MIRA INFORM REPORT
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Report No. : |
345307 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
JENIL STEEL PRIVATE LIMITED |
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|
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|
Registered
Office : |
31, Broach Street, Iron Market, Devji Ratnshi, Marg Masjid East,
Mumbai – 400009, Maharashtra |
|
Tel. No.: |
91-22-23480250 |
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|
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.04.2002 |
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Com. Reg. No.: |
11-135401 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.500 Million |
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|
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CIN No.: [Company Identification
No.] |
U27104MH2002PTC135401 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMJ08055F |
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PAN No.: [Permanent Account No.] |
AABCJ0418M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Distributor and Importer of Iron and Steel. |
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No. of Employees
: |
Information declined by the management
|
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 |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 3rd April, 2002. It was promoted by Mr. Chandresh Tulsidas Mehta and Mr. Bhavnesh Doshi. It is engaged in the trading of wide range of long steel products such as wire rods, rounds, rebars and structures etc. It has satisfactory track record. Profitability of the company is low during FY2014. However, the company possesses decent networth base, significant improvement in gearing ratios and fair liquidity position. The rating also takes into consideration promoter's experience in the steel trading business and well-established relationship with customers and suppliers. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BB (Suspended) |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
11.11.2014 |
Reason for suspension: The ratings have been suspended as the company has not furnished the information
required by CARE for monitoring of the rating.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Jeni |
|
Designation : |
Business Head |
|
Contact No.: |
91-22-23480250 |
|
Date : |
14.10.2015 |
LOCATIONS
|
Registered Office : |
31, Broach Street, Iron Market, Mumbai – 400009, Maharashtra,
India |
|
Tel. No.: |
91-22-23480250/ 23481072/ 65751244/ 65751245/ 25020851 |
|
Fax No.: |
91-22-23717250/ 25020851 |
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E-Mail : |
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Website : |
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Warehouse : |
Shreenath Warehouse, Plot No. 1441, Iron and Steel Market Complex, Road No.16, Kalmaboli, New Mumbai – 410 208, Maharashtra, India , |
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Panvel Godown : |
Survey No. 6/4, Mukam Post – Phalaspha, Mumbai – Goa Highway, Taluka – Panvel, District – Raigad, Maharashtra, India |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Bhavnesh Jethalal Doshi |
|
Designation : |
Director |
|
Address : |
505, Krushal Tower, C Wing, G. M. Road,
Chembur, Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1963 |
|
Qualification : |
B. Com |
|
PAN No.: |
AABPD7473K |
|
Date of Appointment : |
03.04.2002 |
|
DIN No.: |
00397674 |
|
|
|
|
Name : |
Mr. Chandresh Tulsidas Mehta |
|
Designation : |
Director |
|
Address : |
1003/1004, Sai Vaibhav, Vikrant Circle, R.
B. Mehta Marg, Jhulelal Chowk, Ghatkopar (East),
Mumbai – 400077, Maharashtra,
India |
|
Date of Birth/Age : |
04.11.1957 |
|
Qualification : |
Inter Commerce |
|
Date of Appointment : |
03.04.2002 |
|
PAN No.: |
AAHPM3717B |
|
DIN No.: |
00498593 |
KEY EXECUTIVES
|
Name : |
Mr. Jeni |
|
Designation : |
Business Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Distributor and Importer of Iron and Steel. |
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|
|
|
Products : |
Iron and Steel |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
M. M. Mathuria and Associates Chartered Accountants |
|
Address : |
56/10, Botawala
Building Office No. 9 and 10, 1st Floor, Bomanji Master Lane,
Opposite Kalbadevi Post Office, Mumbai – 400002, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAPM9540R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Million |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850019 |
Equity Shares |
Rs.10/- each |
Rs. 8.500
Million |
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|
|
|
|
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 |
8.500 |
8.500 |
8.500 |
|
(b) Reserves & Surplus |
125.450 |
107.999 |
95.751 |
|
(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) |
133.950 |
116.499 |
104.251 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
263.349 |
|
(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) |
0.000 |
0.000 |
263.349 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
216.667 |
254.544 |
0.000 |
|
(b) Trade payables |
110.623 |
154.145 |
167.579 |
|
(c) Other current liabilities |
57.738 |
50.623 |
44.613 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
385.028 |
459.312 |
212.192 |
|
|
|
|
|
|
TOTAL |
518.978 |
575.811 |
579.792 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3.152 |
3.349 |
4.058 |
|
(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 |
60.647 |
57.147 |
51.867 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
63.799 |
60.496 |
55.925 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.500 |
|
(b) Inventories |
83.919 |
166.784 |
156.132 |
|
(c) Trade receivables |
328.381 |
311.945 |
315.557 |
|
(d) Cash and cash equivalents |
33.389 |
25.860 |
44.013 |
|
(e) Short-term loans and
advances |
9.490 |
10.726 |
7.665 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
455.179 |
515.315 |
523.867 |
|
|
|
|
|
|
TOTAL |
518.978 |
575.811 |
579.792 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2363.636 |
2705.091 |
2555.124 |
|
|
Other Income |
0.000 |
5.276 |
1.125 |
|
|
TOTAL
|
2363.636 |
2710.367 |
2556.249 |
|
|
|
|
|
|
|
Less |
EXPENSES |
2326.904 |
2655.363 |
2500.670 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
36.732 |
55.004 |
55.579 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
10.768 |
35.991 |
33.418 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
25.964 |
19.013 |
22.161 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
0.633 |
0.835 |
0.792 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
25.331 |
18.178 |
21.369 |
|
|
|
|
|
|
|
Less |
TAX |
7.880 |
5.930 |
7.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
17.451 |
12.248 |
14.369 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
94.251 |
79.882 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
106.499 |
94.251 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
20.53 |
14.41 |
16.9 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.74 |
0.45 |
0.56 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.55 |
2.03 |
2.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.88 |
3.16 |
3.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.62 |
2.18 |
2.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.12 |
2.47 |
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 |
8.500 |
8.500 |
8.500 |
|
Reserves & Surplus |
95.751 |
107.999 |
125.450 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
104.251 |
116.499 |
133.950 |
|
|
|
|
|
|
long-term borrowings |
263.349 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
254.544 |
216.667 |
|
Total
borrowings |
263.349 |
254.544 |
216.667 |
|
Debt/Equity
ratio |
2.526 |
2.185 |
1.618 |
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 |
2555.124 |
2705.091 |
2363.636 |
|
|
|
5.869 |
-12.623 |
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 |
2555.124 |
2705.091 |
2363.636 |
|
Profit |
14.369 |
12.248 |
17.451 |
|
|
0.56% |
0.45% |
0.74% |
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 |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from others |
136.130 |
156.370 |
|
Total |
136.130 |
156.370 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10429276 |
25/06/2014 * |
240,000,000.00 |
STATE BANK OF INDIA |
SPI. SIB BRANCH,
GHATKPOAR WEST, HOTEL ROA BLDG.,, |
C12121257 |
|
2 |
10321585 |
18/11/2011 |
110,000,000.00 |
STANDARD CHARTERED BANK |
SME CREDIT,
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, |
B27118579 |
|
3 |
10100859 |
16/04/2007 |
4,000,000.00 |
SYNDICATE BANK |
ADISHWAR APARTMENT,
PLOT NO.106/117,, M P VAIDYA |
A14780571 |
|
4 |
10054453 |
03/06/2014 * |
250,000,000.00 |
SYNDICATE BANK |
GHATKOPAR BRANCH,
ADISHWAR APTS., PLOT NO.106/117, |
C08514028 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Plant and equipment
- Furniture and fixtures
- Motor vehicles
- Office equipment
- Computer equipments
- Other 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.65.11 |
|
UK Pound |
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.