MIRA INFORM REPORT

 

 

Report No. :

337387

Report Date :

18.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NARAYANI ISPAT PRIVATE LIMITED

 

 

Registered Office :

23A, N.S. Road, 7th Floor, Room – 31, Kolkata – 700001, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.07.1996

 

 

Com. Reg. No.:

21-080314

 

 

Capital Investment / Paid-up Capital :

Rs. 82.593 Million

 

 

CIN No.:

[Company Identification No.]

U27109WB1996PTC080314

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALN02820G

 

 

PAN No.:

[Permanent Account No.]

AABCN1555D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of Iron and Steel Products.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

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

 

 

Comments :

Subject is an established company having moderate track record.

 

It was incorporated in 1996. Subject is a part of Narayani Group. Company has strong managerial, operational and financial support from group.

 

Rating takes into consideration, subject’s moderate financial risk profile marked by very low profitability and relatively high gearing.

 

However rating weaknesses are partially offset by promoter’s extensive experience in steel trading business and established relationship with the customers.

 

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

 

Subject can be considered for business dealings with some caution.

 

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

CRISIL

Rating

Long term rating = “BB-“

Rating Explanation

Moderate credit quality and high credit risk

Date

30.05.2014

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating = “A4”

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

30.05.2014

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Bivar Bagariya

Designation :

Financial Manager

Contact No.:

91-7382602726

Date :

30.06.2015

 

LOCATIONS

 

Registered Office :

23A, N.S. Road, 7th Floor, Room – 31, Kolkata – 700001, West Bengal, India

Tel. No.:

91-891-6643653

Mobile No.:

91-7382602726 (Mr. Bivar Bagariya)

Fax No.:

Not Available

E-Mail :

narayani.ispat2008@gmail.com

 

 

Branch Address  :

D – No. 30-15-138/20, 2nd Floor, Bunayaka Complex, Dabagardens Visakhapatnam – 530 020, India 

Tel. No.:

91-891-6643654

 

 

Warehouse :

D – 1991, ‘E’ Block, IDA Auto Nagar, Vishakhapatnam – 530017, Andhra Pradesh, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mrs. Savitri Devi Choudhary

Designation :

Director

Address :

Flat No. 301, D.No.9-29-20/7, Roshan Towers, Balaji Nagar, Visakhapatnam – 530002, Andhra Pradesh, India

Date of Birth/Age :

27.09.1944

Date of Appointment :

03.07.1996

PAN No.:

ACMPC9992M

DIN No.:

00299574

 

 

Name :

Mrs. Bina Choudhary

Designation :

Managing Director

Address :

Flat No. 301, D.No.9-29-20/7, Roshan Towers, Balaji Nagar, Visakhapatnam – 530002, Andhra Pradesh, India

Date of Birth/Age :

19.10.1969

Date of Appointment :

01.04.2004

PAN No.:

AEZPC3416P

DIN No.:

00299534

 

 

Name :

Mr. Sunil Kumar Choudhary

Designation :

Managing Director

Address :

Flat No. 301, D.No.9-29-20/7, Roshan Towers, Balaji Nagar, Visakhapatnam – 530003, Andhra Pradesh, India

Date of Birth/Age :

04.07.1965

Date of Appointment :

01.10.2012

DIN No.:

00289479

 

 

KEY EXECUTIVES

 

Name :

Mr. Bivar Bagariya

Designation :

Financial Manager

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

SHAREHOLDERS DETAILS ATTACHED

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

54.53

Directors or relatives of Directors

45.47

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of Iron and Steel Products.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • Indusind Bank Limited, Old No. 115, 116, New No. 34, GN Chetty road, T Nagar, Chennai – 600017, Tamilnadu, India

 

Banker Name

State Bank of India

Branch Address

Overseas Branch, 9-1-57, GNT Road, Visakhapatnam - 530013, Andhra Pradesh, 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

 

 

Banker Name

Andhra Bank

Branch Address

Steel Plant Township Branch, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, 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 :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Other Loans and Advances

1.069

0.993

 

 

 

SHORT TERM BORROWING

 

 

Working Capital Loans from Banks

504.687

474.958

 

 

 

Total

505.756

475.951

 

 

 

Auditors :

 

Name :

S. Jayakishan

Chartered Accountant

Address :

Suite #20, 2E and 2F 12, Ho-Chi-Minh Sarani

PAN No.:

AASFS4445F

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern :
  • Narayani Steel Private Limited
  • Hari Equipment private Limited

 

 

Enterprises owned or significantly influenced by the Key Managerial Personnel or their relatives:
  • Narayani Steels Private Limited

CIN No.:U27109WB1996PTC082021

  • Hari Equipments Private Limited

CIN No.:U51504WB1971PTC080792

  • Kedarnath Commotrade Private Limited

CIN No.:U51909WB2009PTC133079

  • BINA Chowdary and Hemang Steel Traders, Jamshedpur

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9000000

Equity Shares

Rs.10/- each

Rs. 90.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8259300

Equity Shares

Rs.10/- each

Rs. 82.593 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

82.593

82.593

63.137

(b) Reserves & Surplus

193.036

191.259

130.324

(c) Money received against share warrants

0.000

 

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

275.629

273.852

193.461

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

85.922

112.066

74.391

(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

0.453

0.408

0.000

Total Non-current Liabilities (3)

86.375

112.474

74.391

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

504.687

474.958

348.405

(b) Trade payables

728.970

813.895

925.175

(c) Other current liabilities

38.272

56.489

165.404

(d) Short-term provisions

1.028

9.900

8.060

Total Current Liabilities (4)

1272.957

1355.242

1447.044

 

 

 

 

TOTAL

1634.961

1741.568

1714.896

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

60.858

60.048

55.837

(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

36.101

28.935

19.231

(c) Deferred tax assets (net)

0.421

0.300

0.322

(d)  Long-term Loan and Advances

10.400

8.650

25.451

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

107.780

97.933

100.841

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

358.414

411.504

451.075

(c) Trade receivables

871.418

957.393

753.549

(d) Cash and cash equivalents

152.649

79.762

51.070

(e) Short-term loans and advances

144.700

194.976

358.361

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1527.181

1643.635

1614.055

 

 

 

 

TOTAL

1634.961

1741.568

1714.896

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

Other Income

 

 

 

 

TOTAL

8613.861

10409.121

8813.593

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL

8581.969

10376.551

8787.993

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

31.892

32.570

25.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

2.885

2.621

2.299

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

29.007

29.949

23.301

 

 

 

 

 

Less

Exceptional Item

26.327

0.000

0.000

 

 

 

 

 

Less

TAX

0.903

9.917

7.819

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1.777

20.032

15.482

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

8.262

3.702

0.000

 

TOTAL EARNINGS

8.262

3.702

0.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.22

2.43

2.61

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

1.569

1.246

0.679

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

0.02

0.19

0.18

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.81

1.75

1.37

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.11

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.14

2.14

2.19

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.20

1.21

1.12

 

 

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

63.137

82.593

82.593

Reserves & Surplus

130.324

191.259

193.036

Net worth

193.461

273.852

275.629

 

 

 

 

long-term borrowings

74.391

112.066

85.922

Short term borrowings

348.405

474.958

504.687

Total borrowings

422.796

587.024

590.609

Debt/Equity ratio

2.185

2.144

2.143

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

8813.593

10409.121

8613.861

 

 

18.103

(17.247)

 

 

 

 

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

8813.593

10409.121

8613.861

Profit

15.482

20.032

1.777

 

0.18%

0.19%

0.02%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Semi Government Bodies

84.853

111.073

 

 

 

Total

84.853

111.073

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10423955

25/03/2013

100,000,000.00

ANDHRA BANK

STEEL PLANT TOWNSHIP BRANCH, UKKUNAGARAM, VISAKHAPATNAM, ANDHRA PRADESH - 530032, INDIA

B74504473

2

10274107

15/03/2012 *

630,000,000.00

STATE BANK OF INDIA

OVERSEAS BRANCH, 9-1-57, GNT ROAD, VISAKHAPATNAM, 
ANDHRA PRADESH - 530013, INDIA

B36734374

3

10047086

04/04/2013 *

1,100,000,000.00

UNION BANK OF INDIA

MAIN BRANCH, 1ST FLOOR, SILVER WILLOW PALACE, DABAGARDENS, VISAKHAPATNAM, ANDHRA PRADESH - 530020, INDIA

B73995946

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land and Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles

 

 

 

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.63.22

UK Pound

1

Rs.102.23

Euro

1

Rs.71.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY 

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

32

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.