MIRA INFORM REPORT
|
Report No. : |
327904 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISINOX STEELS LIMITED |
|
|
|
|
Registered
Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone
(West), Lower Parel, Mumbai-400013, Maharashtra |
|
Tel. No.: |
91-22-49102000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
31.07.1990 |
|
|
|
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Com. Reg. No.: |
11-057523 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 46.376 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1990PLC057523 |
|
|
|
|
IEC No.: |
0393059197 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACI5759F |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacturers of Bright Bars and Wires. |
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|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1240000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Subject was incorporated in 1990, is engaged in manufacturing of stainless
steel wires and bright bars of various grades. Rating takes into consideration company’s moderated financial risk
profile marked by low profit margin level and relatively high gearing. Rating also takes into consideration volatility in raw material prices
and working capital intensive nature of business. However, rating derives strength from the promoter’s long experience
in stainless steel industry. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. Subject can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CARE |
|
Rating |
Long term rating: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
09.09.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating: “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
09.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Jyoti |
|
Designation : |
HR |
|
Contact No.: |
91-22-49102000 |
|
Date : |
20.06.2015 |
LOCATIONS
|
Registered Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone
(West), Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-49102000 |
|
Fax No.: |
91-22-49102099 |
|
E-Mail : |
|
|
Website: |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Factory : |
Village Savroli, Taluka Khalapur, District Raigad, Khopoli-410202,
Maharashtra, India |
|
Tel. No.: |
91-2192-274080 |
|
Fax No.: |
91-2192-274053 |
|
|
|
|
Bright Bars
Division: |
C-63, MIDC Estate, Turbhe, Navi Mumbai – 400705,
Maharashtra, India |
|
Tel. No.: |
91-22-27686437 |
|
Fax No.: |
91-22-27633888 |
|
|
|
|
Special Steel
Division : |
Khopoli, Dist. Raigad – 410 203, Maharashtra, India |
|
Tel. No.: |
91-2192-265812 |
|
Fax No.: |
91-2192-264061 |
|
|
|
|
Stainless Steel
Wire Plant: |
Savroli, Taluka Khalapur, Khopoli, District Raigad,
Maharashtra – 410202, India |
|
Tel. No.: |
91-2192-274053 |
|
Fax No.: |
91-2192-274080 |
DIRECTORS
As on 30.09.2014
|
Name : |
Ms. Anita Ashwinkumar Gupta |
|
Designation : |
Director |
|
Address : |
Ashiana, Bunglow 13, Vasant Vihar Complex, Dr. C. Gidwani Road, Chembur, Mumbai- 400074, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1954 |
|
Qualification: |
BA |
|
Date of Appointment : |
19.01.2004 |
|
PAN No.: |
ACKPG0089P |
|
DIN No.: |
01301447 |
|
|
|
|
Name : |
Ms. Priya Sudhir Gupta |
|
Designation : |
Director |
|
Address : |
20/18 Sudhirkunj, Opposite Best Qtrs, Wadala, Mumbai - 400031, Maharashtra, India |
|
Date of Birth/Age : |
24.03.1963 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
19.01.2004 |
|
PAN No.: |
AHGPG3807Q |
|
DIN No.: |
00084305 |
|
|
|
|
Name : |
Mr. Siddharth Sudhir Gupta |
|
Designation : |
Director |
|
Address : |
541/C, Ashok, Adenwala Road, King Circle, Matunga, Mumbai - 400019, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1987 |
|
Qualification: |
BBA |
|
Date of Appointment : |
29.09.2012 |
|
PAN No.: |
AKPPG0756N |
|
DIN No.: |
03640615 |
|
|
|
|
Name : |
Ms. Revti Ashwinkumar Gupta |
|
Designation : |
Director |
|
Address : |
Ashiana, Bunglow 13, Vasant Vihar Complex, Dr. C. Gidwani Road, Chembur, Mumbai - 400074, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1987 |
|
Qualification: |
B.A |
|
Date of Appointment : |
29.09.2012 |
|
PAN No.: |
AJHPG0993J |
|
DIN No.: |
05357397 |
|
|
|
|
Name : |
Rahul Madhukar Yenurkar |
|
Designation : |
Director |
|
Address : |
C-502, Willows Baner Balewadi Road, Behind Comfort Zone, Balewadi, Pune - 411045, Maharashtra, India |
|
Date of Birth/Age : |
14.02.1964 |
|
Date of Appointment : |
30.04.2014 |
|
DIN No.: |
06802786 |
KEY EXECUTIVES
|
Name : |
Ms. Jyoti |
|
Designation : |
HR |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Equity Shareholders |
No. of Shares |
|
Ashwinkumar Harbanslal Gupta |
150 |
|
Sudhir Harbanslal Gupta |
100 |
|
Anita Ashwinkumar Gupta |
772650 |
|
Priya Sudhirkumar Gupta |
772650 |
|
Varun Sudhir Gupta |
50 |
|
Sundeep Laxmikant Mulik |
300 |
|
Isisales (India) Private Limited, India |
680000 |
|
Isimetals (India) Private Limited, India |
680000 |
|
Isiworld Steels Private Limited, India |
1731666 |
|
India Steel International Private Limited, India |
353333 |
|
Total |
4990899 |
|
Names of Preference Shareholders |
No. of Shares |
|
Shaktiman Steels Castings Private Limited, India |
250000 |
|
Vijay Kamdar |
1666666 |
|
Total |
1916666 |
Allottees as on 27.03.2015
|
Names of Allottees (Preference Shares) |
No. of Shares |
|
Isistar Export Private Limited, India |
425000 |
|
Isiworld Steels Private Limited, India |
425000 |
|
Khamgaon Land Development Trading Company Private Limited, India |
260000 |
|
Yeotmal Land Development Trading Company Private Limited, India |
260000 |
|
Total |
1370000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
69.03 |
|
Directors or relatives of Directors |
30.97 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bright Bars and Wires. |
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Products : |
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Brand Names : |
--- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash, Advance Payment, L/C and Cheque |
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Purchasing : |
Cash, Advance Payment, L/C and Cheque |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
250 (Approximately) |
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Bankers : |
· Indian Bank, Wadala Branch, 205 B, Parbati Niwas, R A K Road, Wadala (West), Mumbai - 400031, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource
Circle, Alkapuri, Baroda - 390015, Gujarat, India |
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Facilities : |
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|
Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
Thanawala and Company Chartered Accountants |
|
Address : |
505, Abhay Steel House, 5th Floor, 22, Baroda Street, Iron Market, Mumbai-400009, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAPT3237C |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
|
|
Associates/Subsidiaries : |
· Isistar Exports Private Limited CIN No.: U51900MH1992PTC065390 · Isiworld Steels Private Limited CIN No.: U51420MH1992PTC065382 · Khamgaon Land Development And Trading Co Private Limited CIN No.: U45200MH1972PTC016199 · Yeotmal Land Development And Trading Co Private Limited CIN No.: U45200MH1972PTC016197 · India Steel Works Limited CIN No.: L29100MH1987PLC043186 · Ashiana Family Trust · SPV Family Trust |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital : Rs. 122.000 Million
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,990,899 |
Equity Shares |
Rs.10/- each |
Rs. 49.909 Million |
|
3,286,666 |
Preference Shares |
Rs.10/- each |
Rs. 32.867 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 82.776
Million |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 55.000 Million |
|
3,200,000 |
Preference Shares |
Rs.10/- each |
Rs. 32.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 87.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,637,566 |
Equity Shares |
Rs.10/- each |
Rs. 46.376 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
46.376 |
29.059 |
15.459 |
|
(b) Reserves & Surplus |
235.405 |
125.631 |
58.714 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
153.200 |
53.200 |
53.200 |
|
Total
Shareholders’ Funds (1) + (2) |
434.981 |
207.890 |
127.373 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
237.581 |
11.020 |
10.983 |
|
(b) Deferred tax liabilities (Net) |
16.135 |
9.619 |
3.931 |
|
(c)
Other long term liabilities |
1.237 |
92.008 |
0.000 |
|
(d)
long-term provisions |
1.099 |
0.700 |
0.405 |
|
Total
Non-current Liabilities (3) |
256.052 |
113.347 |
15.319 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short-term borrowings |
203.860 |
187.575 |
43.191 |
|
(b)
Trade payables |
376.834 |
14.151 |
382.005 |
|
(c)
Other current liabilities |
53.775 |
9.643 |
2.265 |
|
(d)
Short-term provisions |
16.979 |
9.043 |
6.557 |
|
Total
Current Liabilities (4) |
651.448 |
220.412 |
434.018 |
|
|
|
|
|
|
TOTAL |
1342.481 |
541.649 |
576.710 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
241.015 |
197.626 |
94.160 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
2.855 |
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 |
15.134 |
3.598 |
0.175 |
|
(e)
Other Non-current assets |
0.597 |
0.183 |
0.000 |
|
Total
Non-Current Assets |
259.601 |
201.407 |
94.335 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.054 |
0.054 |
0.001 |
|
(b)
Inventories |
180.416 |
60.350 |
157.912 |
|
(c)
Trade receivables |
489.789 |
135.868 |
243.195 |
|
(d)
Cash and cash equivalents |
83.410 |
17.024 |
6.980 |
|
(e)
Short-term loans and advances |
48.215 |
37.230 |
65.469 |
|
(f)
Other current assets |
280.996 |
89.716 |
8.818 |
|
Total
Current Assets |
1082.880 |
340.242 |
482.375 |
|
|
|
|
|
|
TOTAL |
1342.481 |
541.649 |
576.710 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2309.521 |
1873.340 |
520.832 |
|
|
|
Other Income |
2.914 |
1.989 |
0.786 |
|
|
|
TOTAL (A) |
2312.435 |
1875.329 |
521.618 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
353.086 |
342.592 |
436.242 |
|
|
|
Purchases of Stock-in-Trade |
1737.922 |
1365.194 |
39.325 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
23.624 |
40.767 |
(51.387) |
|
|
|
Employees benefits expense |
14.466 |
10.592 |
7.937 |
|
|
|
Other expenses |
87.920 |
79.498 |
73.179 |
|
|
|
Exceptional Items |
0.068 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2217.086 |
1838.643 |
505.296 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
95.349 |
36.686 |
16.322 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
49.980 |
16.608 |
6.424 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
45.369 |
20.078 |
9.898 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.994 |
3.389 |
3.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
35.375 |
16.689 |
6.801 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.739 |
2.970 |
1.932 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
25.636 |
13.719 |
4.869 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
938.456 |
643.558 |
470.931 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
67.159 |
0.000 |
NA |
|
|
|
Capital Goods |
46.377 |
100.323 |
NA |
|
|
TOTAL IMPORTS |
113.536 |
100.323 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.72 |
3.15 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.11 |
0.73 |
0.93 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.13 |
1.96 |
3.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.64 |
3.08 |
1.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.08 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01 |
0.96 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66 |
1.54 |
1.11 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT
EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
15.459 |
29.059 |
46.376 |
|
Reserves & Surplus |
58.714 |
125.631 |
235.405 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
53.200 |
53.200 |
153.200 |
|
Net
worth |
127.373 |
207.890 |
434.981 |
|
|
|
|
|
|
Long-term borrowings |
10.983 |
11.020 |
237.581 |
|
Short term borrowings |
43.191 |
187.575 |
203.860 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
54.174 |
198.595 |
441.441 |
|
Debt/Equity
ratio |
0.425 |
0.955 |
1.015 |
YEAR-ON-YEAR
GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
520.832 |
1873.340 |
2309.521 |
|
|
|
259.682 |
23.284 |
NET
PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
520.832 |
1873.340 |
2309.521 |
|
Profit |
4.869 |
13.719 |
25.636 |
|
|
0.93% |
0.73% |
1.11% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10413173 |
23/01/2014 * |
150,000,000.00 |
DOMBIVLI NAGARI SAHAKARI BANK LTD |
FORT BRANCH, 5/8, SAMBHAVA CHAMBERS, 1ST FLOOR, SIR PM ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C00344853 |
|
2 |
10039345 |
13/08/2014 * |
262,500,000.00 |
INDIAN BANK |
WADALA BRANCH,205 B,PARBATI NIWAS, R A K ROAD, WADALA-WEST, MUMBAI, MAHARASHTRA - 400031, INDIA |
C26306845 |
|
3 |
10039605 |
13/08/2014 * |
262,500,000.00 |
INDIAN BANK |
WADALA BRANCH,205 B,PARBATI NIWAS, R A K ROAD, WADALA-WEST, MUMBAI, MAHARASHTRA - 400031, INDIA |
C26312744 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from others |
121.581 |
11.020 |
|
Other loans and advances, others |
116.000 |
0.000 |
|
Total |
237.581 |
11.020 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from India Steel Industrial Comp. Railway, Gate No 4, Antop Hill, Wadala, Mumbai-400037, Maharashtra, India to the present address w.e.f. 05.11.2011
OPERATIONS REVIEW
During the year, the Company has achieved Sales Turnover of Rs. 2312.400 Million (Previous Year: Rs. 1873.400 Million) registering a growth of 23.43%.The Company has achieved Export Turnover of Rs. 938.500 Million as against Rs. 643.600 Million for the corresponding period last year, registering a growth of 45.82%. Profit after tax has been Rs.25.600 Million, (Previous Year Rs. 8.000 Million).
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
·
Office equipment
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. 63.82 |
|
|
1 |
Rs. 101.26 |
|
Euro |
1 |
Rs. 72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
34 |
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.