACHA |
A89330229 |
|
11 |
10223177 |
06/05/2010 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
A86764222 |
|
12 |
10218079 |
30/03/2011 * |
2,750,000,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE
BRANCH, FREE PRESS BUILDING, 9TH |
B12246625 |
|
13 |
10223138 |
16/04/2010 |
75,000,000.00 |
BANK OF INDIA |
C. P. TANK BRANCH, 95, VITHALBHAI PATEL ROAD, C.P. TANK, MUMBAI – 400004, MAHARASHTRA, INDIA |
A85123529 |
|
14 |
10218080 |
16/04/2010 |
1,250,000,000.00 |
BANK OF INDIA (LEAD BANK) |
C. P. TANK BRANCH,
CHANDARAMJI GIRLS' HIGH SCHOOL, |
A84306414 |
|
15 |
10125667 |
23/10/2008 * |
250,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 66/80, MUMBAI SAMACHA |
A83473033 |
|
16 |
10155939 |
17/03/2008 |
1,150,000,000.00 |
BANK OF INDIA (LEAD BANK) |
C. P. TANK BRANCH,
CHANDARAMJI GIRLS' HIGH SCHOOL, |
A44158509 |
|
17 |
10104582 |
14/06/2010 * |
150,000,000.00 |
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60 M.G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A88854112 |
|
18 |
10039313 |
16/08/2007 * |
250,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A21433941 |
|
19 |
10025802 |
12/07/2010 * |
250,000,000.00 |
THE FEDERAL BANK LIMITED |
CORPORATE BANKING
BRANCH,1ST FLOOR, RAJA BAHADUR |
A93058469 |
|
20 |
10008601 |
15/06/2006 |
15,000,000.00 |
BANK OF INDIA |
C P TANK BRANCH
CHANDARAMJI GIRL'S HIGH SCHOOL, BUILDING VITHALBHAI PATEL ROAD C P TANK ROAD,
MUMBAI - 400004, |
A02086494 |
|
21 |
80058515 |
29/12/2010 * |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B02781763 |
|
22 |
90160619 |
30/03/2011 * |
2,750,000,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE
BRANCH, FREE PRESS BUILDING, 9TH |
B12242921 |
|
23 |
90160344 |
25/10/2004 |
220,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR
MARG BRANCH, 66/80 MUMBAI SAMACHA |
- |
|
24 |
90160343 |
03/01/2005 * |
674,300,000.00 |
BANK OF INDIA |
C P TANK BRANCH
CHANDARAMJI GIRL'S HIGH SCHOOL, BUILDING VITHALBHAI PATEL ROAD C P TANK ROAD,
MUMBAI - 400004, |
- |
|
25 |
90160589 |
08/09/2004 * |
330,000,000.00 |
BANK OF INDIA |
C P TANK BRANCH
CHANDARAMJI GIRL'S HIGH SCHOOL, BUILDING VITHALBHAI PATEL ROAD C P TANK ROAD,
MUMBAI - 400004, |
- |
|
26 |
90159097 |
30/04/2002 |
200,000,000.00 |
BANK OF INDIA |
C P TANK BRANCH
CHANDARAMJI GIRL'S HIGH SCHOOL, BUILDING VITHALBHAI PATEL ROAD C P TANK ROAD,
MUMBAI - 400004, |
- |
|
27 |
90160088 |
22/06/2004 * |
187,500,000.00 |
BANK OF INDIA |
C P TANK BRANCH CHANDARAMJI
GIRL'S HIGH SCHOOL, BUILDING VITHALBHAI PATEL ROAD C P TANK ROAD, MUMBAI -
400004, |
- |
|
28 |
90229758 |
21/09/2006 * |
30,000,000.00 |
BANK OF INDIA |
C P TANK BRANCH CHANDARAMJI
GIRL'S HIGH SCHOOL, BUILDING VITHALBHAI PATEL ROAD C P TANK ROAD, MUMBAI -
400004, |
- |
|
29 |
80038033 |
26/02/2002 |
31,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
30 |
90229557 |
13/03/2000 |
11,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
|
31 |
90159581 |
21/01/1997 |
130,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH,
CHANDARAMJI GIRALS HIGH SCHOOL |
- |
|
32 |
90227840 |
19/12/1985 |
2,250,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMBAI - 400004, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from others |
5.000 |
5.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from others |
212.440 |
91.200 |
|
Other loans and advances |
21.452 |
9.516 |
|
Total |
238.892 |
105.716 |
BUSINESS RESULTS AND
OPERATIONS
Demand for stainless steel products was severely affected during the year because of weak international markets and fall in the demand in domestic market. Due to sleek demands the volume of business has come down and the margin are severely affected. Demand for the other steel products .were also stagnant and so there was no significant increase in the volume of the business as compared to the last year. Sales for the year was Rs.15069.800 Millions against Rs.16752.500 Millions of the last year resulting into a fall of 10%. Profit before tax has also come down to Rs.155.000 Millions compared to Rs. 216.200 Millions for the last year resulting into a fall of 28%.
PROSPECTS
Turbulent time is still prevailing in domestic as well as
international markets. However, as per the working up to date it appears that
the company will be able to meet the target of turnover and profitability at
least up to the last year's mark up.
FINANCE
Additions to fixed assets were financed partly from long
term borrowings and partly from internal accounts. Internal accounts were also utilized
for repayment of short term borrowings.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
(i) Claims against the company not acknowledged as debt |
|
|
|
Excise |
2.500 |
2.500 |
|
Income Tax |
6.005 |
5.703 |
|
(ii) Guarantees |
5.000 |
9.815 |
|
(iii) In respect of Bills Discounted / Letters of credit |
420.858 |
88.432 |
|
(iv) Company does not expect any further liability in respect
of irrevocable letters of credit issued by Bank of India, C.P. Tank branch,
in respect of import of 541.201 M. Tonnes of Welded Stainless Steel
Tubes/Pipes imported from Yuk Wah (Thailand) Limited as the liability of Rs.
21.285 Millions shown under the head "Current Liabilities" will be
fully met against the Fixed Deposit of Rs. 23.500 Millions lying pledged with
said bank against the said liability. Interest on the said fixed deposit is
considered as income of the year in expectation of no further liability on
account of the said irrevocable letter of credit. |
|
|
|
(v) Letters of credit - Additional liability in excess of
Rs. 21.285 Millions |
Unascertained |
Unascertained |
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Other building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Other equipments
· Leasehold improvements
· 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 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. 63.79 |
|
|
1 |
Rs. 100.70 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
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 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.