MIRA
INFORM REPORT
|
Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOPWORTH STEELS AND POWER PRIVATE LIMITED (w.e.f.07.04.2008) |
|
|
|
|
Formerly Known
As : |
TOPWORTH STEELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Raheja Centre, Office No. 4214, Free Press Journal Marg, Nariman
Point, Mumbai – 400021, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.05.2004 |
|
|
|
|
Com. Reg. No.: |
11-146381 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 807.469 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2004PTC146381 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT11594C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT0878L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sponge Iron, Steel and Power Generation |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 19800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The management has filed the latest financial for the year 2013 but
same could not be made available from government department. As per the available financial of 2012, there appears drastic dip in
profitability of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB+” |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
08.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
08.01.2013 |
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 BY
Management non-cooperative (Tel. No.: 91-22-22841414)
LOCATIONS
|
Registered Office : |
Raheja Centre, Office No. 4214, Free Press Journal Marg, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22841414 |
|
Fax No.: |
91-22-22840211/22880141 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
308, 3rd Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
|
Tel. No.: |
91-22-24812000 |
|
Fax No.: |
91-22-24812122 |
|
|
|
|
Works / Marketing Department : |
Borai Industrial Growth Centre, Village Rasmada, District Durg -
491001, Chattisgarh, India |
|
Tel. No.: |
91-788-2617357/2617362/2617363/2617364/2617210 |
|
Fax No.: |
91-788-2617358 |
|
E-Mail : |
|
|
|
|
|
Domestic Office : |
Located At ·
Khopoli ·
Mumbai |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Abhay Narendra Lodha |
|
Designation : |
Chairman |
|
Address : |
Vaitarna Building, Flat No. 502, Sir Pochkhanwala Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1971 |
|
Date of Appointment : |
01.04.2009 |
|
PAN No.: |
AAKPL7249L |
|
DIN No.: |
00052194 |
|
|
|
|
Name : |
Mr. Ashwin Narendra Lodha |
|
Designation : |
Additional Director |
|
Address : |
502, Vaitarna Worli Sagar Co-operative Housing Society Limited, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Appointment : |
10.05.2010 |
|
DIN No.: |
00066948 |
|
|
|
|
Name : |
Mr. Nitin Golchha |
|
Designation : |
Director |
|
Address : |
SM 59, Ward – 43, Padmanbhpur, Durg – 491001, Chhattisgarh, India |
|
Date of Birth/Age : |
13.09.1978 |
|
Date of Appointment : |
02.01.2006 |
|
PAN No.: |
AGFPG5147D |
|
DIN No.: |
01669634 |
|
|
|
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
126-128, Shriram Tower, Kingsway, Sadar, Nagpur – 440001, Maharashtra, India |
|
Date of Appointment : |
10.05.2010 |
|
DIN No.: |
00044782 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Abhay Narendra Lodha |
|
1 |
|
Crest Steel and Power Private Limited, India |
|
90458462 |
|
|
|
|
|
Total |
|
90458463 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sponge Iron, Steel and Power Generation |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Sponge Iron |
MT |
165,000 |
143250.430 |
|
MS Billets |
MT |
144,000 |
131165.700 |
|
MS Structure |
MT |
144,000 |
82995.532 |
|
Power |
Units |
144000000 |
159522655 |
GENERAL INFORMATION
|
No. of Employees : |
90 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of India, Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Chhoriya Chartered Accountants |
|
Address : |
59, Gaya Building, 4th Floor, Yusuf Mehar Ali Road, Masjid Bunder, Mumbai - 400003, Maharashtra, India |
|
Tel. No.: |
91-9320278797 |
|
E-Mail : |
|
|
PAN No.: |
AADFJ9495M |
|
|
|
|
Holding Company : |
Crest Steel and Power Private Limited |
|
|
|
|
Associate : |
· Akshata Mercantile Private Limited · Topworth Urja and Metals Limited · Satyarth Steel and Power Private Limited · Topworth Pipes and Tubes Private Limited · Champalal Motilal Steel Company Private Limited |
|
|
|
|
Subsidiaries : |
· Topworth Energy Private Limited · Topworth Energy Mozambique Limitada · Topworth Metals (South Africa) Proprietary Limited Johansberg ·
Topworth Steels and Power Singapore PTE
Limited, Singapore ·
Topworth International Steels DMCC, Dubai |
|
|
|
|
Sister Concern : |
Name: Topworth Energy Private Limited Jain and Chhoriya |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80746923 |
Equity Shares |
Rs.10/- each |
Rs.807.469
Millions |
|
|
|
|
|
After 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90458463 |
Equity Share5 |
Rs.10/- each |
Rs.904.585
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 |
|
807.469 |
469.088 |
|
(b) Reserves & Surplus |
|
4064.637 |
1929.863 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
89.000 |
999.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4961.106 |
3397.951 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2763.879 |
2870.453 |
|
(b) Deferred tax liabilities (Net) |
|
431.824 |
327.512 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
3195.703 |
3197.965 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2043.818 |
1908.347 |
|
(b) Trade payables |
|
4642.897 |
5105.831 |
|
(c) Other current liabilities |
|
203.248 |
173.520 |
|
(d) Short-term provisions |
|
290.141 |
202.204 |
|
Total Current Liabilities (4) |
|
7180.104 |
7389.902 |
|
|
|
|
|
|
TOTAL |
|
15336.913 |
13985.818 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4158.690 |
2940.115 |
|
(ii) Intangible Assets |
|
3.226 |
0.000 |
|
(iii) Capital work-in-progress |
|
104.057 |
382.385 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1587.826 |
1434.958 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
17.034 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
5870.833 |
4757.458 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
636.405 |
447.911 |
|
(b) Inventories |
|
3169.623 |
4123.631 |
|
(c) Trade receivables |
|
3809.167 |
3216.004 |
|
(d) Cash and cash equivalents |
|
27.782 |
24.271 |
|
(e) Short-term loans and advances |
|
1423.166 |
1144.565 |
|
(f) Other current assets |
|
399.937 |
271.978 |
|
Total Current Assets |
|
9466.080 |
9228.360 |
|
|
|
|
|
|
TOTAL |
|
15336.913 |
13985.818 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
428.350 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1211.632 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1639.982 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1647.026 |
|
|
2] Unsecured Loans |
|
|
1669.705 |
|
|
TOTAL BORROWING |
|
|
3316.731 |
|
|
DEFERRED TAX LIABILITIES |
|
|
281.673 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5238.386 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2930.107 |
|
|
Capital work-in-progress |
|
|
159.087 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
184.101 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2114.250 |
|
|
Sundry Debtors |
|
|
2720.128 |
|
|
Cash & Bank Balances |
|
|
15.721 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1521.117 |
|
Total
Current Assets |
|
|
6371.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4181.551 |
|
|
Other Current Liabilities |
|
|
91.447 |
|
|
Provisions |
|
|
134.753 |
|
Total
Current Liabilities |
|
|
4407.751 |
|
|
Net Current Assets |
|
|
1963.465 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.626 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5238.386 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Income from Operations |
6621.204 |
5035.148 |
9626.093 (Including
Excise Duty) |
|
|
|
Income from Trading Sales |
11431.178 |
7837.200 |
0.000 |
|
|
|
Other Income |
83.442 |
63.985 |
35.309 |
|
|
|
TOTAL (A) |
18135.824 |
12936.333 |
9661.402 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
2047.110 |
|
|
|
Stores & Spares Consumed |
|
|
72.406 |
|
|
|
Purchase of Finished Goods - Trading |
|
|
5742.884 |
|
|
|
Manufacturing Expenses |
16907.766 |
11652.052 |
528.716 |
|
|
|
Excise Duty & Taxes |
|
|
322.884 |
|
|
|
Employees Cost & Benefits |
|
|
95.536 |
|
|
|
Selling & Administrative Expenses |
|
|
70.958 |
|
|
|
Preliminary Expenses Written off |
|
|
0.292 |
|
|
|
Increase / (Decrease) in Stock |
|
|
(58.321) |
|
|
|
TOTAL (B) |
16907.766 |
11652.052 |
8822.465 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1228.058 |
1284.281 |
838.937 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
580.145 |
650.476 |
378.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
647.913 |
633.805 |
460.169 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
175.378 |
161.025 |
138.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
472.535 |
472.780 |
321.481 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
198.855 |
(21.390) |
187.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
273.680 |
494.170 |
133.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.39 |
9.32 |
3.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.51
|
3.82 |
1.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.62
|
3.67 |
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.46
|
3.89 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.14 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.97
|
1.41 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.25 |
1.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
469.088 |
807.469 |
|
Reserves & Surplus |
1,929.863 |
4,064.637 |
|
Net
worth |
2,398.951 |
4,872.106 |
|
|
|
|
|
long-term borrowings |
2,870.453 |
2,763.879 |
|
Short term borrowings |
1,908.347 |
2,043.818 |
|
Total
borrowings |
4,778.800 |
4,807.697 |
|
Debt/Equity
ratio |
1.992 |
0.987 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9,626.093 |
5,035.148 |
6,621.204 |
|
|
|
(47.693) |
31.500 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9,626.093 |
5,035.148 |
6,621.204 |
|
Profit |
133.636 |
494.170 |
273.680 |
|
|
1.39% |
9.81% |
4.13% |
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 |
No |
|
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 |
REVIEW OF OPERATIONS
During the year, the Company’s Net Income from operations stood at Rs. 6621.204 Millions as compared to Rs. 5035.148 Millions in the previous year, Profit before finance cost and taxation for the year stood at Rs. 17960.446 Millions against Rs. 12775.308 Millions in the previous year and Profit after Tax declined from Rs. 472.780 Millions in previous year to Rs. 472.535 Millions in the year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Loans repayable on demand from others |
1258.896 |
1774.608 |
|
Other loans and advances |
316.572 |
833.760 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
1503.518 |
1039.183 |
|
Rupee term loans from others |
365.164 |
730.328 |
|
Loans and advances from others |
175.136 |
138.836 |
|
Total |
3619.286 |
4516.715 |
Note:
The Registered Office of the company has been shifted from Raheja Center,
Off. No. 4214, Free Press Journal Marg, Nariman Point, Mumbai – 400021,
Maharashtra, India to the present address w.e.f. 01.09.2013.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10455102 |
13/09/2013 |
1,000,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 37,MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B87562302 |
|
2 |
10430209 |
21/05/2013 |
250,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, ATLANTA FIRST FLOOR, JAMNALAL |
B76764182 |
|
3 |
10397675 |
14/01/2013 |
410,000,000.00 |
THE COSMOS CO-OP. BANK LIMITED |
36A, MARU NIKETAN, D. L. VAIDYA ROAD, DADAR (W), MUMBAI, MAHARASHTRA - 400028, INDIA |
B66128018 |
|
4 |
10392369 |
05/12/2012 |
86,000,000.00 |
INDIAN BANK |
MUMBAI FORT BRANCH, UNITED INDIA BUILDING, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B64289853 |
|
5 |
10387352 |
17/10/2012 |
650,000,000.00 |
CENTRAL BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, CHANDER MUKHI, NARIMAN |
B62292248 |
|
6 |
10372142 |
30/06/2012 |
200,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPOARTE BRANCH, MAKER TOWER,"E" WING,
GROUND FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400 |
B56246416 |
|
7 |
10362019 |
09/06/2012 |
424,000,000.00 |
CORPORATION BANK |
FORT MID CORPORATE BRANCH VEENA CHAMBERS, 21, DALAI STREET, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B42189332 |
|
8 |
10353734 |
13/04/2012 |
550,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B38937470 |
|
9 |
10353721 |
13/04/2012 |
750,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B38933396 |
|
10 |
10353444 |
19/03/2012 |
360,000,000.00 |
DENA BANK |
CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA |
B38855169 |
|
11 |
10336367 |
26/03/2013 * |
800,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, ATLANTA FIRST FLOOR, JAMNALAL |
B73375347 |
|
12 |
10334537 |
01/02/2012 |
189,000,000.00 |
INDIAN BANK |
MUMBAI FORT BRANCH, UNITED INDIA BUILDING, SIR P.M.ROAD FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B31664196 |
|
13 |
10357079 |
14/12/2011 |
46,000,000.00 |
CORPORATION BANK |
FORT MID CORPORATE BRANCH VEENA CHAMBERS, 21, DALAI STREET, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B32752263 |
|
14 |
10305032 |
09/08/2011 |
410,000,000.00 |
DENA BANK |
CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA |
B19963628 |
|
15 |
10285601 |
01/05/2011 |
81,204,300.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B12308185 |
|
16 |
10285599 |
01/05/2011 |
99,172,161.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B12307294 |
|
17 |
10285600 |
01/05/2011 |
119,711,232.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B12307781 |
|
18 |
10257628 |
05/12/2010 |
125,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B00402263 |
|
19 |
10257678 |
17/09/2013 * |
1,750,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, DALAMAL TOWERS, GR. FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B85986255 |
|
20 |
10246441 |
15/09/2010 |
15,166,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A96948831 |
* Date of charge modification
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
MS Roll
·
EOT Crane
·
Electric Trolley
·
DG Set
·
Electrical Installation
·
Pollution Control
Equipments
·
Welding Machine
·
Weigh Bridge
·
Air Conditioner
·
Office Equipments
·
Fire Fighting Equipments
·
Lab Equipments
·
Computer
·
Furniture and Fixtures
·
Tools and Tackles
·
Hand Cart
·
Cycle
·
Motor Cars
·
Vehicles
PRESS RELEASE
FIVE BORROWERS WITH
6% OUTSTANDING SERVICE HALF OF NSEL PAYOUT IN 4 WKS
The National Spot Exchange (NSEL) remains dependent on just a handful of borrowers to recover dues, with data showing that nearly 50% of the settlement amount in the past four weeks has come from just five borrowers.
Topworth Steel and Power, Metkore Alloys and Industries, Aastha Minmet, MSR Food processing and Sankhya Investments have paid back Rs 690.000 millions, or 21%, of their combined dues. Collectively, these entities are responsible for nearly half of the total settlement in the last four weeks even though their dues account for just about 6% of the total outstanding amount of Rs 55730.000 millions.
Topworth Steel and Power has paid the highest amount of outstanding among the 24 NSEL borrowers; it has cleared close to Rs 461.500 millions, or 27%, of its dues. The company is part of Mumbai-based Topworth Group, which, according to its website, has revenues exceeding $1 billion though business interests in steel, mining, energy, infrastructure and aluminium foils, among others.
FE’s efforts to contact the company officials of Topworth on phone and at their office in Nariman Point, Mumbai, did not meet with any results. Heads of both marketing and finance operations declined to comment on the NSEL issue or on how they are meeting payment obligations.
Meanwhile, Metkore Alloys and Industries, a listed company which has serviced 16% of its Rs 106.9 crore dues to NSEL, did not revert with any response at the time of going to press.
Another company, Aastha Minmet, which owed Rs 265.000 millions to NSEL, has paid Rs 28.000 millions over the past four weeks. The company was the first small-sized coal importer that used the NSEL platform to sell 3,000 tonne of non-coking coal.
“We are committed to settling pending dues at the earliest...we are in talks with NSEL to resolve the issue with Steel TMT bar holdings so that we can repay our outstanding dues,” said the company in an e-mail response.
Aastha Minmet failed to give any explanation on its outstanding dues of Rs 2192.000 millions as clients of Juggernaut Projects, one of the 24 borrowers of NSEL that the exchange has declared as a defaulter. Aastha officials also did not comment on whether it intends to submit an updated draft prospectus with Sebi in the wake of its involvement in the NSEL crisis. In March this year, Aastha had filed a DRHP for an initial public offering of shares to garner Rs 420.000 millions of funds.
In percentage terms, a company called Sankhya investments has cleared the highest proportion of its returns at 32% of its Rs 70.000 millions of dues. No details could be ascertained about the company. Another borrower, MSR Food Processing, which used paddy as collateral, has repaid Rs 12.000 millions.
Data show that NSEL remains dependent on a handful of borrowers to collect dues even as a majority of borrowers have turned defaulters. Of the total 24 borrowers, 19 have been deemed as defaulters by the exchange.
NSEL, in its payout proposal, had planned to pay Rs 1747.200
millions every week. In the past four weeks, it has managed to pay just Rs
1370.600 millions to investors.
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. 62.07 |
|
|
1 |
Rs. 103.61 |
|
Euro |
1 |
Rs. 85.02 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
34 |
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.