MIRA INFORM REPORT
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Report No. : |
302429 |
|
Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ORANGE CITY STEEL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
215, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.07.1998 |
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Com. Reg. No.: |
11-115887 |
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Capital
Investment / Paid-up Capital : |
Rs. 40.002
Millions |
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|
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CIN No.: [Company Identification
No.] |
U27204MH1998PTC115887 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACO4376N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Iron and Steel Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s decent operational risk
profile marked by sound financial base and fair liquidity position of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
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
NOT AVAILABLE
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 : |
215, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra, India |
|
Tel. No.: |
91-712-2760589/ 2762802 |
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Fax No.: |
91-712-2765004/ 2770401 |
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E-Mail : |
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Website : |
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|
Factory : |
Ranala, Old Kamptee Road, Kamptee, Nagpur – 441001, Maharashtra, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Ashish Prafullachandra Doshi |
|
Designation : |
Director |
|
Address : |
118-B, Park Avenue, Bhiwanpurkar Road, Dhantoli, Nagpur – 440012, Maharashtra,
India |
|
Date of Birth/Age : |
15.01.1981 |
|
Date of Appointment : |
24.12.2004 |
|
DIN No.: |
00558775 |
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|
|
|
Name : |
Mr. Rajendrakumar Bhogilal Doshi |
|
Designation : |
Director |
|
Address : |
Arihant, Behind Amardeep Cinema, Itwari, Nagpur – 440002, Maharashtra,
India |
|
Date of Birth/Age : |
20.11.1957 |
|
Date of Appointment : |
01.09.2001 |
|
DIN No.: |
01399980 |
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|
|
|
Name : |
Mr. Hardik Bharat Doshi |
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Designation : |
Director |
|
Address : |
Plot No.62, Bhiwapurkar Road, Dhantoli, Nagpur – 440012, Maharashtra,
India |
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Date of Birth/Age : |
31.12.1985 |
|
Date of Appointment : |
27.12.2008 |
|
DIN No.: |
02503096 |
KEY EXECUTIVES
|
Name : |
Mr. Dilip Patne |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Nagpur Industrial Suppliers Private Limited, India |
|
50000 |
|
Surmanju Securities Private Limited, India |
|
50000 |
|
Bhogilal R. Doshi |
|
7000 |
|
Prafulchandra Doshi |
|
20000 |
|
Bharatkumar Doshi |
|
5010 |
|
Rajendrakumar Doshi |
|
5010 |
|
Vinaben Doshi |
|
1000 |
|
Nilaben Doshi |
|
1000 |
|
Kalpana Doshi |
|
1000 |
|
Dolly Weigh Bride Private Limited, India |
|
160000 |
|
Hardik Steels Private Limited, India |
|
100000 |
|
|
|
|
|
Total |
|
400020 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of
Holding |
|
Bodies corporate |
89.99 |
|
Directors or relatives of Directors |
10.01 |
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|
|
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Iron and Steel Products. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS (AS ON 31.03.2013)
|
PRODUCTS |
UNIT |
INSTALLED CAPACITY |
PRODUCTION |
|
Iron and Steel |
(MT) |
36,000 M.T. per annum |
**32257.920 |
** Includes generation of mill scale 1384.860 MT.
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
· Railways · Telecommunication · Power and Energy Industries · Construction Companies · Machine Manufacturers · Furniture Manufacturers · Fabricators · Auto Body Builders |
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No. of Employees : |
Not Available |
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Bankers : |
· Bank of India Nagpur Corporate Banking Branch, BOI Building, Mezannine Floor, S. V. Patel Marg, Nagpur - 440001, Maharashtra, India · The Central Bank of India Mumbai, Maharashtra, India · IDBI Bank Limited · State Bank of India, Butibori · The Lakshmi Vilas Bank Limited, Nagpur · State Bank of India, Kingsway, Nagpur |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agarwal Challani and Company Chartered Accountants |
|
Address : |
51/A, Ground Floor, New Colony, Nagpur – 440001, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFA2753L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Party : |
Saggu Agro Private Limited, India [U01110MH1995PTC090469] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400020 |
Equity Shares |
Rs.100/-
each |
Rs.40.002
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 |
40.002 |
40.002 |
40.002 |
|
(b) Reserves & Surplus |
158.487 |
147.878 |
141.901 |
|
(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) |
198.489 |
187.880 |
181.903 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
45.799 |
45.799 |
45.799 |
|
(b) Deferred tax liabilities
(Net) |
5.292 |
4.527 |
6.673 |
|
(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) |
51.091 |
50.326 |
52.472 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
261.891 |
293.997 |
288.717 |
|
(b) Trade payables |
17.720 |
16.779 |
41.074 |
|
(c) Other current liabilities |
18.551 |
32.300 |
29.700 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
298.162 |
343.076 |
359.491 |
|
|
|
|
|
|
TOTAL |
547.742 |
581.282 |
593.866 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
71.996 |
74.946 |
88.386 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
1.146 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
10.293 |
12.085 |
7.519 |
|
Total
Non-Current Assets |
82.290 |
88.178 |
95.906 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
174.233 |
285.240 |
314.852 |
|
(c) Trade receivables |
274.564 |
186.873 |
152.835 |
|
(d) Cash and cash equivalents |
5.061 |
0.767 |
0.781 |
|
(e) Short-term loans and
advances |
11.462 |
20.103 |
29.390 |
|
(f) Other current assets |
0.132 |
0.121 |
0.102 |
|
Total
Current Assets |
465.452 |
493.104 |
497.960 |
|
|
|
|
|
|
TOTAL |
547.742 |
581.282 |
593.866 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
TOTAL |
117633.709 |
1355.504 |
1372.184 |
|
|
|
|
|
|
|
Less |
EXPENSES |
117618.496 |
1348.646 |
1358.552 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
15.213 |
6.858 |
13.632 |
|
|
|
|
|
|
|
Less |
TAX
( |
5.676 |
2.197 |
5.737 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
9.537 |
4.661 |
7.895 |
|
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|
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|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
23.84 |
11.65 |
19.74 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78 |
1.18 |
2.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.04 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.55 |
1.81 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.44 |
1.39 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
40.002 |
40.002 |
40.002 |
|
Reserves & Surplus |
141.901 |
147.878 |
158.487 |
|
Net
worth |
181.903 |
187.880 |
198.489 |
|
|
|
|
|
|
long-term borrowings |
45.799 |
45.799 |
45.799 |
|
Short term borrowings |
288.717 |
293.997 |
261.891 |
|
Total
borrowings |
334.516 |
339.796 |
307.690 |
|
Debt/Equity
ratio |
1.839 |
1.809 |
1.550 |
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 |
1372.184 |
1355.504 |
117633.709 |
|
|
|
(1.216) |
8,578.227 |
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 |
1372.184 |
1355.504 |
117633.709 |
|
Profit |
7.895 |
4.661 |
9.537 |
|
|
0.58% |
0.34% |
0.01% |
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 |
Yes |
|
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 |
No |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10074766 |
29/03/2012 * |
230,000,000.00 |
BANK OF INDIA |
NAGPUR CORPORATE
BANKING BRANCH, BOI BULDG, MEZA |
B36740819 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
45.799 |
45.799 |
|
SHORT-TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
0.917 |
146.005 |
|
Deposits from shareholders |
144.775 |
0.000 |
|
|
|
|
|
Total |
191.491 |
191.804 |
PERFORMANCE REPORT
The operations of the company for the past year and said that the sales income during the said period had shown, according to preliminary estimates, an impressive performance inspite of recession in the overall industry. The Chairman added that he was hopeful that the same trend would continue.
BUSINESS OUTLOOK
The company is expanding its activities in all over the areas to mug up the opportunities in the market .The Company intends to strengthen its position in the market by acquiring new targets in the market. The Activities of company has increased considerably giving better margins to the company. The company wants to strengthen its activities in market by accepting or formulating offensive and defensive strategies in the market.
RESULTS OF OPERATION:
The year was a transformational year for the company. The Company has set new global benchmarks for project execution. This was a landmark year for the company for its operating performance with earning growth amidst extraordinary challenges of price volatility and demand reduction. During the year, the company has scaled new heights and several new benchmarks in terms of scales, profits, networth and assets.
MANUFACTURING
OPERATIONS:
The Company has revised its manufacturing footprint to support profitable
growth. In that context, capacities were created at relevant locations to meet
demand. Additionally, there was the continual focus on de-bottlenecking
existing capacities and improving the productivity levels at current units.
The creation of these capacities and capabilities has helped the Company
deliver the volume growth at improved customer service levels and lower costs.
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
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. 62.97 |
|
|
1 |
Rs. 94.97 |
|
Euro |
1 |
Rs. 74.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.