MIRA INFORM REPORT

 

 

Report No. :

351894

Report Date :

26.11.2015

 

IDENTIFICATION DETAILS

 

Name :

AARTI STEELS LIMITED

 

 

Registered Office :

Miller Ganj, G. T. Road, Ludhiana – 141003, Punjab

Tel. No.:

91-161-3006100 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.06.1979

 

 

Com. Reg. No.:

16-003991

 

 

Capital Investment / Paid-up Capital :

Rs.103.590 Million

 

 

CIN No.:

[Company Identification No.]

U17115PB1979PLC003991

 

 

TIN No.:

Not Available

 

 

IEC No.:

1288032056

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JLDM01231G

 

 

PAN No.:

[Permanent Account No.]

AABCA4455D

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Iron and Steel Products.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 9200000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 1979 and it is engaged in manufacturing, exporting and importing of steel. It manufactures carbon, alloy and special steels. Its products include long products with configuration, round corner squares (RCS), wire rods and wires.

 

For the financial year ended 2014, the company has reported growth of 7.46% in its revenue but failed to maintained profit margins and reported low margins at 0.79% during the year under a review.

 

The ratings continue to derive comfort from company’s operational efficiencies with backward integration into manufacturing of sponge-iron, steel billets and captive power generation and steps taken by the company over the years to improve its product-mix by adding value added products such as wires, rounds, etc.

 

Rating also factor in company’s experiences management, its long track record of operations in its core business of manufacturing of iron and steel products, and its reputed client base in the auto component industry.

 

However, rating strength is partially offset by company’s high working capital intensity, and the inherent cyclical and completive nature of the steel industry.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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

ICRA

Rating

Term Loans = BBB

Rating Explanation

Have moderate degree of safety and carry credit risk

Date

December 2014

                                            

 

Rating Agency Name

ICRA

Rating

Term Loans = BBB

Rating Explanation

Have moderate degree of safety and carry credit risk

Date

December 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 31-03-2015.

 

 

LOCATIONS

 

Registered Office :

Miller Ganj, G. T. Road, Ludhiana – 141003, Punjab, India

Tel. No.:

91-161-3006100 

Fax No.:

91-161-3006150 / 3006153 / 3006155

E-Mail :

aslldh@satyam.net.in

info@aartisteelsltd.com

Website :

www.aartisteelsltd.com

 

 

Works 1  :

(Arc Furnace Division) Focal Point, Ludhiana – 141010, Punjab, India

Tel. No.:

91-161-3006200

Fax No.:

91-161-3600250

Email:

aarti@jla.vsnl.net.in

Web Site:

www.aartisteelsltd.com

 

 

Works 2 :

Ghantikhal P O Mahakalbasta, Via Athgarh, District Cuttack - 754029, Orissa, India

Tel. No.:

91-671-3061000 / 2871282

Fax No.:

91-671-3061150 / 2871281

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Omprakash Bhatia

Designation :

Director    

Address :

802, Himadri Apartment, 22 Ballygunge Park Road, Kolkata – 700019, West Bengal, India 

Date of Birth/Age :

15.07.1935

Date of Appointment :

30.09.2005

DIN No.:

01251010

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

L51909DL1981PLC023796

CREATIVE INTRA LIMITED

Managing director

01/08/2007

18/12/1981

14/03/2011

Active

NO

2

U17115PB1979PLC003991

AARTI STEELS LIMITED

Director

30/09/2005

30/09/2005

-

Active

NO

 

 

Name :

Mr. Mahesh Kumar Mittal

Designation :

Whole Time Director

Address :

154/1, Rani Jhansi Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

08.12.1959

Date of Appointment :

29.09.2011

PAN No.:

ABRPM6251F

DIN No.:

00765808

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

U17115PB1979PLC003991

AARTI STEELS LIMITED

Whole-time director

01/04/2010

30/09/2005

-

Active

NO

2

U27109PB1993PLC014037

AARTI INTERNATIONAL LIMITED

Whole-time director

01/04/2013

30/09/2005

18/03/2014

Active

NO

3

U27109PB1974PLC003486

LUDHIANA STEELS LTD

Director

29/09/2011

05/07/2011

06/02/2012

Active

NO

 

 

Name :

Mr. Rajeev Kumar Mittal

Designation :

Whole Time Director

Address :

154/1, Rani Jhansi Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

13.04.1962

Date of Appointment :

29.09.2012

PAN No.:

ACHPM4702A

DIN No.:

00765697

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

U17115PB1979PLC003991

AARTI STEELS LIMITED

Whole-time director

01/04/2010

30/09/2005

-

Active

NO

2

U27109PB1993PLC014037

AARTI INTERNATIONAL LIMITED

Whole-time director

01/04/2013

30/09/2006

18/03/2014

Active

NO

3

U27109PB1974PLC003486

LUDHIANA STEELS LTD

Director

29/09/2011

05/07/2011

06/02/2012

Active

NO

 

 

Name :

Mr. Gaurav Mittal

Designation :

Director

Address :

319, Dr. Sham Singh Road, Civil Lines, Ludhiana - 141001, Punjab, India

Date of Appointment :

30.09.2014

DIN No.:

01156416

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

U18101PB1990PLC010205

KUDU INDUSTRIES LIMTIED

Managing director

01/04/2009

20/03/1990

-

Active

NO

2

U70109PB2011PTC035271

Krishiv Estates Private Limited

Director

12/07/2011

12/07/2011

-

Active

NO

3

U17115PB1979PLC003991

AARTI STEELS LIMITED

Director

30/09/2014

30/09/2014

-

Active

NO

 

 

Name :

Mr. Joginder Yadav Kumar

Designation :

Whole Time Director

Address :

House No Hl 162, Punjab Housing Board Colony, Jamalpur, Focal Point, Ludhiana - 141010, Punjab, India

Date of Appointment :

16.02.2015

DIN No.:

07040740

 

 

Name :

Mr. Girish Mittal

Designation :

Director

Address :

House No 777-B, Aggar Nagar, Rajguru Naggar, Ludhiana - 141012, Punjab, India

Date of Appointment :

16.02.2015

DIN No.:

07069118

 

 

KEY EXECUTIVES

 

Name :

Mr. Dinesh Kumar Behal

Designation :

Secretary

Address :

3235 Phase – II, Urban Estate, Dugri, Ludhiana – 141013, Punjab, India

Date of Birth/Age :

19.02.1958

Date of Appointment :

25.04.2011

PAN No.:

ABUPB2010Q

 

 

Name :

Mr. D.K. Kapil

Designation :

Account Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Shiv Prasad (Karta)

 

1821

Mahesh Kumar Mittal (Karta)

 

10221

Raj Rani

 

39976

Rajeev Kumar (Karta)

 

9970

Aarti

 

1000

Shiv Prasad

 

142207

Uma Mittal

 

15551

Yash Paul Sharma

 

2

Shiv Desh Bandhu

 

2

Creative Intra Limited

 

484613

Rajeev Mittal

 

52870

Mahesh Mittal

 

56428

Sushen Mittal

 

14587

Gayatri Mittal

 

7294

Vinayak Mittal

 

12578

Alka Mittal

 

27166

Isabelle Traders Limited

 

142351

Shiv Prasad Agarwal and Sons

 

518

Dinesh Kumar

 

3

H.L. Real Estate Private limited, India

 

3178

Aarti International Limited, India

 

13563

Total

 

1035899

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

62.14

Directors or relatives of Directors

37.86

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Iron and Steel Products.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Alloy Steel

72249091

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :
  • Punjab National Bank, International Banking Branch, Industrial Area, Ludhiana - 141001 Punjab, India
  • State Bank of Patiala, Commercial Branch, Aarti Complex, G. T. Road, Miller Ganj, Ludhiana - 141003, Punjab, India
  • Indian Overseas Bank, Commercial Branch, Aarti Complex, G. T. Road, Miller Ganj, Ludhiana - 141003, Punjab, India
  • Corporation Bank, SCO-34, Feroze Gandhi Market, Pakhowal Road, Ludhiana - 141001, Punjab, India
  • IDBI Bank Limited, SCO 126-128, Kalinga Towers, Feroze Gandhi Market, Ludhiana - 141001, Punjab, India
  • Oriental Bank of Commerce, Overseas Branch, Jandu Tower, G. T. Road, Miller Ganj, Ludhiana - 141003, Punjab, India
  • Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

 

 

Bank Name

Not Divulged

Branch

Not Divulged

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 :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

686.846

1217.910

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

2548.493

2481.928

Total

3235.339

3699.838

 

 

 

Auditors :

 

Name :

N K Bector and Company

Chartered Accountants 

Address :

B-XX-3297/5 Gurdev Nagar Ludhiana, Punjab, India

PAN No.:

AAWPB1817G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Company :

  • Ludhiana Steels Limited

CIN No.: U27109PB1974PLC003486

 

 

Others :
  • Aarti International Limited, India

CIN No.: U27109PB1993PLC014037

  • Mittal Spintex Private Limited

CIN No.: U17290PB2011PTC034792

  • Aggarwal Spintex Private Limited

CIN No.: U17290PB2011PTC034791

  • Shiv Parshad Aggarwal & Sons

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.100/- each

Rs.150.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1035899

Equity Shares

Rs.100/- each

Rs.103.590 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

103.590

103.590

104.290

(b) Reserves & Surplus

3135.079

3046.183

3158.511

(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)

3238.669

3149.773

3262.801

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1329.261

1838.762

2046.65

(b) Deferred tax liabilities (Net)

562.326

627.202

704.245

(c) Other long term liabilities

23.088

23.684

1.320

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

1914.675

2489.648

2752.215

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2570.730

2499.677

2397.138

(b) Trade payables

474.627

516.895

667.609

(c) Other current liabilities

624.572

561.349

686.467

(d) Short-term provisions

17.196

13.272

8.205

Total Current Liabilities (4)

3687.125

3591.193

3759.419

 

 

 

 

TOTAL

8840.469

9230.614

9774.435

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3834.634

4427.711

4919.329

(ii) Intangible Assets

2.146

0.764

1.189

(iii) Capital work-in-progress

9.140

13.319

32.561

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

58.320

61.907

61.912

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

70.410

70.448

88.714

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

3974.650

4574.149

5103.705

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.050

0.047

1.544

(b) Inventories

1825.232

1844.878

1552.267

(c) Trade receivables

2306.186

2175.718

2227.908

(d) Cash and cash equivalents

38.150

74.370

125.211

(e) Short-term loans and advances

684.729

555.875

743.614

(f) Other current assets

11.472

5.577

20.186

Total Current Assets

4865.819

4656.465

4670.730

 

 

 

 

TOTAL

8840.469

9230.614

9774.435

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

11212.039

10409.632

10163.565

 

 

Other Income

13.315

36.355

21.916

 

 

TOTAL                                         (A)

11225.354

10445.987

10185.481

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

6397.274

6287.585

5546.179

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

103.083

(198.944)

(63.13)

 

 

Employee Benefits Expenses

351.905

349.051

310.446

 

 

Other Expenses

3093.001

2972.667

3037.563

 

 

TOTAL                                         (B)

9945.263

9410.359

8831.058

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

1280.091

1035.628

1354.423

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

588.265

595.065

540.008

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

691.826

440.563

814.415

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

667.807

663.724

558.161

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

24.019

(223.161)

256.254

 

 

 

 

 

Less

TAX                                                                  (H)

(64.876)

(132.043)

69.366

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

88.895

(91.118)

186.888

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

209.977

17.562

29.032

 

TOTAL EARNINGS

209.977

17.562

29.032

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

625.717

881.211

502.058

 

 

Stores & Spares

95.039

89.427

67.845

 

 

Capital Goods

4.700

8.404

0.865

 

TOTAL IMPORTS

725.456

979.042

570.768

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

85.81

(87.40)

179.20

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

383.275

336.244

401.228

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

1030.617

794.941

838.663

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

0.79

(0.88)

1.84

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

11.42

9.95

13.33

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.27

(2.44)

2.65

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

(0.07)

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.32

1.48

1.48

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.32

1.30

1.24

 

 

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

104.290

103.590

103.590

Reserves & Surplus

3158.511

3046.183

3135.079

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

3262.801

3149.773

3238.669

 

 

 

 

long-term borrowings

2046.650

1838.762

1329.261

Short term borrowings

2397.138

2499.677

2570.730

Current maturities of long-term debts

401.228

336.244

383.275

Total borrowings

4845.016

4674.683

4283.266

Debt/Equity ratio

1.485

1.484

1.323

 

 

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

10,163.565

10,409.632

11,212.039

 

 

2.421

7.708

 

 

 

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

10,163.565

10,409.632

11,212.039

Profit

186.888

(91.118)

88.895

 

1.84%

(0.88%)

0.79%

 

 

 

 

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

No

9

Promoter’s background

No

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

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

No

26

Turnover of firm for last three 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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Loans and advances from related parties

642.415

620.851

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

22.237

17.749

Total

664.652

638.600

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10557229

09/03/2015

2,853,800,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, AARTI COMPLEX, G.T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA

C47825021

2

10507571

14/06/2014

150,000,000.00

PUNJAB NATIONAL BANK

INTERNATIONAL BANKING BRANCH, PNB HOUSE, INDUSTRIAL AREA, LUDHIANA - 141003, PUNJAB, INDIA

C10196764

3

10507575

14/06/2014

150,000,000.00

PUNJAB NATIONAL BANK

INTERNATIONAL BANKING BRANCH, PNB HOUSE, INDUSTRIAL AREA, LUDHIANA - 141003, PUNJAB, INDIA

C10199982

4

10506286

11/06/2014

766,400,000.00

State Bank of India

INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER, DHOLEWAL CHOWK, G.T ROAD, LUDHIANA - 141003, PUNJAB, INDIA

C09449026

5

10526531

18/03/2014

250,000,000.00

CORPORATION BANK

PREMISES NO. 5, NEW LAJPAT NAGAR, PAKHOWAL ROAD, 
LUDHIANA - 141001, PUNJAB, INDIA

C30178131

6

10412815

28/02/2013

150,000,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, AARTI COMPLEX, G.T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA

B71116719

7

10252631

20/11/2010

200,000,000.00

IDBI BANK LIMITED

SCO 126-128, KALINGA TOWERS, FEROZE GANDHI MARKET, LUDHIANA - 141001, PUNJAB, INDIA

B00337717

8

10252628

19/11/2010

200,000,000.00

ORIENTAL BANK OF COMMERCE

OVERSEAS BRANCH, JANDU TOWER, G. T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA

B00318832

9

10246841

11/10/2010

250,000,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, G. T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA

A97569230

10

10244205

05/10/2010

250,000,000.00

CORPORATION BANK

SCO-34, FEROZE GANDHI MARKET, PAKHOWAL ROAD, LUDHIANA - 141001, PUNJAB, INDIA

A96682109

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

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.66.38

UK Pound

1

Rs.100.45

Euro

1

Rs.70.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

MTN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

45

 

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.