MIRA INFORM REPORT

 

 

Report No. :

306593

Report Date :

10.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ANIL STEELS PRIVATE LIMITED

 

 

Registered Office :

182, Vaishali, Pitampura, Delhi-110034

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

31.08.1981

 

 

Com. Reg. No.:

55-012255

 

 

Capital Investment / Paid-up Capital :

Rs. 17.957 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1981PTC012255

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of fabrication of steel structure solar support structure.

 

 

No. of Employees :

Not available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

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 a moderate track record.

 

Profitability of the company seems to be low during 2014.

 

However, trade relation are fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for business dealings with some cautions.

 

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 (B+)

Rating Explanation

Have high risk of default.

Date

April 4, 2014

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating (A4)

Rating Explanation

Have minimal degree of safety and carry very high credit risk.

Date

April 4, 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 31-03-2014.

 

 

LOCATIONS

 

Registered Office :

182, Vaishali, Pitampura, Delhi-110034, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

info@anilsteels.com

updacs@ahoo.co.in

 

 

Factory:

Killa No.52, Khewat No-98-99, Dhaturi Road, Malikpur District Sonepat, Haryan, India

 

 

DIRECTORS

 

As on: 30.09.2014

 

Name :

Mr. Nitin Agrawal Kumar

Designation :

Director

Address :

104, Vaishali, Pitampura, Delhi-110088, Delhi, India

Date of Appointment :

25.02.2003

DIN No.:

00597474

 

 

Name :

Mr. Rajinder Kumar Kapoor

Designation :

Additional Director

Address :

As-76, Badli,, New Delhi-110085, Delhi, India

Date of Appointment :

30.12.2005

DIN No.:

02274242

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.09.2014

 

Names of Shareholders

 

No. of Shares

Bansal Plywood Industries Private Limited

 

21520

Nitin Agrawal

 

136315

Kaushal Agrawal

 

1050

Shiv Das Agrawal

 

500

Varun Agrawal

 

19000

Amit Kumar Garg

 

10

Vimla Devi Garg

 

10

Preeti Aggarwal

 

5

Shweta Aggarwal

 

5

Suneheri Devi/Sh. S.D. Agrawal

 

1100

Nitin Kumar Agrawal HUF

 

5

Shikha Agrawal

 

5

Shiv Nitin Agrawal HUF

 

5

Shiv Nitin Varun Agrawal HUF

 

10

Shiv Nitin Varun Agrawal HUF

 

5

Rajender Kapoor

 

5

Ashok Kumar Jain

 

5

Manju Jain

 

5

Sangeeta Sethi

 

5

Chander Kailash Garg

 

5

 

 

 

Total

 

179570

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of fabrication of steel structure solar support structure.

 

 

Products :

Fabrication of steel structure solar support structure.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Divulged

 

 

Terms :

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Indian Overseas Bank, G-15, Model Town, Delhi - 110009, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

Loan from Bank

1.049

0.733

Loan from Other Parties

0.181

0.683

Short-term borrowings

 

 

Loan from Bank

149.838

146.426

Total

151.068

147.842

 

Note:

Long Term Borrowing:

 

  • Car Loan from ICICI Bank Limited Rate of Interest is 11.50%, monthly installment is Rs. 0.026 Million gross amount of loan is Rs. 0.774 Millions, Tenure of Loan is 60 Months
  • Hydra loan from Reliance Consumer Finance Limited:

a.     1st Loan Rate if Interest is 11.89%, Monthly Installment is Rs. 0.023 Million, gross amount Rs. 0.860 Millions, Tenure of loan is 60 Months.

b.    2nd Loan rate of Interest is 12.52%, monthly Installment is Rs. 0.023 Millions, gross amount Rs. 0.860 Millions, Tenure of loan is 60 Months.

 

Short Term Borrowing:

 

  • The company has availed cash credit limits of up Rs. 150.000 Millions from IOB at Floative interest rate fixed at base rate plus 3% mark up.
  • This Loan is secured by way of equitable mortgage of properties situated as follow and also hypothecation charge on company’s paid up stocks and book debts.
  • Equitable Mortgage of Freehold Residential 2.5 strayed building measuring 375 sq. yds. at A-1, East of Kailash, New Delhi-19.
  • Equitable mortgage of freehold factory building on Khewat No. 290, Khatauni No. 400, killa No. 32/4/1/7/11 and 22/24 (8-0), village kundi, 32nd K.M. Stone, Near Piao Manjhari, G.T. Road, District Sonjpat – 131028 (Haryana.
  • This loan is guaranteed by Directors and Their Relatives.

 

 

Auditors :

 

Name :

M.K. Aggarwal and Company

Chartered Accountants

Address :

30, Nishant Kunj Pitam Pura, New Delhi-110034, India

Tel. No.:

91-11-27354141

Mobile No.:

91-9899997699

E-Mail :

mka@mkac.in

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

AABFM7140A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

As per Accounting Standard 18, the disclosures of transactions with the related parties:
  • Paragon Innovators and Infrastructures Private Limited
  • Bansal plywood Industries Private Limited
  • Equip Tech Private Limited
  • Steelgrip Infrastructures Private Limited  
  • Passive Infra Project Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

400,000

Equity Shares

Rs.100/- each

Rs. 40.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

179,570

Equity Shares

Rs.100/- each

Rs. 17.957 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

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

17.957

17.957

17.957

(b) Reserves & Surplus

58.734

56.346

55.553

(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)

76.691

74.303

73.510

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

78.445

64.681

34.870

(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

0.000

0.000

0.000

Total Non-current Liabilities (3)

78.445

64.681

34.870

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

149.838

146.426

151.523

(b) Trade payables

149.731

87.077

125.703

(c) Other current liabilities

0.000

0.791

2.322

(d) Short-term provisions

1.504

4.056

7.678

Total Current Liabilities (4)

301.073

238.350

287.226

 

 

 

 

TOTAL

456.209

377.334

395.606

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

21.357

11.374

12.429

(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

3.058

0.000

0.000

(c) Deferred tax assets (net)

0.822

1.022

1.041

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.763

0.720

0.399

Total Non-Current Assets

26.000

13.116

13.869

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

153.913

76.355

64.048

(c) Trade receivables

250.386

271.328

289.673

(d) Cash and cash equivalents

13.695

8.333

13.368

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

12.215

8.202

14.648

Total Current Assets

430.209

364.218

381.737

 

 

 

 

TOTAL

456.209

377.334

395.606

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

561.721

543.386

622.141

 

 

Other Income

6.162

1.445

 

 

 

TOTAL                        

567.883

544.831

622.141

 

 

 

 

 

Less

EXPENSES

564.790

541.641

615.658

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

3.093

3.190

6.483

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.506

2.371

3.015

 

 

 

 

 

 

PROFIT BEFORE TAX 

2.587

0.819

3.468

 

 

 

 

 

 

TAX                                                                 

0.000

0.004

1.668

 

 

 

 

 

 

PROFIT AFTER TAX

2.587

0.815

2.815

 

 

 

 

 

 

Earnings Per Share (Rs.)

14.41

4.54

15.76

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.46

0.15

0.45

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.57

0.22

0.88

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.01

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.98

2.84

2.54

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.43

1.53

1.33

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

17.957

17.957

17.957

Reserves & Surplus

55.553

56.346

58.734

Net worth

73.510

74.303

76.691

 

 

 

 

long-term borrowings

34.870

64.681

78.445

Short term borrowings

151.523

146.426

149.838

Total borrowings

186.393

211.107

228.283

Debt/Equity ratio

2.536

2.841

2.977

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

622.141

544.831

567.883

 

 

(12.426)

4.231

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

622.141

544.831

567.883

Profit

2.815

0.815

2.587

 

0.45%

0.15%

0.46%

 

 

 

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

No

10]

Designation of contact person

No

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

Yes

17]

Major suppliers

No

18]

Major customers

No

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

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

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

Note: Registered Office of the company has been shifted from “KH-87, Pitampura, Delhi, India” to the present address w.e.f. 02.04.2012.

 

 

Current Working:

 

The market scenario during the year ended 31st March, 2014 was favourable. However, the company could able to maintain its turnover but net loss of the company increases largely due to increase in rate of excise duty. However, the company has not incurred cash losses. It is hoped that results in the current year shall improve further.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

From related Parties

39.940

45.535

From Other Parties

34.875

17.730

From Director

2.400

0.000

Total

77.215

63.265

 

 

INDEX OF CHARGES:

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80001308

07/07/2010 *

283,733,368.00

INDIAN OVERSEAS BANK

G-15, MODEL TOWN, DELHI, DELHI - 110009, INDIA

A90514167

 

* Date of charge modification

 

 

FIXED ASSETS:

 

  • Land building
  • Plant and Equipment
  • Plant and Machinery
  • Furniture and Fixture
  • Vehicle
  • Office Equipment
  • Computer
  • Telephone

 

 

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.62.14

UK Pound

1

Rs.94.79

Euro

1

Rs.70.38

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVD

 

 

Analysis Done by :

RSM

 

 

Report Prepared by :

MTN

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--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

 

27

 

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.