MIRA INFORM REPORT
|
Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DELTA IRON AND STEEL COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-210/211, Gokul Arcade, Subhash Road, Vile Parle (East),
Mumbai-400057, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-97025 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1996PTC097025 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD09960G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Iron and Steel Products. |
|
|
|
|
No. of Employees
: |
Information denied by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by
diversified client profile and sound general financial position of the
company. The relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for normal 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
slowly 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 |
ICRA |
|
Rating |
Cash Credit = BBB – |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based = A3 |
|
Rating Explanation |
Moderate degree of safety and very high
credit risk. |
|
Date |
March 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 DENIED BY
|
Name : |
Ms. Kavita |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-67194901 |
|
Date : |
17.10.2014 |
LOCATIONS
|
Registered Office : |
B-210/211, Gokul Arcade, Subhash Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Tel. No.: |
91-22-67194901/67194919 |
|
Fax No.: |
91-22-67194920/67194916 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office : |
295-300, Chandkhed Road, Village Dhamane, Near Tata Motors Limited,
Taluka Maval, District Pune-410508, Maharashtra, India |
|
Tel No.: |
91-20-30297541 |
|
|
|
|
Branch Office 1 : |
103, Steel Center, 66 F, Ahmedabad Street, Sant Tukaram Road, Masjid
(E), Mumbai-400009, |
|
Tel. No.: |
91-22-66314800/66153183/30297541 |
|
Fax No.: |
91-22-66332141 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
33, Government Industrial Estate, Khadoli, Silvasa, Dadra and Nagar
Haveli, India |
|
Tel. No.: |
91-260-3252280 |
|
|
|
|
Branch Office 3 : |
205, 75, Link Road, Lajpat Nagar, No. 3, Delhi-110024, India |
|
Tel No.: |
91-11-29836318 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Dhanesh Jayantilal Mehta |
|
Designation : |
Director |
|
Address : |
301-A, Varsha Apartment, Navyug Society, JVPD Scheme Road No.5, North South, Vile
Parle-(W), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1960 |
|
Date of Appointment : |
24.12.1999 |
|
DIN No.: |
01145296 |
|
|
|
|
Name : |
Mr. Akshay Rajinderpershad Jain |
|
Designation : |
Director |
|
Address : |
101, Venus Apartments, Cuffee parade , Mumbai-400005, |
|
Date of Birth/Age : |
04.03.1960 |
|
Date of Appointment : |
07.02.1996 |
|
DIN No.: |
01145191 |
KEY EXECUTIVES
|
Name : |
Mr. Tarun Mishra |
|
Designation : |
General Manager in Accounts and Finance |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Akshay Rajinderpershad Jain |
84600 |
8.06 |
|
Dhanesh Jayantilal Mehta |
66600 |
6.34 |
|
Dhanesh Jayantilal Mehta HUF |
165350 |
15.75 |
|
Akshay Rajinderpershad Jain HUF |
233450 |
22.23 |
|
Rajshree Akshay Jain |
90000 |
8.57 |
|
Nixita Akshay Jain |
120975 |
11.52 |
|
Arzav Akshay Jain |
120975 |
11.52 |
|
Shruti Dhanesh Mehta |
39350 |
3.75 |
|
Shailee Dhanesh Mehta |
39350 |
3.75 |
|
Shivani Dhanesh Mehta |
39350 |
3.75 |
|
Dia Vision Marketing Private Limited, India |
50000 |
4.76 |
|
Total |
1050000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
4.76 |
|
Directors or relatives of Directors |
95.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Iron and Steel Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management
|
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H R Joshi and Company Chartered Accountants |
|
Address : |
43/45, Ganesh Bhuvan, 1st Floor, 2nd |
|
Tel. No.: |
91-22-22060217 |
|
Fax No.: |
91-22-22089788 |
|
PAN No: |
AAEPJ9204H |
|
|
|
|
Related Parties : |
CIN
No.: U27200MH2004PTC148690
CIN
No.: U27100MH2003PTC141751 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
||
|
|
|
|
|
||
|
1050000 |
Equity Shares |
Rs.10/- each
|
Rs.10.500
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 |
10.500 |
10.500 |
10.500 |
|
(b) Reserves & Surplus |
214.466 |
184.293 |
163.511 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
40.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
264.966 |
194.793 |
174.011 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16.817 |
5.787 |
31.864 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
16.817 |
5.787 |
31.864 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
37.554 |
3.698 |
19.081 |
|
(b) Trade
payables |
576.330 |
438.908 |
698.963 |
|
(c) Other
current liabilities |
2.223 |
29.149 |
3.372 |
|
(d) Short-term
provisions |
9.068 |
12.592 |
11.000 |
|
Total Current
Liabilities (4) |
625.175 |
484.347 |
732.416 |
|
|
|
|
|
|
TOTAL |
906.958 |
684.927 |
938.291 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4.670 |
2.797 |
3.706 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
29.676 |
29.342 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.513 |
15.177 |
24.071 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
43.859 |
47.316 |
27.777 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
29.204 |
|
(b)
Inventories |
278.279 |
241.982 |
318.842 |
|
(c) Trade
receivables |
415.017 |
242.412 |
487.893 |
|
(d) Cash
and cash equivalents |
47.005 |
62.525 |
1.363 |
|
(e)
Short-term loans and advances |
122.430 |
90.550 |
72.949 |
|
(f) Other current
assets |
0.368 |
0.142 |
0.263 |
|
Total
Current Assets |
863.099 |
637.611 |
910.514 |
|
|
|
|
|
|
TOTAL |
906.958 |
684.927 |
938.291 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
INCOME |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
30.173 |
20.783 |
23.090 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21
|
0.05 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.32 |
1.24 |
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 |
10.500 |
10.500 |
10.500 |
|
Reserves & Surplus |
163.511 |
184.293 |
214.466 |
|
Share Application money pending allotment |
0.000 |
0.000 |
40.000 |
|
Net
worth |
174.011 |
194.793 |
264.966 |
|
|
|
|
|
|
Long Term borrowings |
31.864 |
5.787 |
16.817 |
|
Short Term borrowings |
19.081 |
3.698 |
37.554 |
|
Total
borrowings |
50.945 |
9.485 |
54.371 |
|
Debt/Equity
ratio |
0.293 |
0.049 |
0.205 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
15.116 |
5.787 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
37.554 |
3.698 |
|
Total |
52.670 |
9.485 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10407937 |
19/01/2013 |
250,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource
Circle, Alkapuri, Baroda - 390015, Gujarat, India |
B69589919 |
|
2 |
10273838 |
02/02/2011 |
160,000,000.00 |
Standard Chartered Bank |
Sme Credit, 23-25, M G
Road, Fort, Mumbai - 400001, Maharashtra, India |
B08216269 |
|
3 |
10059908 |
23/12/2013 * |
745,000,000.00 |
Canara Bank |
Tamarind Lane Branch,
Crossly House, British Hotel Lane, Fort, Mumbai - 400001, Maharashtra, India |
B94292513 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.48 |
|
UK Pound |
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
|
45 |
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.