MIRA INFORM REPORT

 

 

Report No. :

315553

Report Date :

02.04.2015

 

IDENTIFICATION DETAILS

 

Name :

AGARWAL INDUCTION FURNACE PRIVATE LIMITED (w.e.f.25.11.2011)

 

 

Formerly Known As :

SURBHI STEEL PRIVATE LIMITED 

 

 

Registered Office :

952, 21st  Main, Banshankari  II Stage, Bangalore– 560070, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

31.07.2008

 

 

Com. Reg. No.:

08-047347

 

 

Capital Investment / Paid-up Capital :

Rs.39.791 Million

 

 

CIN No.:

[Company Identification No.]

U27100KA2008PTC047347

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRS33257A

 

 

PAN No.:

[Permanent Account No.]

AAMCS2004H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of MS Billets.

 

 

No. of Employees :

60 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

General financial position of the company seems to be sound and healthy. Profitability of the company is fair.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 PARTED BY

 

Name :

Mr. Navin

Designation :

Account Department

Contact No.:

91-9916509852

Date :

01.04.2015

 

 

LOCATIONS

 

Registered Office :

952, 21st  Main, Banshankari  II Stage, Bangalore– 560070, Karnataka, India

Tel. No.:

91-80-26705359 / 26702898

Mobile No.:

91-9916509852 (Mr. Navin)

Fax No.:

Not Available

E-Mail :

info@vrkpsteel.com

 

 

Branch Office :

No. 111, Devanhalli Main Road Off Old Madras Road, Virognagar, Bangalore, India

 

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Vinod Kumar Agarwal

Designation :

Managing Director

Address :

952, 21st  Main, Banshankari  II Stage, Bangalore, Karnataka – 560070, India

Date of Birth/Age :

09.08.1962

Date of Appointment :

18.11.2008

DIN No.:

00273654

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U27103KA2001PTC029870

VRKP STEEL INDUSTRIES PRIVATE LIMITED

Managing director

26-11-2008

12-12-2001

-

Active

NO

2

U27102GA2001PLC002987

AMBEY METALLIC LIMITED

Director

08-10-2005

08-10-2005

-

Active

NO

3

U13100KA2007PTC042591

VRKP REROLLING MILL PRIVATE LIMITED

Managing director

26-11-2008

24-04-2007

-

Active

NO

4

U27100KA2008PTC047347

AGARWAL INDUCTION FURNACE PRIVATE LIMITED

Managing director

18-11-2008

31-07-2008

-

Active

NO

5

U27100KA2009PTC051138

SHILPA ISPAT PRIVATE LIMITED

Managing director

02-06-2010

09-10-2009

-

Active

NO

6

U27100KA2013PTC070986

VRKP ISPAT INDUSTRIES PRIVATE LIMITED

Managing director

16-09-2013

16-09-2013

-

Active

NO

 

 

Name :

Mr. Kushal Agarwal

Designation :

Director

Address :

952, 21st  Main, Banshankari  II Stage, Bangalore, Karnataka – 560070, India

Date of Birth/Age :

03.01.1985

Date of Appointment :

31.07.2008

DIN No.:

00283483

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U27103KA2001PTC029870

VRKP STEEL INDUSTRIES PRIVATE LIMITED

Director

24-11-2003

24-11-2003

-

Active

NO

2

U13100KA2007PTC042591

VRKP REROLLING MILL PRIVATE LIMITED

Director

24-04-2007

24-04-2007

-

Active

NO

3

U27100KA2008PTC047347

AGARWAL INDUCTION FURNACE PRIVATE LIMITED

Director

31-07-2008

31-07-2008

-

Active

NO

4

U27100KA2009PTC051138

SHILPA ISPAT PRIVATE LIMITED

Director

09-10-2009

09-10-2009

-

Active

NO

5

U31909OR1981PTC000948

SAI JAGANNATH ELECTRICAL INDUSTRIES PVT LTD

Director

14-09-2010

14-09-2010

20-11-2012

Strike off

NO

6

U27100KA2013PTC070986

VRKP ISPAT INDUSTRIES PRIVATE LIMITED

Director

16-09-2013

13-09-2013

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Navin

Designation :

Account Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Vinod Kumar Agarwal

1505000

Kushal Agarwal

1575000

Shilpa ISPAT Private Limited, India

361600

Maanor Investment Private Limited, India

26300

Ellenbarrie Towers Limited, India

17300

Usha Kiran Designers Private Limited, India

9000

Pallavi Apartments Private Limited, India

5800

Shashank Ecports Private Limited, India

18100

Ankit Lefine Private Limited, India

2600

Pet Properties and Construction Private Limited, India

140000

Udhyaman Investments Private Limited, India

82000

Lavender Vinimay Private Limited, India

34000

The Vikrampur Tea and Industry Company Limited, India

43400

Vedant Commodities Private Limited, India

6000

Lodha and Company Private Limited, India

8000

Janet Investment Private Limited, India, India

8700

Swarna Rekha Dealcom Private Limited, India

7000

Rudra Goods Private Limited, India

32000

Ellenbarrie Commercial Limited, India

19250

Dreamland Dealcom Private Limited, India

10000

Nexus Barter Private Limited, India

3500

Sharbhang Commercial Company Private Limited, India

40500

Nawal Sons Holdings Private Limited, India

11000

Jagat Janani Suppliers Private Limited, India

6000

Arion Suppliers Private Limited, India

7000

Total

3979050

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

22.60

Directors or relatives of Directors

77.40

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of MS Billets.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Materials

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

60 (Approximately)

 

 

Bankers :

Bank Name

The South Indian Bank Limited

Branch

28th Cross, 10th Main, 4th Block Jayanagar, Bangalore – 560011, Karnataka, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Borrowing from government semi-government bodies

117.441

163.200

Short-term borrowings

 

 

Working capital loans from banks

20.216

71.815

Total

137.657

235.015

 

Auditors :

 

Name :

Pawan Kumar Rungta

Chartered Accountants

Address :

D-1, Jyothi, Complex,134/1,Infantry Road ,Bangalore-560001, Karnataka, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAJPR5048Q

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :
  • VRKP STEEL INDUSTRIES PRIVATE LIMITED (U27103KA2001PTC029870)
  • AGARWAL ISPAT UDYOG

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Shares

Rs.10/- each

Rs.50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3979050

Equity Shares

Rs.10/- each

Rs.39.791 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

39.791

39.791

39.791

(b) Reserves & Surplus

139.732

129.319

125.969

(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)

179.523

169.110

165.760

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

142.441

163.493

156.666

(b) Deferred tax liabilities (Net)

6.755

1.738

 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)

149.196

165.231

156.666

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

20.216

71.815

 0.000

(b) Trade payables

11.578

6.944

22.339

(c) Other current liabilities

76.983

26.340

1.746

(d) Short-term provisions

2.514

0.647

0.031

Total Current Liabilities (4)

111.291

105.746

24.116

 

 

 

 

TOTAL

440.010

440.087

346.542

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

242.968

252.650

217.452

(ii) Intangible Assets

 0.000

 0.000

 0.000

(iii) Capital work-in-progress

3.979

 0.000

 0.000

(iv) Intangible assets under development

 0.000

 0.000

 0.000

(b) Non-current Investments

 0.000

 0.000

 0.000

(c) Deferred tax assets (net)

 0.000

 0.000

 0.000

(d)  Long-term Loan and Advances

25.546

15.007

15.039

(e) Other Non-current assets

0.189

0.252

31.784

Total Non-Current Assets

272.682

267.909

264.275

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 0.000

 0.000

 0.000

(b) Inventories

111.837

99.918

54.665

(c) Trade receivables

32.196

32.395

 0.000

(d) Cash and cash equivalents

5.526

21.467

0.588

(e) Short-term loans and advances

17.769

18.398

27.014

(f) Other current assets

 0.000

 0.000

 0.000

Total Current Assets

167.328

172.178

82.267

 

 

 

 

TOTAL

440.010

440.087

346.542

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1699.500

1209.200

 NA

 

Other Income

 NA

 NA

 NA

 

TOTAL

 NA

 NA

 NA

 

 

 

 

 

Less

TOTAL EXPENSES

 NA

 NA

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

0.102

 

 

 

 

 

Less

TAX

 NA

 NA

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

10.412

3.350

0.102

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.61

0.84

0.03

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.39

0.76

0.03

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.06

0.02

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.91

1.39

0.95

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.50

1.63

3.41

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

39.791

39.791

39.791

Reserves & Surplus

125.969

129.319

139.732

Net worth

165.760

169.110

179.523

 

 

 

 

long-term borrowings

156.666

163.493

142.441

Short term borrowings

0.000

71.815

20.216

Total borrowings

156.666

235.308

162.657

Debt/Equity ratio

0.945

1.391

0.906

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last two years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10371670

09/11/2012 *

3000,00,000.00

The South Indian Bank Limited

28th Cross, 10th Main, 4th Block Jayanagar,, Bangalore, Karnataka - 560011, India

B62215405

2

10332666

31-01-2012

1700,00,000.00

Andhra Pradesh State Financial Corporation

5-9-194, Chirag Aline Lane, Hyderabad, Andhra Pradesh - 500001, India

B30861710

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Loans and advances from related parties

25.000

0.000

Intercorporate borrowings

0.000

0.293

Total

25.000

0.293

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Factory Buildings
  • Plant And Equipment’s
  • Factory Equipment’s
  • Other Plant And Equipment’s
  • Furniture And Fixtures
  • Vehicles
  • Motor Vehicles
  • Other Equipment’s 
  • Computer Equipment’s

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

RCH

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

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

 

48

 

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 unfavorable 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.