MIRA INFORM REPORT
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Report No. : |
354755 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ARS STEELS AND ALLOY INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
D-109, 2nd Floor, LBR Complex, Chinthamani, Anna Nagar East, Chennai – 600102, Tamilnadu |
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Tel No.: |
91-44-45606700 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.08.2013 |
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Com. Reg. No.: |
18-092689 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.300 Million |
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CIN No.: [Company Identification
No.] |
U28123TN2013PTC092689 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of TMT Bars and Power Generation. (Confirmed by management) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was set up in 2013 by Mr. Ashwani Bhatia and Mr. Rajesh Bhatia,
to acquire the steel division from ARS Metal private limited. It is having
moderate track record. Management denied parting any information about the company and
further it has also not filed its latest financial (i.e., 2015) with the
government department. As per the available financial of 2014, the company seems to have not
commenced with its commercial operation. However, the rating takes into consideration company’s established
presence in the steel industry supported by the promoter’s extensive
experience and an entrenched distribution network. The company also derive strength from its group companies. Their trade relations are reported as fair. Business is active.
Payments terms are reported as slow but correct. The company 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long-term Rating = (BBB-) |
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Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
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Date |
October 7, 2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short-term Rating = (A3) |
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Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
October 7, 2015 |
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
31-03-2015.
INFORMATION DECLINED
Management Non-Cooperative (Tel No.: 91-44-45606700)
LOCATIONS
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Registered Office : |
D-109, 2ND Floor, LBR Complex, Chinthamani, Anna Nagar East, Chennai – 600102, Tamilnadu, India |
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Tel. No.: |
91-44-45606700 Ex. 277 (8
Lines) |
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Fax No.: |
91-44-43500597 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory : |
Udaykumar, B-1/S, SIPCOT Exports Promotion Industrial Park, Gummidipoondi, Thiruvallur District, Tamilnadu, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ashwani Kumar |
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Designation : |
Managing Director |
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Address : |
B-4/50, Paschim Vihar, New Delhi - 110063, India |
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Date of Birth/Age : |
19.09.1960 |
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Date of Appointment : |
26.08.2013 |
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DIN No.: |
00105523 |
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Other Directorship:
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Name : |
Mr. Darshan Lal Bhatia |
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Designation : |
Director |
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Address : |
B-3.385, Paschim Vihar, New
Delhi - 110063, India |
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Date of Birth/Age : |
12.07.1940 |
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Date of Appointment : |
26.08.2013 |
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DIN No.: |
00106692 |
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Other Directorship:
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Name : |
Mr. Prem Dutt Bhatia |
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Designation : |
Director |
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Address : |
237, Ambica Vihar, Paschim Vihar,
New Delhi - 110087, India |
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Date of Birth/Age : |
16.08.1943 |
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Date of Appointment : |
26.08.2013 |
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DIN No.: |
00249331 |
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Other Directorship:
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Name : |
Mr. Chinta Venkata Satya Narayana Murthy |
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Designation : |
Director |
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Address : |
No. 31, 9th Street, Vivekananda Nagar,, Gummidipoondi - 601201, Tamil
Nadu, India |
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Date of Birth/Age : |
13.07.1966 |
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Date of Appointment : |
26.08.2013 |
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DIN No.: |
00496576 |
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Other Directorship:
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Name : |
Mr. Rajesh Bhatia |
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Designation : |
Director |
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Address : |
B-4.50, Paschim Vihar, Delhi - 110063, India |
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Date of Birth/Age : |
09.07.1988 |
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Date of Appointment : |
26.08.2013 |
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DIN No.: |
02564103 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 30.09.2014
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Names of Shareholders |
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No. of Shares |
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Ashwani Kumar |
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10000 |
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Renu Bhatia |
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10000 |
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Rajesh Bhatia |
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10000 |
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Total |
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30000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of TMT Bars and Power Generation. (Confirmed by management) |
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Products : |
TMT Bars and Power Generation |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Indian Overseas Bank, 4th Main Road,, Anna Nagar, Chennai - 600040, Tamilnadu, India · Canara Bank, 770, Anna Salai, Spencer Towers-I, Chennai - 600002, Tamilnadu, India · Oriental Bank Of Commerce, Padma Complex, No.467, Anna Salai Overseas Branch, Chennai - 600001, Tamilnadu, India |
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Auditors : |
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Name : |
A. Krishnamoorthy and Company Chartered accountants |
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Address : |
No. 43, Old No. 16/3, Ramaswamy Street, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Tel. No.: |
91-44-24347260 / 24340074 |
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PAN No.: |
AGHPK4186E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
ARS Metal Private Limited |
CAPITAL STRUCTURE
After 31.03.2014
Authorised Capital : Rs.150.000
Issued, Subscribed & Paid-up Capital : Rs.81.924
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
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|
31.03.2014 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
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0.300 |
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(b) Reserves & Surplus |
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0.000 |
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(c) Money
received against share warrants |
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0.000 |
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(2) Share Application money pending
allotment |
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0.000 |
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Total
Shareholders’ Funds (1) + (2) |
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0.300 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
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1.500 |
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(b) Deferred tax liabilities (Net) |
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0.000 |
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(c) Other long term
liabilities |
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0.000 |
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(d) long-term
provisions |
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0.000 |
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Total Non-current
Liabilities (3) |
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1.500 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
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0.000 |
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(b) Trade
payables |
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0.000 |
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(c) Other
current liabilities |
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|
0.188 |
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(d) Short-term
provisions |
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0.000 |
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Total Current Liabilities
(4) |
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0.188 |
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TOTAL |
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1.988 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
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0.000 |
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(ii)
Intangible Assets |
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0.000 |
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(iii) Capital
work-in-progress |
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0.000 |
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(iv)
Intangible assets under development |
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0.000 |
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(b) Non-current Investments |
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|
0.404 |
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(c) Deferred tax assets (net) |
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0.000 |
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(d) Long-term Loan and Advances |
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0.000 |
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(e) Other Non-current
assets |
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|
0.185 |
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Total Non-Current
Assets |
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0.589 |
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(2)
Current assets |
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(a)
Current investments |
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0.000 |
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(b)
Inventories |
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0.000 |
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(c) Trade
receivables |
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|
1.399 |
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(d) Cash and
cash equivalents |
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|
0.000 |
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(e)
Short-term loans and advances |
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0.000 |
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(f) Other
current assets |
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|
0.000 |
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Total
Current Assets |
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|
1.399 |
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|
|
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TOTAL |
|
|
1.988 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
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|
31.03.2014 |
|
Current Maturities of Long term debt |
|
|
NA
|
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Cash generated from operations |
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|
NA
|
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Net cash flow from operating activities |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2014 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
5.00 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
7.44 |
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 |
No |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
27 |
Reasons for variation <> 20% |
---------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
No |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------- |
|
33 |
Market information |
---------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
Particulars |
|
31.03.2014 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
From Related Parties |
|
|
|
Ashwani Kumar
Bhatia |
|
1.500 |
|
Total |
|
1.500 |
FINANCIAL
RESULTS
The company was incorporated on 26.08.2013. The company is in the process of starting their business post demerger which is in process.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10566224 |
09/04/2015 |
95,800,000.00 |
INDIAN OVERSEAS BANK |
4TH MAIN ROAD,, ANNA NAGAR, CHENNAI, TAMIL NADU - 600040, INDIA |
C52054954 |
|
2 |
10567039 |
09/04/2015 |
110,000,000.00 |
CANARA BANK |
770,
ANNA SALAI, SPENCER TOWERS-I, CHENNAI, TAMIL |
C52430493 |
|
3 |
10567183 |
09/04/2015 |
1,350,000,000.00 |
CANARA BANK |
770,
ANNA SALAI, SPENCER TOWERS-I, CHENNAI, TAMIL |
C52429800 |
|
4 |
10565643 |
17/03/2015 |
16,332,840.00 |
ORIENTAL BANK OF COMMERCE |
PADMA COMPLEX, NO.467,, ANNA SALAI OVERSEAS BRANCH,, CHENNAI, TAMIL NADU - 600001, INDIA |
C51133841 |
|
5 |
10565523 |
17/03/2015 |
38,336,717.00 |
ORIENTAL BANK OF COMMERCE |
PADMA COMPLEX, NO.467, ANNA SALAI,, OVERSEAS BRANCH,, CHENNAI, TAMIL NADU - 600001, INDIA |
C51132884 |
*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.66.84 |
|
|
1 |
Rs.100.57 |
|
Euro |
1 |
Rs.73.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
|
30 |
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.