MIRA INFORM REPORT
|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESMECH EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-4, A-6, Gundecha Onclave, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-179671 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29255MH2008PTC179671 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME07800C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE9492J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing a wide range of products including Acid Pickling Lines,
Slitting Lines, Cut-to-Length Lines, Galvanizing Lines, Colour Coating Lines,
Tension Levelling Lines, In-line Skin Pass Mills Recoiling Lines, Degreasing
Lines and a number of other special purpose lines. |
|
|
|
|
No. of Employees
: |
400 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between SMS Siemay AG, Germany and HB
Esmech Private Limited engaged in manufacturing of world class cold rolling
mills and strip metal process line equipments. The management has seen a drastic dip in its net profitability during
2013. Liquidity position of the company seems to be deteriorating due to
drastic dip in cash balance as well as the working capital intensive nature
of its operations. However, the ratings also take into consideration the sound networth
and healthy receivables. Trade relations are fair. Business is active. Payments are reported as
slow but correct. In view of reputed foreign holding company, the subject can be
considered for normal business dealings 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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 PARTED BY
|
Name : |
Mr. Prasad Shewale |
|
Designation : |
Import/Export Manager |
|
Contact No.: |
91-22-25821295 |
|
Date : |
25.03.2014 |
LOCATIONS
|
Registered Office : |
A-4, A-6, Gundecha Onclave, |
|
Tel. No.: |
91-22-25821295 |
|
Fax No.: |
91-22-25826560 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot Nos.A-254-259 and A283, Road No.30A, Wagle Industrial Estate,
Thane (West) – 400 604, |
|
Tel. No.: |
91-22-25821295, 25821733, 25823417 |
|
Fax No.: |
91-22-25826550 |
|
|
|
|
Factory 2 : |
Survey No:6 To 22, Taloja- Ambanath Road, Village- Ghotclal, Ghotcamp,
Taluka – Panvel, Dist: Raigad- 410208, Maharashtra, India |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Suresh Laxman Joshi |
|
Designation : |
Whole-time director |
|
Address : |
Pitruvandana, Plot No.11, Kala Nagar, Bandra (East), Mumbai – 400 051,
|
|
Date of Birth/Age : |
24.12.1940 |
|
Qualification : |
B.E. (Mechanical) |
|
Date of Appointment : |
01.06.2010 |
|
PAN No.: |
AAAPJ7056K |
|
DIN No.: |
01934030 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U15310MH1981PTC024806 |
ESMECH ROLLING
MACHINERY PVT LTD |
Managing
director |
17/07/1981 |
17/07/1981 |
- |
Active |
NO |
|
2 |
U99999MH1970PTC014872 |
HB ESMECH
PRIVATE LIMITED |
Director |
27/03/1989 |
27/03/1989 |
- |
Active |
NO |
|
3 |
U29255MH2008PTC179671 |
ESMECH EQUIPMENT
PRIVATE LIMITED |
Whole-time
director |
01/06/2010 |
04/03/2008 |
- |
Active |
NO |
|
4 |
U29299MH1996PTC103478 |
PITEL
ENGINEERING PRIVATE LIMITED |
Nominee director |
16/07/2010 |
16/07/2010 |
- |
Active |
NO |
|
Name : |
Mr. Vijay Suresh Joshi |
|
Designation : |
Managing Director |
|
Address : |
Pitruvandana, Plot No.11, Kala Nagar, Bandra (East), Mumbai – 400 051,
|
|
Date of Birth/Age : |
08.03.1969 |
|
Qualification : |
B.E. (Mechanical), PGDM (IIM |
|
Date of Appointment : |
01.06.2010 |
|
PAN No.: |
AAAPJ7057J |
|
DIN No.: |
01550964 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U15310MH1981PTC024806 |
ESMECH ROLLING
MACHINERY PVT LTD |
Director |
15/01/1996 |
15/01/1996 |
- |
Active |
NO |
|
2 |
U99999MH1970PTC014872 |
HB ESMECH
PRIVATE LIMITED |
Managing
director |
15/01/1996 |
15/01/1996 |
- |
Active |
NO |
|
3 |
U72300MH2007PTC168164 |
KENNOVATION
SOFTWARE SERVICES PRIVATE LIMITED |
Director |
26/02/2007 |
26/02/2007 |
24/11/2010 |
Active |
NO |
|
4 |
U29255MH2008PTC179671 |
ESMECH EQUIPMENT
PRIVATE LIMITED |
Managing
director |
01/06/2010 |
04/03/2008 |
- |
Active |
NO |
|
5 |
U29299MH1996PTC103478 |
PITEL
ENGINEERING PRIVATE LIMITED |
Nominee director |
16/07/2010 |
16/07/2010 |
- |
Active |
NO |
|
Name : |
Mr. Peter Joachim Piepers |
|
Designation : |
Director |
|
Address : |
10, Feldstrasse, Scheuerfeld-57584, |
|
Date of Birth/Age : |
12.07.1953 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03025580 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29255MH2008PTC179671 |
ESMECH EQUIPMENT
PRIVATE LIMITED |
Director |
30/09/2010 |
30/03/2010 |
- |
Active |
NO |
|
2 |
U51420DL1989PTC122000 |
SMS IRON
TECHNOLOGY PRIVATE LIMITED |
Director |
29/06/2012 |
29/06/2012 |
- |
Active |
NO |
|
3 |
U74140DL1994PTC117043 |
SMS INDIA
PRIVATE LIMITED |
Director |
29/06/2012 |
29/06/2012 |
- |
Active |
NO |
|
Name : |
Mr. Ruediger Gerhard Holz |
|
Designation : |
Director |
|
Address : |
10, Tannenstrasse, Struthuetten, Neunkirchen-57290, |
|
Date of Birth/Age : |
25.01.1960 |
|
Date of Appointment : |
30.03.2010 |
|
DIN No.: |
03025657 |
|
Name : |
Mr. Michael Erwin Cottin |
|
Designation : |
Director |
|
Address : |
Am Wildpark – 19, Dusseldorf |
|
Date of Birth/Age : |
05.03.1961 |
|
Date of Appointment : |
16.05.2013 |
|
DIN No.: |
06650919 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad Shewale |
|
Designation : |
Import/Export Manager |
MAJOR SHAREHOLDERS
AS ON 28.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
|
250000 |
5.00 |
|
|
250000 |
5.00 |
|
HB Esmech Private Limited, India |
1950000 |
39.00 |
|
SMS Siemag, Germany |
2550000 |
51.00 |
|
Total |
5,000,000 |
100.00 |
AS ON 28.09.2013
|
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] |
51.00 |
|
Bodies
corporate |
39.00 |
|
Directors
or relatives of directors |
10.00 |
|
|
|
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing a wide range of products including Acid Pickling Lines,
Slitting Lines, Cut-to-Length Lines, Galvanizing Lines, Colour Coating Lines,
Tension Levelling Lines, In-line Skin Pass Mills Recoiling Lines, Degreasing
Lines and a number of other special purpose lines. |
||||||
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|
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|
Products : |
|
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Exports : |
|
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|
Products : |
Finished Goods |
||||||
|
Countries : |
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Imports : |
|
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|
Products : |
Raw Material |
||||||
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Countries : |
|
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|
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|
Terms : |
|
||||||
|
Selling : |
L/C and Advance Payment |
||||||
|
|
|
||||||
|
Purchasing : |
L/C and Advance Payment |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production * |
|
Coil Processing
Equipments and Spares |
Not Applicable |
-- |
-- |
* Note: The Company manufactures custom designed
coil processing equipment and spares thereof, hence the concept of
"Installed Capacity" and "Actual Production" is difficult
to quantify.
This being technical matter, is as certified by the Management and
relied upon by Auditors.
GENERAL INFORMATION
|
No. of Employees : |
400 [Approximately] |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Canara Bank, Bhandup Branch, Mumbai, Maharashtra,
India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
NOTE : The loans are
repayable in equal installments aggregating to Rs. 1.894 millions (P.Y.
Rs.0.168 millions). The interest rate of above ranging loans against vehicles
are secured by way of hypothecation of specific vehicles acquired under the
arrangements. |
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
202, Shreeji Palace Near Jalaram Mandir, Saraswat Colony, Dombivali
(East), Dombivali – 421201, India |
|
PAN No: |
AAAFH2010F |
|
|
|
|
Holding Company : |
Address:
Eduard-Schloeman-Strabe 4, D-40237, Dusseldoorf, Germany |
|
|
|
|
Subsidiary Company : |
|
|
|
|
|
Enterprises significantly influenced by key management personnel or
their relatives or other companies : |
CIN No.:U99999MH1970PTC014872
CIN No.:U72300MH2007PTC168164
|
CAPITAL STRUCTURE
AS ON 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
699.612 |
695.824 |
651.048 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
749.612 |
745.824 |
701.048 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1.894 |
0.168 |
0.350 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1.115 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
30.028 |
3.786 |
7.740 |
|
Total Non-current
Liabilities (3) |
31.922 |
5.069 |
8.090 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
169.844 |
0.000 |
0.000 |
|
(b) Trade payables |
285.590 |
342.279 |
137.835 |
|
(c) Other current
liabilities |
325.564 |
890.049 |
447.236 |
|
(d) Short-term
provisions |
9.315 |
6.812 |
0.041 |
|
Total Current
Liabilities (4) |
790.313 |
1239.140 |
585.112 |
|
|
|
|
|
|
TOTAL |
1571.847 |
1990.033 |
1294.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
299.247 |
302.252 |
219.946 |
|
(ii) Intangible Assets |
13.632 |
20.967 |
19.154 |
|
(iii) Capital
work-in-progress |
8.420 |
6.641 |
4.502 |
|
(iv) Intangible assets under development |
1.858 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5.865 |
5.865 |
5.865 |
|
(c) Deferred tax
assets (net) |
1.483 |
0.000 |
0.673 |
|
(d) Long-term Loan and Advances |
24.696 |
21.350 |
19.643 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
355.201 |
357.075 |
269.783 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
293.413 |
180.701 |
|
(b) Inventories |
526.722 |
640.762 |
239.937 |
|
(c) Trade receivables |
573.668 |
444.357 |
397.746 |
|
(d) Cash and cash
equivalents |
20.179 |
71.341 |
111.602 |
|
(e) Short-term loans
and advances |
36.586 |
85.422 |
51.619 |
|
(f) Other current
assets |
59.491 |
97.663 |
42.862 |
|
Total Current Assets |
1216.646 |
1632.958 |
1024.467 |
|
|
|
|
|
|
TOTAL |
1571.847 |
1990.033 |
1294.250 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1471.290 |
1085.539 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1681.275 |
1471.290 |
1085.539 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1616.962 |
1378.347 |
890.741 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
64.313 |
92.943 |
194.798 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
42.141 |
34.877 |
26.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
22.172 |
58.066 |
168.741 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.385 |
13.289 |
58.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.787 |
44.777 |
110.047 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/-) |
0.76 |
8.96 |
22.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.23
|
3.04
|
10.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.43
|
2.94
|
13.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.07
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
0.00
|
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.32
|
1.75 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
651.048 |
695.824 |
699.612 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
701.048 |
745.824 |
749.612 |
|
|
|
|
|
|
long-term borrowings |
0.350 |
0.168 |
1.894 |
|
Short term borrowings |
0.000 |
0.000 |
169.844 |
|
Total
borrowings |
0.350 |
0.168 |
171.738 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.229 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
1,085.539 |
1,471.290 |
1,681.275 |
|
|
|
35.535 |
14.272 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
1,085.539 |
1,471.290 |
1,681.275 |
|
Profit After tax |
110.047 |
44.777 |
3.787 |
|
|
10.14% |
3.04% |
0.23% |
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 |
Yes |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export
/ Import details (if applicable) |
Yes |
|
21] |
Market
information |
--- |
|
22] |
Litigations
that the firm / promoter involved in |
---- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
--- |
|
26] |
Buyer
visit details |
--- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowings |
|
|
|
Loans repayable on Demand |
169.844 |
0.000 |
|
|
|
|
|
TOTAL
|
169.844 |
0.000 |
CONTINGENT LIABILITY
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Contingent Liability not provided for |
|
|
|
Bank
Guarantees |
24.963 |
205.129 |
|
Letter of Credit
Provided to Customer |
45.139 |
1.799 |
|
Income Tax Matter |
4.818 |
0.000 |
|
Estimation Amount
of Contracts remaining to be executed on capital account |
7.672 |
10.975 |
|
|
|
|
|
Total |
82.592 |
217.903 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
NOTE:
The registered office of the company has been shifted from A254-259 and A 283, Road No.30A, Wagle Industrial Estate, Thane – 400 604, Maharashtra, India to the present address w.e.f. 05.03.2008.
NATURE OF BUSINESS
The Company is the
leading strip metal process line equipment, Cold Rolling Mills and Skin Pass
Mills manufacturer and manufacturing a wide range of products including Acid
Pickling Lines, Slitting Lines, Cut-to-Length Lines, Galvanizing Lines, Colour
Coating Lines, Tension Levelling Lines, In-line Skin Pass Mills Recoiling
Lines, Degreasing Lines and a number of other special purpose lines.
NEWS
Subject is an Indian JV partner of SMS Siemag, Germany, has
successfully put into operation the new reversing cold mill at Star core
Company Limited in Royang, Thailand.
Starecore has now an additional production
capacity of 200,000 tonne of high grade CR strip as well as a skin passing
capacity of 146,000 tonne per year. The combined reversing and skin passing mill
rolls and skin-passes strips of up to 1,250 millimeter width at a maximum
rolling speed of 1,200 meter per minute. The minimum rolled final gage is 0.2
millimeter. Starcore will supply the products to its own parent company Saeng
Thai Metal Drum Company Limited and to the Southeast Asian market.
The combined 4 high CR mill with CVC was
installed and successfully commissioned by Esmech Equipment. Core components
such as cylinder and bending blocks as well as CVC shifting systems were provided
by SMS Siemag's production facility in Hilchenbach, Germany. The complete mill
stand was pre-assembled in the Esmech workshop in Wada/Mumbai, India, in order
to ensure smooth erection and commissioning.
The new combined rolling and skin – pass mill at Star core.
SMS Siemag AG is a company of the SMS group
which, under the roof of the SMS Holding GmbH, consists of a group of companies
internationally active in plant construction and mechanical engineering for the
steel and nonferrous metals industry. With more than 13,000 employees, the
group generates sales of about EUR 3.5 billion.
FIXED ASSETS
Tangible Assets
- Computers
- Plant and
Equipment
- Electrical
Installation
- Office
Equipment
- Furniture
and Fixture
- Vehicle
- Air
Conditioner
- Building
- Factory Shed
Tangible Assets
·
Goodwill
·
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--EPF |
YES/NO |
NO |
|
--RBI |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.