MIRA
INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANDEEP STEELS |
|
|
|
|
Registered
Office : |
511/5, Ashirwad, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.10.2004 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 142.694 Millions |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Trader of Steel Tubes and Bar. |
|
|
|
|
No. of Employees
: |
60 [Approximately] |
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 570700 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track record. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The concern can be considered for business dealing 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like messaging
service Weibo Corporation has filed to raise $ 500
million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
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. Dashrath |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9769005221 |
|
Date : |
15.05.2014 |
LOCATIONS
|
Registered Office : |
511/5, Ashirwad, Ahmedabad
Street, Masjid Bunder
(East), Mumbai-400009, Maharashtra, India |
|
Tel. No.: |
91-22-23482085 |
|
Mobile No.: |
91-9769005221 [Mr. Dashrath] |
|
Fax No.: |
91-22-23487557 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
B-7, Vimal Apartment, Above Syndicate Bank, Juhu Lane, Andheri (West),
Mumbai-400058, Maharashtra, India |
|
Tel. No.: |
91-22-66021111/2 |
|
Fax No.: |
91-22-66021115 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Alloy, Tool, Abrasion Resistant and Special Steel Division, 8, Sanjog, P.M. Road, Santacruz
(West), Mumbai-400054, Maharashtra, India |
|
Tel. No.: |
91-22-26186600 |
|
Fax No.: |
91-22-26187600 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
Vasudha Equinox, Office No. 105, S. No. 5/12,
Near Khadki Railway Station, Bopodi,
Pune-411003, Maharashtra, India |
|
Fax No.: |
91-20-39930100 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
10th Floor, Loha Bhavan, Old High Court Lane, Ashram Road,
Ahmedabad-380009, Gujarat, India |
|
Tel. No.: |
91-79-30487785 |
|
Fax No.: |
91-79-30180251 |
|
E-Mail : |
PARTNERS
|
Name : |
Mr. Sandeep Doshi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Deval Doshi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Time Laboratories Private Limited |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Kavita Mehul Sanghavi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Sandeep Steel Solution Private Limited |
|
Designation : |
Partner |
|
|
|
|
Name : |
Ms. Dinta Doshi |
|
Designation : |
Partner |
|
|
|
|
Name : |
V R One Enterprises Private Limited |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Dashrath |
|
Designation : |
Accounts Manager |
BUSINESS DETAILS
|
Line of Business : |
Trader of Steel Tubes and Bar. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit [30 and 60 Days] |
|
|
|
|
Purchasing : |
Cash and Credit [30 and 60 Days] |
GENERAL INFORMATION
|
Suppliers : |
Magnum Steel |
|
|
|
|
Customers : |
Wholesalers and Retailers ·
Omkareshwar Steel
Engineering |
|
|
|
|
No. of Employees : |
60 [Approximately] |
|
|
|
|
Bankers : |
·
ICICI Bank Limited, MIDC Andheri
(East), Mumbai, Maharashtra, India ·
Citibank, Fort Branch, Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
·
CC + LC Rs.210.000 Millions [From ICICI Bank
Limited] |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BM Parikh and Company Chartered Accountants |
|
|
|
|
Sister Concern : |
·
Shivam Steel
Corporation, Mumbai, Maharashtra, India Line
of Business: Trader of Steel Tubes and Bar. ·
Transcarb Energy Private Limited, Mumbai, Maharashtra, India Line
of Business: Trader of Steel Tubes and Bar. |
CAPITAL STRUCTURE
As on 31.03.2013
|
Capital Investment : |
|
|
Owned : |
Rs. 142.694 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 142.694 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] Partners Capital |
142.694 |
130.448 |
116.457 |
|
|
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 |
142.694 |
130.448 |
116.457 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
315.879 |
274.450 |
206.009 |
|
|
2] Unsecured Loans |
40.468 |
60.152 |
25.181 |
|
|
TOTAL BORROWING |
356.347 |
334.602 |
231.190 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
499.041 |
465.050 |
347.647 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.251 |
22.235 |
17.927 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.202 |
11.058 |
0.170 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.000
|
0.000 |
0.000 |
|
|
Other Current Assets |
548.044
|
549.254 |
448.307 |
|
|
Loans & Advances |
92.779
|
45.179 |
41.523 |
|
Total
Current Assets |
640.823
|
594.433 |
489.830 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
171.185
|
159.838 |
157.525 |
|
|
Provisions |
1.050
|
2.838 |
2.755 |
|
Total
Current Liabilities |
172.235
|
162.676 |
160.280 |
|
|
Net Current Assets |
468.588
|
431.757 |
329.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
499.041 |
465.050 |
347.647 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1566.160 |
1437.770 |
1342.669 |
|
|
|
Other Income |
52.980 |
49.159 |
31.986 |
|
|
|
TOTAL (A) |
1619.140 |
1486.929 |
1374.655 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1485.680 |
1360.815 |
1266.597 |
|
|
|
Direct Expenses |
30.094 |
31.408 |
32.714 |
|
|
|
Sales and Admin Expenses |
32.112 |
28.258 |
25.671 |
|
|
|
Sundry Balance Written Off |
0.002 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1547.888 |
1420.481 |
1324.982 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
71.252 |
66.448 |
49.673 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.229 |
35.865 |
19.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.023 |
30.583 |
30.151 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.206 |
2.584 |
1.687 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT /
(LOSS) (E-F) (G) |
26.817 |
27.999 |
28.464 |
|
The above information has been parted by Mr. Dashrath.
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 |
|
PAT / Total Income |
(%) |
1.65
|
1.88 |
2.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.71
|
1.95 |
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.00
|
4.54 |
5.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.50
|
2.57 |
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.72
|
3.65 |
3.05 |
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 |
116.457 |
130.448 |
142.694 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
116.457 |
130.448 |
142.694 |
|
|
|
|
|
|
Secured Loans |
206.009 |
274.45 |
315.879 |
|
Unsecured Loans |
25.181 |
60.152 |
40.468 |
|
Total
borrowings |
231.190 |
334.602 |
356.347 |
|
Debt/Equity
ratio |
1.985 |
2.565 |
2.497 |
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) |
|
Sales |
1342.669 |
1437.77 |
1566.16 |
|
|
|
7.083 |
8.930 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
1342.669 |
1437.77 |
1566.16 |
|
Profit |
28.464 |
27.999 |
26.817 |
|
|
2.12% |
1.95% |
1.71% |
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 |
No |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking
account |
----- |
|
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 |
No |
|
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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.