MIRA INFORM REPORT
|
Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MATA STEELS |
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Registered
Office : |
112/4, 2nd |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Establishment : |
01.08.2002 |
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Capital
Investment / Paid-up Capital : |
Rs.3.476 Millions (As on 31.03.2013) |
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IEC No.: |
Not Available |
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TIN No.: |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Sole Proprietary Concern |
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Line of Business
: |
Manufacturer of Hot Forged Components for Automobile Industry and
Trader of Iron and Steel Alloys. |
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|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established proprietary concern having satisfactory
track record. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The concern can be considered normal for business 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Rahul Aggarwal |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9444008267 / 9841083626 |
|
Date : |
22.12.2014 |
LOCATIONS
|
Registered Office : |
112/4, 2nd |
|
Tel. No.: |
91-44-26256491 / 32452547 |
|
Mobile No.: |
91-9444008267 / 9841083626
(Mr.
Rahul Aggarwal) |
|
Fax No.: |
91-44-26256491 |
|
E-Mail : |
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|
Website : |
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|
Area : |
5000 Sq. Ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
G 64, B, SIDCO, Industrial Estate, Kakkallur, Tiruvallur –
602003, |
|
Area : |
14.83 Cent |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mrs. Pushpa Aggarwal |
|
Designation : |
Proprietor |
|
Date of Birth / Age : |
60 Years |
|
Qualification : |
SSC |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Aggarwal |
|
Designation : |
Chief Executive Officer |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hot Forged Components for Automobile Industry and
Trader of Iron and Steel Alloys. |
|
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|
Products : |
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|
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Rajni and Company Chartered Accountants |
|
|
|
|
Memberships : |
-- |
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|
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Sister Concerns : |
Pressitech Forging and Engineering Private Limited Address: Chennai, Line of Business: Manufacturer of Pressed Components. |
CAPITAL STRUCTURE
As on 31.03.2013
|
Capital Investment : |
|
|
Owned : |
Rs.3.476 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.3.476 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.476 |
3.314 |
2.915 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.476 |
3.314 |
2.915 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.269 |
1.168 |
0.350 |
|
|
2] Unsecured Loans |
32.842 |
30.627 |
26.302 |
|
|
TOTAL BORROWING |
38.111 |
31.795 |
26.652 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
41.587 |
35.109 |
29.567 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.747 |
4.279 |
3.129 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
36.300 |
14.011 |
16.879 |
|
|
Sundry Debtors |
52.246 |
41.313 |
37.731 |
|
|
Cash & Bank Balances |
0.043 |
2.904 |
1.409 |
|
|
Other Current Assets |
4.937 |
1.791 |
3.032 |
|
|
Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
93.526 |
60.019 |
59.051 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.007 |
28.591 |
32.146 |
|
|
Other Current Liabilities |
0.001 |
0.001 |
0.001 |
|
|
Provisions |
0.678 |
0.597 |
0.466 |
|
Total
Current Liabilities |
55.686 |
29.189 |
32.613 |
|
|
Net Current Assets |
37.840 |
30.830 |
26.438 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
41.587 |
35.109 |
29.567 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
177.520 |
167.131 |
156.988 |
|
|
|
Other Income |
0.221 |
0.191 |
0.125 |
|
|
|
TOTAL (A) |
177.741 |
167.322 |
157.113 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
161.353 |
152.783 |
143.044 |
|
|
|
Bend Removing charges |
0.005 |
0.037 |
0.011 |
|
|
|
Consumables |
0.209 |
0.313 |
0.207 |
|
|
|
Delivery Charges |
0.004 |
0.000 |
0.003 |
|
|
|
Freight charges |
3.756 |
3.586 |
2.630 |
|
|
|
Heat Treatment Charges |
0.259 |
0.290 |
0.241 |
|
|
|
Loading Unloading charges |
0.043 |
0.016 |
0.024 |
|
|
|
Local Transportation Charges |
0.283 |
0.000 |
1.113 |
|
|
|
Testing Charges |
0.097 |
0.126 |
0.120 |
|
|
|
Weighment Charges |
0.028 |
0.039 |
0.045 |
|
|
|
Machining charges |
0.045 |
0.000 |
0.000 |
|
|
|
Salary and Bonus |
1.986 |
1.603 |
1.610 |
|
|
|
Staff Welfare |
0.227 |
0.192 |
0.191 |
|
|
|
Rent |
0.360 |
0.360 |
0.360 |
|
|
|
Printing &
stationery |
0.037 |
0.074 |
0.044 |
|
|
|
Subscription
Fees |
0.022 |
0.058 |
0.008 |
|
|
|
Consultation Charges |
0.012 |
0.020 |
0.000 |
|
|
|
General Expenses |
0.018 |
0.000 |
0.003 |
|
|
|
Postage &
Telegram |
0.086 |
0.095 |
0.074 |
|
|
|
Telephone
Expenses |
0.132 |
0.122 |
0.128 |
|
|
|
Pooja Expenses |
0.052 |
0.072 |
0.030 |
|
|
|
Vehicle |
0.233 |
0.225 |
0.270 |
|
|
|
Computer
Maintenance |
0.014 |
0.037 |
0.044 |
|
|
|
Electricity
charges |
0.172 |
0.186 |
0.210 |
|
|
|
Travelling and
Conveyance |
0.234 |
0.280 |
0.268 |
|
|
|
Bank Interest |
0.812 |
0.690 |
0.644 |
|
|
|
Bank Charges |
0.179 |
0.121 |
0.093 |
|
|
|
Interest on
loans |
4.373 |
3.703 |
3.445 |
|
|
|
Books and
periodicals |
0.001 |
0.000 |
0.005 |
|
|
|
Brokerage and
Commission |
0.629 |
0.222 |
0.218 |
|
|
|
Sales Promotion |
0.198 |
0.171 |
0.098 |
|
|
|
Repair and
Maintenance |
0.091 |
0.048 |
0.066 |
|
|
|
Advertisement
Expenses |
0.043 |
0.029 |
0.014 |
|
|
|
Legal Expenses |
0.000 |
0.023 |
0.000 |
|
|
|
PFA License |
0.000 |
0.004 |
0.000 |
|
|
|
Loss on |
0.000 |
0.025 |
0.006 |
|
|
|
Rebate and
Discounts |
0.000 |
0.052 |
0.230 |
|
|
|
Rates &
Taxes |
0.000 |
0.003 |
0.000 |
|
|
|
Reversal Input
Tax |
0.001 |
0.000 |
0.000 |
|
|
|
Sales Tax Paid |
0.000 |
0.006 |
0.000 |
|
|
|
Filing Fees |
0.006 |
0.002 |
0.000 |
|
|
|
Audit Fees |
0.025 |
0.040 |
0.015 |
|
|
|
TOTAL |
176.025 |
165.653 |
155.512 |
|
|
|
|
|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.716 |
1.669 |
1.601 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.417 |
0.524 |
0.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FOR THE YEAR |
1.299 |
1.145 |
1.075 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
201.600 |
The above information has been parted by Mr. Rahul Aggarwal
Expected sales (2014-2015): 1500.000 Millions (Due to market
fluctuation).
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.73 |
0.69 |
0.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
0.97 |
1.00 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34 |
1.78 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.35 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
10.96 |
9.59 |
9.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68 |
2.06 |
1.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
2.915 |
3.314 |
3.476 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2.915 |
3.314 |
3.476 |
|
|
|
|
|
|
Secured Loans |
0.350 |
1.168 |
5.269 |
|
Unsecured Loans |
26.302 |
30.627 |
32.842 |
|
Total
borrowings |
26.652 |
31.795 |
38.111 |
|
Debt/Equity
ratio |
9.143 |
9.594 |
10.964 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
156.988 |
167.131 |
177.520 |
|
|
|
6.461 |
6.216 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
156.988 |
167.131 |
177.520 |
|
Profit |
1.075 |
1.145 |
1.299 |
|
|
0.68% |
0.69% |
0.73% |
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 |
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 four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
Yes |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
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 |
No |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
41 |
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.