MIRA INFORM REPORT

 

 

Report No. :

302418

Report Date :

08.01.2015

 

IDENTIFICATION DETAILS

 

Name :

ACCENT METALS PRIVATE LIMITED [w.e.f.13.03.2002]

 

 

Formerly Known As :

COMINCO METAL IMPEX PRIVATE LIMITED

 

 

Registered Office :

F/12, Everest, 7th Floor, 156 Tardeo Road, Mumbai – 400034, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.02.1997

 

 

Com. Reg. No.:

11-106005

 

 

Capital Investment / Paid-up Capital :

Rs. 25.900 Millions

 

 

CIN No.:

[Company Identification No.]

U51420MH1997PTC106005

 

 

IEC No.:

0303067802

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA18138B

 

 

PAN No.:

[Permanent Account No.]

AAACC6643A 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Trading of Copper and Copper based Alloy Extruded Semis and Finished.

 

 

No. of Employees :

141 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The company possesses an acceptable financial profile marked by comfortable capital structure on account of funding support from its promoters, along with moderate working capital requirements and debt protection metrics.

 

Management has witnessed a rapid growth in its revenue base, whereas has reported a low profit margin due to increase in proportion of trading sales during FY14.

 

However, trade relations are fair. Business is active. Payment terms are reported as slow but correct.

 

The company can be considered for business dealings at usual trade terms and conditions 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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 risk of default regarding timely servicing of financial obligations.

Date

September 25, 2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating = A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

September 25, 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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ravindra Kumar Jha

Designation :

Senior Finance Manager

Contact No.:

91-8007840909

 

 

LOCATIONS

 

Registered Office :

F/12, Everest, 7th Floor, 156 Tardeo Road, Mumbai – 400034, Maharashtra, India 

Tel. No.:

91-22-23520840

Mobile No.:

91-8007840909 [Mr. Ravindra Kumar Jha]

Fax No.:

91-22-23524085

E-Mail :

accent.mtls@siffy.com

admin@accentmetals.in

Area :

490 Sq. ft.

Location :

Rented

 

 

Factory :

C-46, TTC Industrial Area, MIDC, Pawane Village, Navi Mumbai – 400708, Maharashtra, India   

Tel. No.:

91-22-27681240

Fax No.:

91-22-27619601

E-Mail :

accounts@accentmetals.in

Area :

98562 Sq. ft.

Location :

Leased

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Chetan Suryakant Shrimanker

Designation :

Director

Address :

12, Milan Shopping Centre, M G Road, 3rd Floor, Mumbai – 400086, Maharashtra, India 

Date of Birth/Age :

04.07.1961

Date of Appointment :

20.02.1997

PAN No.:

AAEPS5507J

DIN No.:

00385238

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

U27200MH1989PTC054040

NIZALCO METALS PRIVATE LIMITED

Director

25/10/1989

25/10/1989

-

Active

NO

2

U65990MH1989PTC054741

MANDARIN SECURITIES AND FINANCIAL TRUST PRIVATE LIMITED

Director

02/01/1990

02/01/1990

-

Strike off

NO

3

U51420MH1997PTC106005

ACCENT METALS PRIVATE LIMITED

Director

20/02/1997

20/02/1997

-

Active

NO

4

U27300MH1998PTC113164

NISI METALS PRIVATE LIMITED

Director

22/01/1998

22/01/1998

10/05/2014

Active

NO

5

U45201WB2004PTC098087

FASTFLOW ENCLAVE MAKER PRIVATE LIMITED

Managing director

30/04/2013

15/01/2007

-

Active

NO

6

U67190MH1989PTC053291

PALOMINO RISK CONSULTING PRIVATE LIMITED

Director

31/08/2010

04/12/2009

-

Active

NO

 

 

Name :

Mr. Rajesh Nandlal Shrimanker

Designation :

Director

Address :

33-35, V P Road, Rambaug, 1st Floor, C P Tank, Mumbai – 400034, Maharashtra, India 

Date of Birth/Age :

02.02.1956

Date of Appointment :

20.02.1997

PAN No.:

AACPS1669R

DIN No.:

00385376

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

U27200MH1989PTC054040

NIZALCO METALS PRIVATE LIMITED

Director

25/10/1989

25/10/1989

-

Active

NO

2

U51420MH1997PTC106005

ACCENT METALS PRIVATE LIMITED

Director

20/02/1997

20/02/1997

-

Active

NO

3

U27300MH1998PTC113164

NISI METALS PRIVATE LIMITED

Director

22/01/1998

22/01/1998

10/05/2014

Active

NO

4

U45201WB2004PTC098087

FASTFLOW ENCLAVE MAKER PRIVATE LIMITED

Director

30/04/2013

15/01/2007

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Ravindra Kumar Jha

Designation :

Senior Finance Manager

 

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Chetan Suryakant Shrimanker

 

850000

Rajesh Nandlal Shrimanker

 

600000

Kalpana Rajesh Shrimanker

 

69900

Devendra Jashwantrai Shrimanker

 

300

Shefali Shrimanker jointly with Rajesh Nandlal Shrimanker

 

101900

Shefali Shrimanker, jointly with Rajesh Nandlal Shrimanker

 

101900

Prakshat Rajesh Shrimanker

 

55000

Juleen Kirit Malavia

 

100

Shefali Shrimanker

 

15000

Dishin Chetan Shrimanker

 

55900

Fast Flow Enclave Makers Private Limited

 

160000

Palomino Risk Consulting Private Limited

 

130000

Chetan Shrimanker

 

150000

Rajesh Shrimanker

 

300000

 

 

 

Total

 

2590000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

 

Percentage

Bodies corporate

11.20

Directors or relatives of Directors

88.80

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Trading of Copper and Copper based Alloy Extruded Semis and Finished.

 

 

Exports :

--

 

 

Imports :

 

Products :

Copper Scrap

Countries :

·         England

·         USA

·         UK

Trade References :

·         C.F. Booth Limited

·         Millennium Metals Inc.

·         Premier Metals Recyclers Limited

 

 

Terms :

 

Selling :

L/C and Credit

 

 

Purchasing :

L/C and Credit

PRODUCTION STATUS

 

Production Capacity

6000 Tons Annually

 

 

GENERAL INFORMATION

 

Suppliers :

·         Pramanik Metal Corporation

Address: Shop No.4, Anupam Villa, Bail Bazar Marg, Old Kurla, Mumbai – 400070, Maharashtra, India

Tel. No.: 91-22-25033828

 

·         Sha Mulchand Navalram Jain

Address: Shop No. 2, Shree Padamshi Bhuvan, 22, Nath Madhav Lane, C.P. Tank, Mumbai – 400004, Maharashtra, India

Contact Person: Mr. Dinesh Jain

Tel. No.: 91-22-23883024

 

·         J.K. Metal Feeders

Address: 23, Ardershir Dady Cross Lane, Patel Building, Shop No. 5, Mumbai – 400004, Maharashtra, India

Contact Person: Mr. Jitendra Shah

Tel. No.: 91-22-23829414

 

·         Bharat Insulation Company (India) Limited

Address: E-7, Waluj Industrial Area, Aurangabad – 431133, Maharashtra, India

Tel. No.: 91-22-25823911

 

·         Vagrecha Enterprises

Address: 58, Ganesh Krupa Building, Shop No. 7, Mugbhai Lane, Thakurdwar, Mumbai – 400002, Maharashtra, India

Tel. No.: 91-22-66333373

 

 

Customers :

Wholesalers, End Users and Others

 

·         Neelay Industries

Address: Plot No. D-53, MIDC, Satpur, Nashik – 422007, Maharashtra, India

Contact Person: Mr. Ramakant

Tel. No.: 91-253-2354512

 

·         Dosi Metals Product Private Limited

Address: Gala No. 18 and 19, Mulchand Kothari Compound, Rehnal, Bhiwandi, Thane, Maharashtra, India

Contact Person: Mr. Sureshbhai

Tel. No.: 91-252-2323568

 

·         S.K. Metal Industries

Address: 137/139, Kika Street, Gulalwadi, 3rd Floor, Mumbai, Maharashtra, India

Tel. No.: 91-22-23471018

 

·         Mandev Tubes Private Limited

Address: Plot No. 269, GIDC Industrial Estate, Umbergaon, District Valsad – 396171, Gujarat, India

Contact Person: Mr. Rameshbhai

Tel. No.: 91-260-2565132

 

·         Bokedia Metals

Address: 68-A, Islampura Street, Ground Floor, Mumbai – 400004, Maharashtra, India

Mobile No.: 91-9323420113

 

 

No. of Employees :

141 (Approximately)

 

 

Bankers :

·         Bank of India

8A, Bhulabhai Desai Road, Mahalaxmi Templr, Tardeo, Mumbai – 400026, Maharashtra, India

 

·         State Bank of India

Industrial Finance Branch Mumbai, “The Arcade”, 2nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

 

·         The Karur Vysya Bank

Mumbai Fort Branch, Mumbai, Maharashtra, India

 

 

Facilities :

Credit Limit = Rs. 277.300 Millions [From State Bank of India]

Credit Limit = Rs. 192.500 Millions [From The Karur Vysya Bank]

 

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans

State Bank of India – 30017536085

0.000

0.746

State Bank of India – 30261128088

0.000

0.700

State Bank of India – 30333374522

0.000

9.000

Car Loan

HDFC 1

0.176

1.008

HDFC 2

[Secured against hypothecation of Motor Car]

0.003

0.932

 

 

 

SHORT TERM BORROWINGS

 

 

Cash Credit Account

State Bank of India

171.487

150.152

Car Loan

HDFC 4

0.000

0.095

 

 

 

Total

171.666

162.633

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bhupendra Shroff and Company

Chartered Accountants

Address :

402, Auto Commerce House, Kennedy Bridge, Near Nana Chowk, Mumbai – 400007, Maharashtra, India

Tel. No.:

91-22-23868570

Fax No.:

91-22-23855762

E-Mail :

bn_shroff@yahoo.co.in

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

AAAFR1878D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

·         Nizalco Metals Private Limited [U27200MH1989PTC054040]

C-353, TTC Industrial Area, Pawane Village, Navi Mumbai – 400034, Maharashtra, India

 

·         Chirag Corporation

F/12, Everest Building, 7th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India

 

·         Fastflow Enclave Maker Private Limited [U45201WB2004PTC098087]

28, Gran Lane, 4th Floor, Room No. 65, Hare Street, Kolkata – 700012, West Bengal, India

 

·         Mitchell Associates

F/12, Everest Building, 7th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India

 

·         Niki Braznco Industries

F/12, Everest Building, 7th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India

 

·         Orbit Corporation

F/12, Everest Building, 7th Floor, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3500000

Equity Shares

Rs. 10/- each

Rs. 35.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2590000

Equity Shares

Rs. 10/- each

Rs. 25.900 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

25.900

17.900

17.900

(b) Reserves & Surplus

249.482

155.647

137.188

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

50.000

0.000

Total Shareholders’ Funds (1) + (2)

275.382

223.547

155.088

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

154.457

287.751

270.304

(b) Deferred tax liabilities (Net)

16.125

12.862

9.260

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

16.700

11.300

0.000

Total Non-current Liabilities (3)

187.282

311.913

279.564

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

244.494

151.504

153.259

(b) Trade payables

111.399

428.641

133.458

(c) Other current liabilities

36.174

43.998

30.471

(d) Short-term provisions

0.000

0.000

13.737

Total Current Liabilities (4)

392.067

624.143

330.925

 

 

 

 

TOTAL

854.731

1159.603

765.577

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

296.737

312.203

322.708

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

16.902

10.830

2.707

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

313.639

323.033

325.415

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

317.629

236.531

262.744

(c) Trade receivables

201.530

578.422

134.731

(d) Cash and cash equivalents

11.560

19.089

15.245

(e) Short-term loans and advances

10.373

2.528

27.442

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

541.092

836.570

440.162

 

 

 

 

TOTAL

854.731

1159.603

765.577

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

2125.965

1652.100

1300.670

 

 

Other Income

1.590

2.326

(0.108)

 

 

TOTAL                                              (A)

2127.555

1654.426

1300.562

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

2023.779

1479.328

1239.565

 

 

Direct Expenditure

35.391

48.620

31.048

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(78.151)

(12.183)

(82.717)

 

 

Employees benefits expense

8.642

8.812

7.289

 

 

Other expenses

7.769

10.063

8.504

 

 

TOTAL                                              (B)

1997.430

1534.640

1203.689

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

130.125

119.786

96.873

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

82.945

75.483

56.342

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

47.180

44.303

40.531

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

16.682

16.392

14.991

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

30.498

27.911

25.540

 

 

 

 

 

Less

TAX                                                                  (H)

8.663

9.452

11.930

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

21.835

18.459

13.610

 

 

 

 

 

 

Earnings Per Share (Rs.)

8.43

10.31

7.60

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

1.03

1.12

1.05

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

1.43

1.69

1.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.57

2.41

3.34

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.12

0.16

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.45

1.96

2.73

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.38

1.34

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

17.900

17.900

25.900

Reserves & Surplus

137.188

155.647

249.482

Share Application money pending allotment

0.000

50.000

0.000

Net worth

155.088

223.547

275.382

 

 

 

 

Long-term borrowings

270.304

287.751

154.457

Short term borrowings

153.259

151.504

244.494

Total borrowings

423.563

439.255

398.951

Debt/Equity ratio

2.731

1.965

1.449

 

 

 

 

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)

Sales

1300.670

1652.100

2125.965

 

 

27.019

28.683

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

1300.670

1652.100

2125.965

Profit

13.610

18.459

21.835

 

1.05%

1.12%

1.03%

 

 

 

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

Yes

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 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

Yes

18]

Major customers

Yes

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

Yes

 

 

UNSECURED LOANS:

 

PARTICULARS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Loans from Directors

0.178

0.178

Loans from Shareholders

144.198

264.953

Loans from Corporates

1.515

1.438

Loans from Banks and Financial Institutions

8.387

8.796

 

 

 

SHORT TERM BORROWINGS

 

 

Overdraft Account

Standard Chartered Bank

0.000

1.257

Loans and advances from related parties

73.007

0.000

 

 

 

Total

227.285

276.622

 

COMPANY PROFILE

 

Brief History

 

The company initially set up an industrial unit for manufacture of copper and copper based extruded semis like bars, tubes profile etc. at Navi Mumbai with cost of project of Rs. 142.500 Millions part financed by SBI by way of Term Loan of Rs. 97.500 Millions which commenced trial production from December 2006.

 

In December, 2007 the company undertook expansion project with cost of project of Rs. 90.000 Millions part financed by SBI by way of Term Loan of Rs. 50.000 Millions.

 

During year 2010-11, the company undertook major plant up-gradation program to achieve better optimization and enhanced efficiency.

 

Initially, the company was financed Working capital limits of Rs. 60.000 Millions consisting of Cash Credit Limit of Rs. 30.000 Millions, Letter of credit facility of Rs. 25.000 Millions and Bank Guarantee Limits of Rs.500.000 Millions. In year 2006-07 by SBI and as activities of the company increase, size of working capital finance increased accordingly. In year 2009, Working Capital Facilities increased to Rs. 225.000 Millions consisting of Cash Credit limit of Rs. 150.000 Millions, Letter of Credit Facility of Rs. 50.000 Millions and Bank Guarantee limit of Rs. 25.000 Millions. In December, 2013, SBI increased CC limit to Rs. 195.000 Millions while LC limits raised to Rs. 65.000 Millions and BG Limit reduced to Rs. 10.000 Millions. In March, 2014, KVB sanctioned cash credit facility of Rs. 40.000 Millions and LC facility of Rs. 140.000 Millions.

 

 

Manufacturing process in brief

 

Raw materials like copper, brass, zinc, aluminum, tin etc. are procured either in the form of cathode / ingot / scrap. The scrap material is sorted, demagnetized and oil extracted before there are melted in either electrical induction furnace or oil/gas fired crucible furnace. After checking metal composition, the metal is degassed, de-oxidized and drossed off. Then metal is casted into static Cl mould or water cooled mould at proper pouring temperature. The cast billet are cut into required billet length and heated in billet heater to the extrusion temperature in the range of 700 C to 1000 C before it is placed into container with placed die assembly in extrusion machine to produce desire size of extrusion products with pre-defined speed and extrusion ratio of required alloy with necessary temperature. Extruded product is further processed by pointing and pickling before undertaking drawing process in draw benches or bull blocks through TC draw dies to give final sizes as per the requirement. The products are cut into length, straightened and offered for inspection. For tubes and wire intermediate annealing is done. After quality control checking material is suitably packed either in hessian cloth or wooden boxes, identified and dispatched as per instructions.

 

 

BUSINESS MODEL

 

Presently out of their total material procurement requirement. About 50% is imported mainly from USA and Europe and 50% is locally purchased. They supply their output mainly in western and southern India. In near future, they propose to expand their marketing based in northern and eastern India. They are not in export market. Their main raw materials are copper, brass and zinc. Their major customers are IOCL, Indian Insulators Limited, Kirloskar Electricals Limited, Excel India Private Limited, Bharat Heavy Electrical Limited, Excel Engineering Industries Limited, SPM Control Limited, Orbit Industries, Fitwell Corporation, CTR Manufacturing Industries Limited, Precision Electrical Components Limited, Powerica Limited, Mazgaon Dock Limited etc.

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10504415

05/04/2014 *

473,900,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, ARCADE, 2ND FLOOR, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

C11535796

2

80001706

05/04/2014 *

293,900,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, ARCADE, 2ND FLOOR, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

C11535705

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fitting

·         Laboratory Equipments

·         Office Equipments

·         Tools and Dies

·         Air Conditioner

·         Computers

·         Electrical Installation

·         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.63.45

UK Pound

1

Rs.95.99

Euro

1

Rs.75.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NKT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

44

 

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.