MIRA INFORM REPORT
|
Report No. : |
314477 |
|
Report Date : |
25.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
R.E.C. ISPAT PRIVATE LIMITED |
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|
|
|
Registered
Office : |
D. No. 9-17-52, Plot No.1, Pent
House Sri Satya Sai Complex, CBM Compound, Visakhapatnam – 530003, Andhra
Pradesh |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.01.2004 |
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Com. Reg. No.: |
01-042526 |
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Capital
Investment / Paid-up Capital : |
Rs. 19.537 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U27310AP2004PTC042526 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCR7376K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Buyers, Sellers, Retailers and Distributor of all kinds of ferrous
and no-ferrous metals, alloy steel, special steel, mild steel, Ferro alloy,
pig iron, wrought iron, steel converts, rolled steel, steel billets, steel
rods, steel ingots, steel sheets, steel wires coke and coal and in all kinds
of steel products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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. As per registrar of companies the date of balance sheet i.e. financials
filed is shown as 31st March 2014 but the documents related to the
financials for the year 2014 are not available from any sources. As per available financial of 2013, Profitability of the company seems
to be low. However, trade relation are fair. Payment terms are reported to be
slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities (B+) |
|
Rating Explanation |
Have high risk of default. |
|
Date |
June 5, 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 DENIED
MANAGEMENT NON CO-OPERATIVE (TEL No. 91-891-2569028)
LOCATIONS
|
Registered Office : |
D. No. 9-17-52, Plot No.1, Pent
House Sri Satya Sai Complex, CBM Compound, Visakhapatnam – 530003, Andhra
Pradesh |
|
Tel. No.: |
91-891-2513248/2569028/6663248/3090266 |
|
Fax No.: |
91-891-2513248 |
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E-Mail : |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Subhash Bhararia |
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Designation : |
Managing Director |
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Address : |
B-101, Vuda Apartments, Mmtc Colony, Seethammadhara, Visakhapatnam - 530022, Andhra Pradesh, IndiA |
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Date of Birth/Age : |
24.10.1974 |
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Date of Appointment : |
29.01.2004 |
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PAN No.: |
ABLPB6829Q |
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DIN No.: |
00163226 |
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Other Directorship:
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Name : |
Mr. Surya Sudhakar Koduri |
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Designation : |
Director |
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Address : |
Door No.54-11-59/1, Near Dr. V.S. Krishna College, Maddilapalem, Visakhapatnam-530013, Andhra Pradesh, India |
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Date of Birth/Age : |
17.02.1966 |
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Date of Appointment : |
29.01.2004 |
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PAN No.: |
AGMPK8439M |
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DIN No.: |
00163278 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
SUBHASH Bhararia |
|
500000 |
|
K. Surya Sudhakar |
|
500000 |
|
Ch. Prasada Rao |
|
85000 |
|
E. Satyanayana Rao |
|
20000 |
|
K. Annapurna |
|
25000 |
|
K. Rama Chandra Rao |
|
60000 |
|
K.S. Dora |
|
60000 |
|
K. Sunita |
|
50000 |
|
A. Apparao |
|
9975 |
|
A. Prakash |
|
9975 |
|
A. Varahalu |
|
9975 |
|
B. Madhu |
|
9975 |
|
B. Mohan Kumar |
|
9975 |
|
B. Shankar Rao |
|
9975 |
|
Ch. Narasimha Rao |
|
9975 |
|
Ch. Ramesh |
|
9975 |
|
Ch. Sekhar |
|
9975 |
|
K. Rama Das |
|
9975 |
|
M. Bhaskar Rao |
|
9975 |
|
M. satya Vathi |
|
9975 |
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N. Prakash |
|
9975 |
|
N. Venkata Rao |
|
9975 |
|
Y. Prakash Rao |
|
9975 |
|
O. Sharda |
|
504100 |
|
Total |
|
1953725 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
66.54 |
|
Other top fifty shareholders |
33.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Buyers, Sellers, Retailers and Distributor of all kinds of ferrous
and no-ferrous metals, alloy steel, special steel, mild steel, Ferro alloy,
pig iron, wrought iron, steel converts, rolled steel, steel billets, steel
rods, steel ingots, steel sheets, steel wires coke and coal and in all kinds
of steel products. |
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|
Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
Lakshmi Vilas Bank Limited, D. No.9-1-248, 1st Floor, C.B.M. Compound, Rama Talkies Road, Visakhapatnam - 530003, Andhra Pradesh, India |
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Facilities : |
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Auditors : |
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Name : |
Somayajulu and Associates Chartered Accountants |
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Address : |
Flat No.102, Sai Towers , Rednam Gardens, Visakhapatnam, Andhra Pradesh, India |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABCFS0120Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,953,725 |
Equity Shares |
Rs.10/- each |
Rs. 19.537 Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.537 |
19.537 |
19.537 |
|
(b) Reserves & Surplus |
85.384 |
69.046 |
65.559 |
|
(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) |
104.921 |
88.583 |
85.096 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
218.483 |
236.828 |
194.980 |
|
(b) Deferred tax liabilities (Net) |
1.387 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
219.870 |
236.828 |
194.980 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
310.271 |
80.740 |
64.218 |
|
(c) Other
current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term
provisions |
1.218 |
60.669 |
0.756 |
|
Total Current
Liabilities (4) |
311.489 |
141.409 |
64.974 |
|
|
|
|
|
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TOTAL |
636.280 |
466.820 |
345.050 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
38.000 |
12.523 |
9.287 |
|
(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 |
0.000 |
0.000 |
0.600 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
38.000 |
12.523 |
9.887 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
61.882 |
82.070 |
110.054 |
|
(c) Trade
receivables |
514.306 |
303.985 |
219.631 |
|
(d) Cash
and cash equivalents |
13.455 |
1.599 |
1.130 |
|
(e)
Short-term loans and advances |
8.637 |
6.643 |
4.348 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
598.280 |
394.297 |
335.163 |
|
|
|
|
|
|
TOTAL |
636.280 |
406.820 |
345.050 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
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|
Income |
|
|
|
|
|
|
Other Income |
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|
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TOTAL (A) |
2006.811 |
1939.324 |
1249.034 |
|
|
|
|
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|
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|
|
EXPENSES |
|
|
|
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|
|
|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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|
|
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TOTAL (B) |
2004.079 |
1934.698 |
1246.295 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.618 |
26.013 |
19.125 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.466 |
19.461 |
14.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.152 |
6.552 |
4.375 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.924 |
1.178 |
0.843 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.228 |
5.374 |
3.532 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.890 |
1.887 |
1.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.338 |
3.487 |
2.136 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.68 |
1.78 |
1.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.51 |
1.32 |
1.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.08 |
2.67 |
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92 |
2.79 |
5.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
19.537 |
19.537 |
19.537 |
|
Reserves & Surplus |
65.559 |
69.046 |
85.384 |
|
Net worth |
85.096 |
88.583 |
104.921 |
|
|
|
|
|
|
long-term borrowings |
194.980 |
236.828 |
218.483 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
194.980 |
236.828 |
218.483 |
|
Debt/Equity ratio |
2.291 |
2.674 |
2.082 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Income |
1249.034 |
1939.324 |
2006.811 |
|
|
|
55.266 |
3.480 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Income |
1249.034 |
1939.324 |
2006.811 |
|
Profit |
2.136 |
3.487 |
1.338 |
|
|
0.17% |
0.18% |
0.07% |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
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 |
FINANCIAL RESULTS:
The company has earned an income of Rs.2006.811 Million as compared to Rs.1939.324 Million during the previous year. Profit before depreciation and finance charges was Rs.16.618 Million as compared to Rs.26.013 Million during the previous year.
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10004012 |
19/01/2012 * |
230,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
D. NO.47-14-4, 47-14-5, ESWAR PARADISE, DWARAKANAGAR, VISAKHAPATNAM - 530016, ANDHRA PRADESH, INDIA |
B32237315 |
* Date of charge modification
FIXED ASSETS:
- Land
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer 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 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.62.20 |
|
|
1 |
Rs.92.93 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.