MIRA INFORM REPORT

 

 

Report No. :

336604

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

GOENKA STEELS (P) LTD.

 

 

Registered Office :

742/61 Bhagabati Marg, Ward No. – 01, Bhagabatibahi, Naxal, Kathmandu

 

 

Country :

Nepal

 

 

Financials (as on) :

15.07.2013

 

 

Date of Incorporation :

14.02.1999

 

 

Legal Form :

Nepal Private Limited Company

 

 

Line of Business :

Subject is manufacturer of steel products.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Nepal

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NEPAL - ECONOMIC OVERVIEW

 

Nepal is among the poorest and least developed countries in the world, with about one-quarter of its population living below the poverty line. Nepal is heavily dependent on remittances, which amount to as much as 22%-25% of GDP. Agriculture is the mainstay of the economy, providing a livelihood for more than 70% of the population and accounting for a little over one-third of GDP. Industrial activity mainly involves the processing of agricultural products, including pulses, jute, sugarcane, tobacco, and grain. Nepal has considerable scope for exploiting its potential in hydropower, with an estimated 42,000 MW of commercially feasible capacity, but political uncertainty and a difficult business climate have hampered foreign investment. Additional challenges to Nepal's growth include its landlocked geographic location, persistent power shortages, underdeveloped transportation infrastructure, civil strife and labor unrest, and its susceptibility to natural disaster. The lack of political consensus in the past several years has delayed national budgets and prevented much-needed economic reform, although the government passed a full budget in 2013 and 2014. Nepal and India signed trade and investment agreements in 2014 that will increase Nepal’s hydropower potential.

 

Source : CIA

 

Company name

 

GOENKA STEELS (P) LTD.

 

 

Company Identification Details

 

Enquired Name

:

GOENKA STEELS (P) LTD.

Correct Name of Company

:

Goenka Steels (P) Ltd.

Registered Office

:

742/61 Bhagabati Marg

Ward No. – 01, Bhagabatibahi,

Naxal, Kathmandu, Nepal

Phone: 071-520361, 520461
Fax: 00977-71-521481

Factory

:

Ward # 12, Parahari Tole
Siddharthanagar

Industry

:

Steel

Nature of Activity

:

Manufacturer of Steel Products.

PAN No.

:

302601045

 

 

Official Company Data

 

Legal Form

:

Nepal Private Limited Company
Corporate Identity Number (CIN)

:

46081
ROC Code 

:

Kathmundu

Registration Date

:

14th February, 1999
Issuing Authority

:

Registrar of Companies (ROC), KATHMANDU

Authorized Share Capital

:             

Authorised Capital : 10,000,000/- (1,000,000 Equity Shares of Rs.10/- each)

Issued, Subscribed & Paid Up Capital

:

Paidup : 1,000,000/- (100,000 of Rs.10/- each)
Business Activity / Product

Description

:

Manufacturer of Various Steel Products.

Auditor

:

Mr. Deependra Ghimire

Chief Accountant

Banker

:

Standard Chartered Bank, Kathmandu, Nepal

Bank of Kathmandu Ltd., Kathmandu, Nepal

 

 

Board of Directors

 

Director : Mr. Ajay Goenka
Director : Mr. Manolal Goenka
Director : Mr. Arun Kumar Goenka

 

Capitalization Structure

 

Authorized Share Capital

:             

Authorised Capital : 10,000,000/- (1,000,000 Equity Shares of Rs.10/- each)

Issued, Subscribed & Paid Up Capital

:

Paidup : 1,000,000/- (100,000 of Rs.10/- each)

Face Value

:

Rs. 10/- each.

Last AGM

:

July 15, 2013

 

 

Balance Sheet

                                                                                    (Amount in Rupees Mln.)

 

BALANCE SHEET AS AT 15.07.2013

Liabilities

Amount (Rs.)

 

Assets

Amount (Rs.)

 

 

 

 

 

Paid up Capital

1,000,000

 

Fixed Assets

10,947

Reserve & Surplus

10,618,987

 

Investments

3,000,000

Deffered Tax

8,944

 

Loans & Advances

15,348,954

Current Liabilities & Prov.

13,481,829

 

Cash & Bank

6,749,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

25,109,760

 

 

25,109,760

 

 

 

 

 

 

Rs.

 

Sales

21,036,920

 

Profit before Tax

10,382,600

 

Profit after Tax

6,568,911

 

 

 

 

 

 

 

 

INFORMATION DENIED BY

 

Name :

Mr. Hitesh

Designation :

Production Manager

Contact No.:

00977-9802672747

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.12

UK Pound

1

Rs.101.62

Euro

1

Rs.72.56

 

 

INFORMATION DETAILS

 

Information Gathered by :

GAY

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

 

 

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 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%)

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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.