MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SKM STEELS LIMITED |
|
|
|
|
Registered
Office : |
Ganjanand Darshan Building, 30, 2nd Floor, C.P. Tank Road, Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.12.1994 |
|
|
|
|
Com. Reg. No.: |
11-083403 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 48.592
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1994PLC083403 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37214C/ MUMS41878E/
MUMS42024D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADC57801F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Stainless Steel Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is the flagship Company of “SKM Group” which was started as a partnership
concern in the year 1972. Later, it was reconstituted as a public limited
company in 1994. It is an established company having satisfactory track
record. The company possesses an average financial profile marked by moderate
total outside liabilities to tangible networth ratio and average debt
protection metrics along with working capital intensive operations owing to
stretched receivable resulting in slight impact on the liquidity position. Management has reported a low profit margin as well as has witnessed a
continuous dip in its sales revenue during FY13. The ratings also take into consideration the intensely competitive and
limited value adding nature of the business. However, trade relations are appear to be fair. Business is active. Payment
terms are reported as slow but correct. In view of long standing experience of the promoters, the subject can
be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to sack
another 300 employees. The lay-offs follow a spate of senior-level exits over
the past two years, starting with of its founder. The overall lay-offs could
number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
May 02, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
May 02, 2014 |
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-23862884)
LOCATIONS
|
Registered Office : |
Ganjanand Darshan Building, 30, 2nd Floor, C.P. Tank Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23862884/ 22336691/
66336691/ 40716600/ 40716666 / 66181111 |
|
Fax No.: |
91-22-23886165/
23805392/ 94 / 66181122 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Head Office : |
SKM House, 12,
Khetwadi 6th Lane, Mumbai – 400004, Maharashtra, India |
|
|
|
|
Factory : |
Plot No. 2803, GIDC Phase III, Umbergaon, District Valsad - 396171,
Gujarat, India |
|
|
|
|
Marketing Division : |
|
|
|
|
|
Branch Offices
: |
Located at: v 13, Mooker Nalla , Muthu Street, Chennai – 600001, Tamilnadu, India v 311,
v 202,
Ashwarath, Opposite Fortune Landmark, Usmanpura, |
|
|
|
|
Export
Division : |
66, C.P. Tank Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-66272727 |
|
Fax No.: |
91-22-66570103 |
|
E-Mail : |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Pankaj Dahyalal Shah |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.161, 16th
Floor, Enterprise Apartment, Forjet Hill Road, Mumbai – 400004, Maharashtra,
India |
|
Date of Birth/Age : |
19.02.1973 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
AAEPS7087D |
|
Voter ID No.: |
ISD1526912 |
|
DIN No.: |
00078997 |
|
|
|
|
Name : |
Mr. Chirag Shantilal Shah |
|
Designation : |
Director |
|
Address : |
704, Gokul Apartments, 14th Khetwadi Back Road, Mumbai –
400004, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1977 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.07.2000 |
|
PAN No.: |
AAGPS8472C |
|
Voter ID No.: |
ISD1587963 |
|
DIN No.: |
00081637 |
|
|
|
|
Name : |
Mr. Kalpesh Haribhai Chowdhary |
|
Designation : |
Director |
|
Address : |
Makharia House, 1st Floor, 327, SVP Road, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth/Age : |
06.11.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
AABPC9287C |
|
Voter ID No.: |
MT/04/023/0114628 |
|
DIN No.: |
00084800 |
|
|
|
|
Name : |
Mr. Kirtilal Moolchand Shah |
|
Designation : |
Managing director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1949 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
AAHPS8248K |
|
Voter ID No.: |
MT/04/024/0135554 |
|
DIN No.: |
00105703 |
|
|
|
|
Name : |
Mr. Amit Kirtilal Shah |
|
Designation : |
Director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1980 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.06.2001 |
|
PAN No.: |
ALTPS7632L |
|
Voter ID No.: |
ISD1622265 |
|
DIN No.: |
00105932 |
|
|
|
|
Name : |
Mr. Ramanugrah Singh |
|
Designation : |
Director |
|
Address : |
B/ 34, Abhishek Apartment, Block No. 12, Cross Road, Lokhandwala
Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1946 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
27.11.1995 |
|
DIN No.: |
00369580 |
|
|
|
|
Name : |
Mr. Rajeev Singh |
|
Designation : |
Whole-time director |
|
Address : |
13/D, 13th Floor, Harmony Towers, Dr E Moses Road, Worli Mumbai –
400018, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1973 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
06603416 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shah Kirtilal Moolchand
and Shah Veenaben Kirtilal |
|
470941 |
|
Shah Amit
Kirtilal and Shah Veenaben Kirtilal |
|
473541 |
|
SKM Constructions
Private Limited, |
|
400000 |
|
Shah Veenaben
Kirtilal and Shah Kirtilal Moolchand |
|
474916 |
|
Sapan Chemicals Limited, India (Earlier known as Suryadeep Salt and
Chemicals Limited) |
|
12000 |
|
Kailash Ficom Limited, |
|
18000 |
|
Zen Shaving Limited, |
|
4000 |
|
Tribhuvan Housing Limited, |
|
10000 |
|
Shah Kirtilal Moolchand HUF |
|
483541 |
|
Shah Ruchita Amit and Shah
Amit Kirtilal |
|
480221 |
|
Shah Amit Kirtilal
HUF |
|
491916 |
|
Chowdhary Anju Kalpesh |
|
405718 |
|
Shah Sejal Chirag and Shah Chirag Shantilal |
|
394368 |
|
SKM Industries Private Limited, |
|
15000 |
|
Shree Parul Developers Private Limited, |
|
110000 |
|
Megha Bhavesh Shah |
|
125000 |
|
Juvenile Capfin Private Limited, |
|
490000 |
|
Total |
|
4859162 |
As on 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
2.57 |
|
Bodies corporate |
21.80 |
|
Directors or relatives of Directors |
75.63 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products. |
||||||||||||
|
|
|
||||||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institutions : |
|
|
|
|
|
Auditors : |
|
|
Name : |
M.C. Doshi and Company Chartered Accountants |
|
Address : |
307, Shyamkamal-C, Agarwal Market, Vile Parle [East]
Mumbai – 400057, Maharashtra, India |
|
Tel. No.: |
91-22-67437416/ 17 |
|
Fax No.: |
91-22-23824232 |
|
E-Mail : |
|
|
PAN No.: |
AAUFM8321L |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
|
|
|
|
|
Subsidiary company
: |
|
CAPITAL STRUCTURE
As on 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16500000 |
Equity Shares |
Rs.10/- each |
Rs.165.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4859162 |
Equity Shares |
Rs.10/- each |
Rs.48.592 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 |
48.592 |
47.638 |
47.638 |
|
(b) Reserves & Surplus |
1502.912 |
1389.728 |
1287.773 |
|
(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) |
1551.504 |
1437.366 |
1335.411 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
102.857 |
144.237 |
38.100 |
|
(b) Deferred tax liabilities (Net) |
13.066 |
8.215 |
9.603 |
|
(c) Other long term
liabilities |
32.899 |
22.159 |
22.047 |
|
(d) long-term
provisions |
8.470 |
6.771 |
4.768 |
|
Total Non-current
Liabilities (3) |
157.292 |
181.382 |
74.518 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3376.836 |
2633.024 |
2907.439 |
|
(b) Trade
payables |
320.530 |
82.401 |
313.750 |
|
(c) Other
current liabilities |
69.391 |
88.513 |
59.945 |
|
(d) Short-term
provisions |
4.508 |
7.793 |
46.285 |
|
Total Current
Liabilities (4) |
3771.265 |
2811.731 |
3327.419 |
|
|
|
|
|
|
TOTAL |
5480.061 |
4430.479 |
4737.348 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
595.121 |
184.421 |
90.028 |
|
(ii)
Intangible Assets |
108.478 |
283.322 |
0.540 |
|
(iii)
Capital work-in-progress |
0.909 |
0.736 |
141.707 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14.714 |
19.764 |
19.626 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
159.356 |
159.883 |
40.246 |
|
(e) Other
Non-current assets |
5.251 |
5.251 |
5.251 |
|
Total Non-Current
Assets |
883.829 |
653.377 |
297.398 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1231.724 |
959.791 |
1469.357 |
|
(c) Trade
receivables |
3029.902 |
2499.798 |
2716.760 |
|
(d) Cash
and cash equivalents |
77.834 |
120.814 |
77.612 |
|
(e)
Short-term loans and advances |
255.703 |
196.266 |
175.903 |
|
(f) Other
current assets |
1.069 |
0.433 |
0.318 |
|
Total
Current Assets |
4596.232 |
3777.102 |
4439.950 |
|
|
|
|
|
|
TOTAL |
5480.061 |
4430.479 |
4737.348 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14813.053 |
15069.828 |
16752.538 |
|
|
|
Other Income |
90.675 |
106.223 |
65.458 |
|
|
|
TOTAL (A) |
14903.728 |
15176.051 |
16817.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2133.665 |
2150.082 |
2215.559 |
|
|
|
Purchases of Stock-in-Trade |
11589.006 |
11135.041 |
13941.235 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(316.143) |
475.793 |
(528.511) |
|
|
|
Employees benefits expense |
65.711 |
53.135 |
40.484 |
|
|
|
Prior period Expense |
1.250 |
54.863 |
0.000 |
|
|
|
Exception item |
(0.636) |
4.508 |
(1.685) |
|
|
|
Other expenses |
861.312 |
710.020 |
691.367 |
|
|
|
TOTAL (B) |
14334.165 |
14583.442 |
16358.449 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
569.563 |
592.609 |
459.547 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
384.649 |
419.432 |
235.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
184.914 |
173.177 |
224.359 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.623 |
18.199 |
8.152 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
153.291 |
154.978 |
216.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.631 |
53.023 |
76.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
87.660 |
101.955 |
139.604 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
808.721 |
706.766 |
NA |
|
|
|
|
|
|
|
|
|
|
LOSS OF
AMALGAMATION COMPANY |
(12.261) |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Balance Carried
to the B/S |
921.905 |
808.721 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
339.667 |
414.506 |
360.328 |
|
|
|
Compensation Earned |
0.013 |
0.131 |
17.524 |
|
|
TOTAL EARNINGS |
339.680 |
414.637 |
377.852 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
553.492 |
458.151 |
0.000 |
|
|
|
Capital Goods |
54.354 |
10.688 |
0.000 |
|
|
|
Trading Goods |
164.616 |
140.551 |
2473.901 |
|
|
TOTAL IMPORTS |
772.462 |
609.39 |
2473.901 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.04 |
21.40 |
29.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.59 |
0.67 |
0.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.03 |
1.03 |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81 |
3.51 |
4.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.24 |
1.93 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.34 |
1.33 |
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 |
47.638 |
47.638 |
48.592 |
|
Reserves & Surplus |
1287.773 |
1389.728 |
1502.912 |
|
Net
worth |
1335.411 |
1437.366 |
1551.504 |
|
|
|
|
|
|
long-term borrowings |
38.100 |
144.237 |
102.857 |
|
Short term borrowings |
2907.439 |
2633.024 |
3376.836 |
|
Total
borrowings |
2945.539 |
2777.261 |
3479.693 |
|
Debt/Equity
ratio |
2.206 |
1.932 |
2.243 |
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 |
16752.538 |
15069.828 |
14813.053 |
|
|
|
(10.045) |
(1.7040 |
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 |
16752.538 |
15069.828 |
14813.053 |
|
Profit |
139.604 |
101.955 |
87.660 |
|
|
0.83% |
0.68% |
0.59% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
44.465 |
58.284 |
0.953 |
|
|
|
|
|
|
Total |
44.465 |
58.284 |
0.953 |
|
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 four 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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS RESULTS AND
OPERATIONS:
Steel sector has paned through a very depressing year because of slow growth in the international market and local demand has drastically come down due to slow down in the infrastructure sector as well as the other sectors like engineering goods, automobiles, constructions etc. where the products are sold by the company. This situation is reflected in the working of the company as turnover for the year was Rs.14903.728 Millions against Rs. 15176.051 Millions resulting into fall of 2%. Due to efficient management of funds and stringent control over cost, profits before depreciation and taxes increased to Rs. 184.914 Millions against Rs. 173.177 Millions for the last year resulting into a fourfold increase.
FINANCE:
Increase in working capital requirements due to higher level of inventories and book debts, were met partly from the borrowed funds and partly from internal accruals. Addition to capital assets were funded from the internal accruals of the company.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans and advances from others |
0.000 |
5.000 |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
0.000 |
7.000 |
|
Loans and advances from directors |
224.850 |
78.640 |
|
Loans and advances from others |
51.350 |
126.800 |
|
Other loans and advances |
6.996 |
21.452 |
|
Total |
283.196 |
238.892 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10434284 |
18/06/2013 * |
75,000,000.00 |
COMMONWEALTH BANK OF AUSTRALIA |
MUMBAI BRANCH, LEVEL 2, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B78773272 |
|
2 |
10406046 |
01/02/2013 |
250,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68432640 |
|
3 |
10387084 |
12/10/2012 |
250,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA |
B62231139 |
|
4 |
10348025 |
25/03/2012 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B37096682 |
|
5 |
10300041 |
29/03/2012 * |
100,000,000.00 |
COMMONWEALTH BANK OF AUSTRALIA |
LEVEL 2, HOECHST HOUSE, NARIMAN POINT,, MUMBAI, |
B37540309 |
|
6 |
10294191 |
29/06/2011 |
60,000,000.00 |
EDELWEISS FINANCE AND INVESTMENTS LIMITED |
2ND FLOOR, MB TOWERS, PLOT NO 5,, ROAD NO 2, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA |
B15816846 |
|
7 |
10285489 |
30/03/2011 |
399,500,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12247367 |
|
8 |
10259012 |
30/03/2011 * |
399,500,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12244026 |
|
9 |
10238175 |
04/08/2010 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,
DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
A93450187 |
|
10 |
10231574 |
01/07/2010 |
50,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A89330229 |
|
11 |
10223177 |
06/05/2010 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
A86764222 |
|
12 |
10218079 |
30/03/2011 * |
2,750,000,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12246625 |
|
13 |
10223138 |
16/04/2010 |
75,000,000.00 |
BANK OF INDIA |
C. P. TANK BRANCH,, 95, VITHALBHAI PATEL ROAD, C. P. TANK, MUMBAI, MAHARASHTRA - 400004, INDIA |
A85123529 |
|
14 |
10218080 |
16/04/2010 |
1,250,000,000.00 |
BANK OF INDIA (LEAD BANK) |
C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL, BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK, MUMBAI, MAHARASHTRA - 400004, INDIA |
A84306414 |
|
15 |
10125667 |
23/10/2008 * |
250,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A83473033 |
|
16 |
10155939 |
17/03/2008 |
1,150,000,000.00 |
BANK OF INDIA (LEAD BANK) |
C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,
BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK, |
A44158509 |
|
17 |
10104582 |
14/06/2010 * |
150,000,000.00 |
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60 M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A88854112 |
|
18 |
10039313 |
16/08/2007 * |
250,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD,, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A21433941 |
|
19 |
10025802 |
12/07/2010 * |
250,000,000.00 |
THE FEDERAL BANK LIMITED |
CORPORATE BANKING BRANCH,1ST FLOOR, RAJA BAHADUR |
A93058469 |
|
20 |
10008601 |
15/06/2006 |
15,000,000.00 |
BANK OF INDIA |
C P TANK BRANCH CHANDARAMJI GIRL'S HIGH SCHOOL, B |
A02086494 |
|
21 |
80058515 |
29/12/2010 * |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B02781763 |
|
22 |
90160619 |
30/03/2011 * |
2,750,000,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH |
B12242921 |
|
23 |
90160344 |
25/10/2004 |
220,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR MARG BRANCH, 66/80 MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
24 |
90160343 |
03/01/2005 * |
674,300,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL BUILDING; MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
25 |
90160589 |
08/09/2004 * |
330,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL |
- |
|
26 |
90159097 |
30/04/2002 |
200,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B, VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
27 |
90160088 |
22/06/2004 * |
187,500,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B, VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
28 |
90229758 |
21/09/2006 * |
30,000,000.00 |
BANK OF INDIA |
C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL, |
- |
|
29 |
80038033 |
26/02/2002 |
31,000,000.00 |
BANK OF INDIA |
C.P. TANK BR., VITHALBHAI PATEL ROAD, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
30 |
90229557 |
13/03/2000 |
11,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMAI, MAHARASHTRA - 400004, INDIA |
- |
|
31 |
90159581 |
21/01/1997 |
130,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL |
- |
|
32 |
90227840 |
19/12/1985 |
2,250,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Factory building
- Other building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Other equipments
- Leasehold improvements
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.35 |
|
|
1 |
Rs.98.74 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
44 |
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.