MIRA INFORM REPORT

 

 

Report No. :

347988

Report Date :

02.11.2015

 

IDENTIFICATION DETAILS

 

Name :

FARIDABAD STEEL MONGERS PRIVATE LIMITED

 

 

Registered Office :

Plot-80, Sector -25, Faridabad – 121004, Haryana

Tel No.:

91-129-4252400/4066666/4053388/4024477

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.06.2009

 

 

Com. Reg. No.:

05-039157

 

 

Capital Investment / Paid-up Capital :

Rs. 49.999 Million

 

 

CIN No.:

[Company Identification No.]

U52390HR2009PTC039157

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCF3830F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Iron and Steel

 

 

No. of Employees :

25 (Approximately)

 

 

RATING & COMMENTS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Faridabad Steel Mongers Private Limited is based in Faridabad (Haryana), and it was set up by Mr. Yogesh Kumar Gupta in 2004 as a partnership firm named SP Industries later it was reconstituted as private limited company in March 2009.

 

The rating is constrained on account of company’s moderate financial risk profile and huge external borrowing taken by the company, which acts as threatening to liquidity of the company.

 

The rating weakness is partial offsets by the extensive experience of the promoters in the steel trading segment and established track record of its operations.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for considered 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

CRISIL

Rating

Cash Credit = BB-

Rating Explanation

Moderate risk of default.

Date

10.09.2014

 

 

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 :

Mr. Sanjeev

Designation :

Account Manager

Contact No.:

91-9810948183

 

 

 

LOCATIONS

 

Registered Office :

Plot-80, Sector -25, Faridabad – 121004, Haryana, India

Tel. No.:

91-129-4252400/4066666/4053388/4024477

Mobile No.:

91-7210114492 (Mr. Yogesh Gupta)

Fax No.:

91-129-2234477

E-Mail :

faridabadsteel@rediffmail.com

Website :

http://www.faridabadsteelmonger.com

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mrs. Ila Gupta

Designation :

Director

Address :

House No. 1088, Sector, Faridabad-121007, Haryana, India

Date of Birth/Age :

03.01.1970

Date of Appointment :

01.06.2009

DIN No.:

02590086

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U52390HR2009PTC039157

FARIDABAD STEEL MONGERS PRIVATE LIMITED

Director

01/06/2009

01/06/2009

-

Active

NO

2

U70101HR2010PTC041675

MONGERS REAL ESTATE PRIVATE LIMITED

Director

08/12/2010

08/12/2010

-

Active

NO

3

U28113DL2011PTC216181

MONGERS COIL PROCESSORS PRIVATE LIMITED

Director

21/03/2011

21/03/2011

-

Active

NO

4

U70109DL2008PTC183341

JMA REAL ESTATE PRIVATE LIMITED

Director

01/09/2012

18/06/2011

-

Active

NO

 

 

Name :

Mr. Yogesh Kumar Gupta

Designation :

Director

Address :

House No. 1088, Sector, Faridabad-121007, Haryana, India

Date of Birth/Age :

08.06.1966

Date of Appointment :

01.06.2009

DIN No.:

 

00106749

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U27106DL1999PTC239642

HARYANA STEEL MONGERS PRIVATE LIMITED

Director

11/01/1999

11/01/1999

04/08/2009

Active

NO

2

U52390HR2009PTC039157

FARIDABAD STEEL MONGERS PRIVATE LIMITED

Director

01/06/2009

01/06/2009

-

Active

NO

3

U70101HR2010PTC041675

MONGERS REAL ESTATE PRIVATE LIMITED

Director

08/12/2010

08/12/2010

-

Active

NO

4

U28113DL2011PTC216181

Mongers Coil Processors Private Limited

Director

21/03/2011

21/03/2011

-

Active

NO

5

U70109DL2008PTC183341

JMA REAL ESTATE PRIVATE LIMITED

Director

01/09/2012

18/06/2011

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjeev

Designation :

Account Manager

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Yogesh Kumar Gupta

1755000

35.10

Ila Gupta

1250230

25.01

Jma Real Estate  Private Limited, India

1715500

34.31

Old Fields Sales Agencies Limited, India

112500

2.25

Uprigst Enterprises Limited, India

75000

1.50

Anuj Bansal

41430

0.83

Lata Bansal

41250

0.83

Dimensions Sales Associates, India

650

0.01

Midway Tradecom  Private Limited, India

6400

0.13

Jma Buildcon Limited, India

2000

0.04

Total

4999960

100.00

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

38.24

Directors or relatives of Directors

61.76

 

 

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Iron and Steel

 

 

Products :
  • HR Coils
  • Industrial Steel Sheets

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Advance Payment

 

 

Purchasing :

Cash and Advance Payment

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

25 (Approximately)

 

 

Bankers :

Bank Name

Union Bank of India

Branch

Sector 7, MCO 39, Sector 7, Huda Market, Faridabad - 121006, Haryana, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advance  from related parties

3.887

7.421

 

 

 

SHORT TERM BORROWING

 

 

Working capital loan from bank

474.985

413.388

Total

478.872

420.809

 

Auditors :

 

Name :

Y.K. Joneja and Company

Chartered Accountants

Address :

Samadhan Chambers, B-377-78, Nehru Ground, Faridabad - 121001, Haryana, India

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

AAVPJ9153J

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprises which are

owned, or have significant

influence of or are partners

with Key management

personnel and their relatives:
  • Mongers Coil Processors Private Limited, India

CIN No.:U28113DL2011PTC216181

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Shares

Rs.10/- each

Rs. 50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4999960

Equity Shares

Rs.10/- each

Rs. 49.999 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

49.999

40.047

40.047

(b) Reserves & Surplus

107.025

93.386

83.225

(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)

157.024

133.433

123.272

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

56.324

38.610

227.443

(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

0.000

0.000

0.000

Total Non-current Liabilities (3)

56.324

38.610

227.443

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

474.985

413.388

15.128

(b) Trade payables

33.913

11.862

24.023

(c) Other current liabilities

110.941

81.651

7.831

(d) Short-term provisions

1.597

3.455

0.359

Total Current Liabilities (4)

621.436

510.356

47.341

 

 

 

 

TOTAL

834.784

682.399

398.056

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

27.328

29.021

24.711

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

11.174

1.825

1.719

(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)

1.046

0.500

0.262

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

39.548

31.346

26.692

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

456.514

375.887

168.770

(c) Trade receivables

332.070

240.249

191.278

(d) Cash and cash equivalents

0.905

18.231

0.642

(e) Short-term loans and advances

5.747

16.686

10.674

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

795.236

651.053

371.364

 

 

 

 

TOTAL

834.784

682.399

398.056

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

SALES TURNOVER (Approximately)

4990.000

N.A

N.A

 

 

 

 

 

Less

TOTAL EXPENSES

N.A

N.A

N.A

 

 

 

 

 

 

PROFIT BEFORE TAX             

N.A

N.A

N.A

 

 

 

 

 

Less

TAX                                                                 

N.A

N.A

N.A

 

 

 

 

 

 

PROFIT AFTER TAX

13.589

10.161

7.722

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.71

2.03

1.54

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Audited) (Approximately)

 

 

5500.000

 

 

Expected Sales (2015-2016): Rs. 6000.000 Million

 

The above information has been parted by Mr. Sanjeev (Account Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

N.A

N.A

N.A

Cash generated from operations

N.A

N.A

N.A

Net cash flow from operating activity

20.391

15.627

4.891

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Net Profit Margin

 (PAT / Sales)

(%)

0.27

N.A

N.A

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

3.38

3.39

1.97

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28

1.28

7.84

 

 

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

40.047

40.047

49.999

Reserves & Surplus

83.225

93.386

107.025

Net worth

123.272

133.433

157.024

 

 

 

 

long-term borrowings

227.443

38.610

56.324

Short term borrowings

15.128

413.388

474.985

Total borrowings

242.571

451.998

531.309

Debt/Equity ratio

1.968

3.387

3.384

 

 

 

 

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

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

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 two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advance  from related director 

52.437

31.189

 

 

 

Total

52.437

31.189

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10195669

18/02/2015 *

435,000,000.00

UNION BANK OF INDIA

MCO 39, SECTOR 7, HUDA MARKET, SECTOR 7, FARIDABA- 121006 
D, HARYANA, INDIA

C46535605

 

 

FIXED ASSETS

  • Land
  • Buildings
  • Plant and equipment
  • Plant and equipment
  • Furniture and fixtures
  • 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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

KSH

 

 

Report Prepared by :

RKI

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

 

30

 

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.