MIRA INFORM REPORT

 

 

Report No. :

328433

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

RMG ALLOY STEEL LIMITED (w.e.f. 14.05.2013)

 

 

Formerly Known As :

REMI METALS GUJARAT LIMITED (w.e.f. 23.01.1993)

 

REMI METALS LIMITED

 

 

Registered Office :

Plot No.1, GIDC Industrial Estate, Valia Road, Jhagadia District, Bharuch – 392001, Gujarat

Tel. No.:

91-2645-619700

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

06.10.1993

 

 

Com. Reg. No.:

04-020358

 

 

Capital Investment / Paid-up Capital :

Rs. 1159.700 Million

 

 

CIN No.:

[Company Identification No.]

L27100GJ1993PLC020358

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR14671G

 

 

PAN No.:

[Permanent Account No.]

AAACR2121C

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Exporter of Steel and Steel Products such as Seamless Tubes and Rolled Products.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Exist

 

 

Comments :

Subject is established during the year 1993. It is doing business of manufacturing and exporting of steel and steel products such as seamless tubes and rolled products. It has a moderate track record.

 

For the financial year 2015, the company has moderate financial risk profile marked by continuous losses during the year under a review.

 

Further, due to huge accumulated losses incurred it has eroded the net worth of the company.

 

Business is active. Payments terms are slow.

 

In view of continuous losses and weak balance sheet profile, company can be considered for business dealings on fully safe and secured 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 – 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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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) DEFAILTERS’ 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 DENIED

 

Management non co-operative (Tel. No.: 91-2645-619700)

 

 

LOCATIONS

 

Registered Office :

Plot No.1, GIDC Industrial Estate, Valia Road, Jhagadia District, Bharuch – 392001, Gujarat, India

Tel. No.:

91-2645-619700/ 220406/ 7

Fax No.:

91-2645-226841/ 619800/ 220403

E-Mail :

kaushik_kapasi@welspun.com

ashok_bagchi@remi.welspun.com

Website :

http://www.remimetals.com

 

 

Corporate Office :

B-9, Trade World, Kamala City, S.B. Marg, Lower Parel, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-66136000

Fax No.:

91-22-24908020

E-Mail :

sales_pipes@remi.welspun.com

sales_steel@remi.welspun.com

 

 

Sales Offices :

Located at:

 

·         Ahmedabad

·         New Delhi

·         Chennai

·         Bangalore

·         Kolkata

·         Nagpur

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Atul Desai

Designation :

Chairman

 

 

Name :

Mr. Abhishek Mandawewala

Designation :

Executive Director

 

 

Name :

Shashank Chaturvedi

Designation :

Executive Diretor

 

 

Name :

Mr. Ashok Jain

Designation :

Director

 

 

Name :

Mr. Hanuman Kanodia

Designation :

Director

 

 

Name :

Mr. V. S. Iyer

Designation :

Director

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1984

0.00

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

94616875

87.26

http://www.bseindia.com/include/images/clear.gifGroup Companies

94616875

87.26

http://www.bseindia.com/include/images/clear.gifSub Total

94618859

87.26

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

94618859

87.26

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

16780

0.02

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

140

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

25211

0.02

http://www.bseindia.com/include/images/clear.gifSub Total

42131

0.04

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1837818

1.69

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

6788863

6.26

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

4115862

3.80

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1032307

0.95

http://www.bseindia.com/include/images/clear.gifClearing Members

7225

0.01

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

25082

0.02

http://www.bseindia.com/include/images/clear.gifTrusts

1000000

0.92

http://www.bseindia.com/include/images/clear.gifSub Total

13774850

12.70

Total Public shareholding (B)

13816981

12.74

Total (A)+(B)

108435840

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

108435840

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Steel and Steel Products such as Seamless Tubes and Rolled Products.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Bank of Baroda
  • Lakshmi Vilas Bank
  • Andhra Bank
  • Federal Bank
  • Corporation Bank

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Rupee term loan from banks

NA

1641.500

 

 

 

SHORT TERM BORROWING

 

 

From Bank

NA

1158.400

 

 

 

Total

NA

2799.900

 

NOTE:

 

LONG TERM BORROWINGS

 

a) Rupee loan of Rs.1721.500 Million (Previous year Rs. 1544.400 Million) pari-passu basis, by way of:

 

i) Equitable mortgage of immoveable properties on first charge basis.

ii) Hypothecation of movable fixed assets on first charge basis.

iii) Second charge on current assets.

 

Rupee loans carry interest at bank prime lending rate /base rate plus margin. Loans of

i) Rs.1540.000 Million are repayable in 30 quarterly installment starting from September 2016 and ending in April 2024.

ii) Rs.80.000 Million are repayable in 20 quarterly installment starting from June 2014 and ending in March 2019.

iii) Rs.101.500 Million are repayable in quarterly installments starting from March 2012 and ending in June 2015.

 

b) Sales Tax Deferred Loan is repayable from April 2012 in six equal yearly installments. The payment of the sales tax installment due of Rs.67.300 Million due been stayed/kept in abeyance/put on hold/ by the Board for Industrial and Financial Reconstruction (BIFR) as modifications in the scheme of rehabilitation proposed by the company are under consideration.

 

c) Rupee Term loans include installment of Rs.15.000 Million (Previous Year Rupees. 14.100 Million) due on the balance sheet date.

 

SHORT TERM BORROWINGS

 

a) Working Capital Loans are secured, on pari-passu basis, by way of

 

i) Hypothecation of current assets on first charge basis.

ii) Hypothecation of movable fixed assets on second charge basis.

iii) Equitable mortgage of immovable properties on second charge basis

 

b) Working Capital Loans carry interest, at bank prime lending rate/base rate plus margin, ranging from 11.50% to 14.75%.

 

Auditors :

 

Name :

Chaturvedi and Shah

Chartered Accountant

Address :

Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprise having significant influence over the Company :
  • Welspun Steel Limited
  • Wide Screen Holding Private Ltd

 

 

 

CAPITAL STRUCTURE

 

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital :  Rs. 1159.700 Million

 

 

AS ON 29.09.2015

 

Authorised Capital : Rs. 1200.000 Million

 

Issued, Subscribed & Paid-up Capital :  Rs. 1159.658 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

110000000

Equity Shares

Rs.6/- each

Rs. 660.000 Million

54000000

Preference Shares

Rs. 10/- each

Rs. 540.000 Million

 

Total

 

Rs. 1200.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

108435840

Equity Shares

Rs.6/- each

Rs. 650.600 Million

44528571

12% Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 445.300 Million

 

Total

 

Rs. 1095.900 Million

 

a. Reconciliation of the Number of Shares Equity Shares : Face value of Rs.10 each

31.03.2014

 

Number of shares

Rs. in Millions

As at beginning of the year

108435840

650.600

Share issued during the year

--

--

Buyback/ forfeiture/ reduction of shares

--

-

-Outstanding at the end of the year

108435840

650.600

 

 

 

Preference Share :Face value of Rs 10 each

 

 

As at beginning of the year

40242857

402.400

Share issued during the year

4285714

42.900

Buyback/ forfeiture/ reduction of shares

--

--

-Outstanding at the end of the year

44528571

445.300

 

 

b. Details of Shareholders holding more than 5% of the aggregate shares

31.03.2014

Name of the Shareholders

Equity Shares :

Number of shares

% held

Welspun Steel Limited

43247034

39.88

Widescreen Holding Private Limited

24143333

22.27

Mangnificent Trading Private Limited

7012334

6.47

Calplus Trading Private Limited

6114390

5.64

 

 

 

12% Cumulative Redeemable Preference Shares (CRPS) :

 

 

Welspun Steel Limited

44528571

100.00

 

 

Terms/ rights attached to

 

Equity shares:

 

The Company has 108,435,840 equity share having par value of Rs 6/- each fully paid up. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends, if any, in Indian rupees. The dividend proposed if any, by the board of Directors is subject to the approval of the Shareholders in ensuing annual general meeting.

 

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

 

Preference Shares:

 

The CRPS carry dividend (cumulative) of 12% per annum. The CRPS 40,242,857 are redeemable with premium of Rs.25 per share in three equal annual installments payable from the end of eight years to ten years from 19th February 2013, the date of allotment and The CRPS 4,285,714 are redeemable with premium of Rs.25 per share in three equal annual installments payable from the end of eight years to ten years from 11th February 2014, the date of allotment.

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1159.700

1095.900

1053.000

(b) Reserves & Surplus

(2641.800)

(2145.100)

(1911.000)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

223.200

150.000

Total Shareholders’ Funds (1) + (2)

(1482.100)

(826.000)

(708.000)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1950.600

1641.500

1614.200

(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

16.000

13.800

20.800

Total Non-current Liabilities (3)

1966.600

1655.300

1635.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1587.200

1297.500

1282.100

(b) Trade payables

621.800

1103.400

868.400

(c) Other current liabilities

236.100

480.900

549.100

(d) Short-term provisions

1.200

3.200

2.700

Total Current Liabilities (4)

2446.300

2885.000

2702.300

 

 

 

 

TOTAL

2930.800

3714.300

3629.300

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1225.600

1641.600

1846.500

(ii) Intangible Assets

1.400

2.200

3.000

(iii) Capital work-in-progress

13.800

49.900

13.800

(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

23.100

21.900

29.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1263.900

1715.600

1892.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

452.700

616.700

794.600

(c) Trade receivables

664.700

1111.800

735.200

(d) Cash and cash equivalents

113.500

159.500

171.500

(e) Short-term loans and advances

428.800

105.600

31.400

(f) Other current assets

7.200

5.100

4.100

Total Current Assets

1666.900

1998.700

1736.800

 

 

 

 

TOTAL

2930.800

3714.300

3629.300

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

 

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

3337.300

4171.200

3541.900

 

 

Other Income

116.000

15.900

26.700

 

 

TOTAL                                    

3453.300

4187.100

3568.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

2136.300

2598.700

2134.000

 

 

Purchases of Stock-in-Trade

14.000

0.000

0.000

 

 

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

96.200

174.900

207.200

 

 

Employees benefits expense

160.600

195.300

251.800

 

 

Power and Fuel

637.600

0.000

0.000

 

 

Other expenses

384.200

1191.500

1200.900

 

 

Exceptional Items

(225.900)

(351.900)

0.000

 

 

TOTAL                                    

3203.000

3808.500

3793.900

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

250.300

378.600

(225.300)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

498.800

497.000

485.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

(248.500)

(118.400)

(710.300)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

117.700

222.800

222.700

 

 

 

 

 

 

PROFIT BEFORE TAX

(366.200)

(341.200)

(933.000)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

(366.200)

(341.200)

(933.000)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

NA

0.000

80.600

 

TOTAL EARNINGS

NA

0.000

80.600

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

268.100

355.400

 

 

Stores & Spares

NA

37.700

47.100

 

TOTAL IMPORTS

NA

305.800

402.500

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.45

(3.15)

(8.65)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

80.000

333.700

Cash generated from operations

NA

112.000

(324.100)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(10.97)

(8.18)

(26.34)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

7.50

9.08

(6.36)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(12.55)

(9.31)

(25.81)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.25

0.41

1.32

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(2.39)

(3.56)

(4.09)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.68

0.69

0.64

 

 

 

STOCK PRICES

 

Face Value

Rs. 6.00/-

Market Value

Rs. 4.35/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1053.000

1095.900

1159.700

Reserves & Surplus

(1911.000)

(2145.100)

(2641.800)

Share Application money pending allotment

150.000

223.200

0.000

Net worth

(708.000)

(826.000)

(1482.100)

 

 

 

 

long-term borrowings

1614.200

1641.500

1950.600

Short term borrowings

1282.100

1297.500

1587.200

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

2896.300

2939.000

3537.800

Debt/Equity ratio

(4.091)

(3.558)

(2.387)

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3541.900

4171.200

3337.300

 

 

17.767

(19.992)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3541.900

4171.200

3337.300

Profit

(933.000)

(341.200)

(366.200)

 

(26.34%)

(8.18%)

(10.97%)

 

 

 

 

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

No

8

Designation of contact person

No

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

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

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

LITIGATION DETAILS

 

 

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 10636 of 2014

Status : PENDING

( Converted from : C/ST/10519/2014 )

CCIN No : 001021201410636

 

 

Next Listing Date:

23/06/2015

Coram

HONOURABLE MR.JUSTICE PARESH UPADHYAY

S.NO.

Name of the Petitioner

Advocate On Record

1

RMG ALLOY STEEL LIMITED

MRS SANGEETA N PAHWA for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

GANNON DUNKERLY AND COMPANY LTD

MR P A MEHD for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 28/07/2014

Registered On

: 30/07/2014

Bench Category

: -

District

: BHARUCH

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 11 times

StageName

: NOTICE & ADJOURNED MATTERS

 

Classification

·         SJ - NON-SERVICE - LOWER COURT - CODE OF CIVIL PROCEDURE, 1908 - OTHER MISCELLANEOUS MATTERS

Act

·         ARBITRATION ACT, 1940

 

 

LowerCourt Details

 

S.No.

LowerCourt CaseDetail

LowerCourtName

JudgeName

Judgmentdate

1

CIVIL MISC. APPLICATION - DISTRICT COURT/160/2011

DISTRICT COURT, BHARUCH

-

12/04/2014

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

28/07/2014

CERTIFIED COPY

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

2

MRS SANGEETA N PAHWA(527), for P:1

2

28/07/2014

VAKALATNAMA

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MRS SANGEETA N PAHWA(527) for P:1

3

28/07/2014

MEMO OF PETITION/APPEAL/SUIT

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MRS SANGEETA N PAHWA(527), for P:1

4

01/08/2014

DRAFT AMENDMENT

MRS SANGEETA N PAHWA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MRS SANGEETA N PAHWA(527) for P:1

5

17/09/2014

VAKALATNAMA

MR P A MEHD ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR P A MEHD(3489) for R:1

6

25/11/2014

AFFIDAVIT IN REPLY

MR P A MEHD ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR P A MEHD(3489) for R:1

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

31/07/2014

11

6

FOR REGULAR ADMISSION

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

2

04/08/2014

11

23

ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

3

02/09/2014

20

100

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI 

·         HONOURABLE MR.JUSTICE S.H.VORA

4

15/09/2014

20

80

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.H.VORA

5

15/10/2014

9

83

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE S.H.VORA and HONOURABLE MR.JUSTICE A.G.URAIZEE

6

20/11/2014

9

95

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

7

02/12/2014

9

52

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

8

06/01/2015

8

92

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

9

21/01/2015

8

116

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

10

02/03/2015

8

160

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

11

13/04/2015

9

37

NOTICE & ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

12

23/06/2015

9

-

NOTICE & ADJOURNED MATTERS

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

SPECIAL CIVIL APPLICATION/10636/2014

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

04/08/2014

N

ORDER

-

Y

Download

2

SPECIAL CIVIL APPLICATION/10636/2014

·         HONOURABLE MR.JUSTICE S.H.VORA

02/09/2014

N

ORDER

-

Y

Download

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Sales tax Deferred loan

NA

0.000

SHORT TERM BORROWING

 

 

Buyers credit arrangement

NA

139.100

Total

NA

139.100

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10574256

31/03/2015

94,200,000.00

LAKSHMI VILAS BANK LIMITED

Bharat House, 104, B.S Marg, Fort, Mumbai - 400001, Mumbai, Maharashtra - 400001,

INDIA

C55633887

2

10537591

08/12/2014

1,690,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground floor, 17, R. Kamani Marg 
, Ballard Estate,, Mumbai, Maharashtra - 400023,

 INDIA

C37401197

3

10528482

13/10/2014

50,000,000.00

Andhra Bank

16-B, Earnest House, NCPA Marg, Nariman point, Mumbai, Maharashtra - 400021,

 INDIA

C30957534

4

10571783

30/09/2014

464,800,000.00

CORPORATION BANK

104, BHARAT HOUSE, GROUND FLOOR, MUMBAI SAMACHAR 
MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA

C54762414

5

10509078

27/06/2014

50,000,000.00

Andhra Bank

16-B, Earnest House, NCPA Marg, Nariman point, Mumbai, Maharashtra - 400021,

INDIA

C11340783

6

10489056

11/04/2014

40,000,000.00

The Federal Bank Limited

The Federal Bank Limited, Nariman Point,, Mumbai, 
Maharashtra - 400021,

 INDIA

C03004280

7

10489055

11/04/2014

125,000,000.00

The Federal Bank Limited

The Federal Bank Limited, Nariman Point,, Mumbai, 

Maharashtra - 400021,

INDIA

C03002961

8

10469789

18/12/2013

50,000,000.00

Andhra Bank

16-B, Earnest House, NCPA Marg, Nariman point, Mumbai, Maharashtra - 400021, INDIA

B92989110

9

10419282

23/02/2015 *

880,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001,

INDIA

C44990919

10

10406620

28/01/2013

989,200,000.00

Andhra Bank

16-B, Earnest House, NCPA Marg, Nariman point, Mumbai,

Maharashtra - 400021,

INDIA

B69035905

 

* Date of charge modification

 

 

FIXED ASSETS

 

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 records 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

UK Pound

1

Rs. 101.26

Euro

1

Rs. 72.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

11

 

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.