MIRA
INFORM REPORT
|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUDARSHAN CONCAST PRIVATE LIMITED |
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Registered
Office : |
Durga Colony, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.06.2005 |
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Com. Reg. No.: |
16-028551 |
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Capital
Investment / Paid-up Capital : |
Rs.6.761 Millions |
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CIN No.: [Company Identification
No.] |
U27100PB2005PTC028551 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDS07925B |
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PAN No.: [Permanent Account No.] |
AAJCS1012J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To manufacture, process, roll, draw, refine, melt, forge, buy, sell,
exchange, alter, improve, import, export, trade, distributor or otherwise
deal in all kind and description of iron and steels and their products
including alloys steel, non-alloys steel, special castings, ingots, billets,
rounds, rods, sheets, wires, angles, channels, girders, circles, precision
tubes (Closed Down) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Close Down |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Management has failed to file the financial statement after the FY
2011, with the statutory authorities as well as denied any information of the
subject to us. Mr. G.S. Batra, the Relationship Manager of State Bank of India, SME
Branch, Ludhiana, who are the bankers to the subject parted that the company
has shut down its operations from 6 months due to family conflicts and their
accounts are reported as Non-Performing Assets in the bank’s books. In view of no active business commercial operations, we could not
recommended any dealings with the company.
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes tat many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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.
LOCATIONS
|
Registered Office : |
Durga Colony, Khurana Road, Village Dhandari Khurd, Near
Phase VII of Focal Point, Ludhiana - 141010, Punjab |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Roop Kamal Singh |
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Designation : |
Director |
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Address : |
116, Model House, Ludhiana – 141002, Punjab, India |
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Date of Birth/Age : |
09.08.1979 |
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Date of Appointment : |
14.06.2005 |
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DIN No.: |
01050415 |
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Other Directorship:
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Name : |
Mr. Ajit Singh Khurana |
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Designation : |
Director |
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Address : |
116, Model House, Ludhiana – 141002, Punjab, India |
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Date of Birth/Age : |
15.10.1945 |
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Date of Appointment : |
14.06.2005 |
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DIN No.: |
02379419 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ajit Singh Khurana |
|
124000 |
|
Roop Kamal Singh |
|
177500 |
|
Jagpreet Singh |
|
92500 |
|
Ajit Singh Khurana HUF |
|
17500 |
|
Gaganpreet Kaur |
|
20000 |
|
Inderpreet Kaur |
|
47500 |
|
Jagpreet Singh HUF |
|
15000 |
|
Jagjit Kaur |
|
55100 |
|
Roop Kamal Singh HUF |
|
15000 |
|
Savees Auto and Cycle Industries Private Limited, India |
|
112000 |
|
Total |
|
676100 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To manufacture, process, roll, draw, refine, melt, forge, buy, sell,
exchange, alter, improve, import, export, trade, distributor or otherwise
deal in all kind and description of iron and steels and their products
including alloys steel, non-alloys steel, special castings, ingots, billets,
rounds, rods, sheets, wires, angles, channels, girders, circles, precision
tubes (Closed Down) |
GENERAL INFORMATION
|
Suppliers : |
· Gyan Tradem, Ludhiana · Kallar Ceramics Private Limited · Kay Bee Alloys and Steels Private Limited · Khurana Steels Limited · Lab Equipment, Ludhiana · Maha Luxmi Fabricators, Ludhiana · Nuwn Switchgears Private Limited, Ludhiana · Nath Mill Store, Ludhiana · New Swan Enterprises · Punjab Iron and Scrap Company, Ludhiana · Perfect Electrical, Ludhiana · True Temp Technology, Delhi |
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Customers : |
·
Arora Iron and Steel Rolling Mills Private
Limited ·
Aditi Sales Corporation ·
Garg Industries Limited ·
Hardeep Singh and Company ·
Kalyan Agro Industries Corporation ·
Mango Brothers Limited ·
Ranbir Steel Industries ·
Saeco Sheet Rolling Mills ·
V.G. Steel
Industries |
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, SME Branch, Dholewal, Ludhiana,
Punjab - 141003, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sukhminder Singh and Company Chartered Accountants |
|
Address : |
170-A, Model House, Ludhiana – 141002, Punjab, India |
|
Tel. No.: |
91-161-2428843 |
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PAN No.: |
AADFS5532M |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
676100 |
Equity Shares |
Rs.10/- each |
Rs.6.761 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.761 |
4.661 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.953 |
8.344 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.714 |
13.005 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
46.445 |
10.000 |
0.000 |
|
|
2] Unsecured Loans |
11.674 |
0.078 |
0.000 |
|
|
TOTAL BORROWING |
58.119 |
10.078 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.287 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
75.120 |
23.083 |
0.100 |
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|
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|
APPLICATION OF FUNDS |
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|
FIXED ASSETS [Net Block] |
48.120 |
13.273 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.250 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.418 |
0.000 |
0.000 |
|
|
Sundry Debtors |
14.862 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.671 |
1.065 |
0.068 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.023 |
|
|
Loans & Advances |
17.805 |
9.894 |
0.000 |
|
Total
Current Assets |
40.756 |
10.959 |
0.091 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.319 |
|
|
|
|
Other Current Liabilities |
6.798 |
|
|
|
|
Provisions |
0.000 |
|
|
|
Total
Current Liabilities |
14.117 |
1.925 |
0.002 |
|
|
Net Current Assets |
26.639 |
9.034 |
0.089 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.111 |
0.776 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
75.120 |
23.083 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
INCOME |
68.348 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
66.020 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
2.328 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
TAX |
0.431 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
1.897 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.65 |
0.00 |
0.00 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.78 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.41 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.62 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.48 |
0.77 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.89 |
5.69 |
45.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.100 |
4.661 |
6.761 |
|
Reserves & Surplus |
0.000 |
8.344 |
9.953 |
|
Net
worth |
0.100 |
13.005 |
16.714 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
10.000 |
46.445 |
|
Short term borrowings |
0.000 |
0.078 |
11.674 |
|
Total
borrowings |
0.000 |
10.078 |
58.119 |
|
Debt/Equity
ratio |
0.000 |
0.775 |
3.477 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
0.000 |
0.000 |
68.348 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
0.000 |
0.000 |
68.348 |
|
Profit |
0.000 |
0.000 |
1.897 |
|
|
0.00 |
0.00 |
2.78% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
From Director /
Relatives / Members |
11.674 |
0.078 |
|
Total |
11.674 |
0.078 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10419364 |
26/02/2013 |
93,000,000.00 |
State Bank OF India |
SME Branch, Dholewal, Ludhiana, Punjab - 141003, India |
B73070849 |
|
2 |
10202282 |
28/10/2011 * |
22,500,000.00 |
Small Industries Development Bank Of India |
1st Floor, Sco 16-17,, Feroze Gandhi Market, Opp. Ludhiana Stock Exchange, Ludhiana, Punjab - 141001, India |
B25196072 |
|
3 |
10202281 |
23/02/2010 |
38,400,000.00 |
Small Industries Development Bank Of India |
1st Floor, Sco 16-17,, Feroze Gandhi Market, Opp. Ludhiana Stock Exchange, Ludhiana, Punjab - 141001, India |
A79350427 |
*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 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.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
VNT |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.