MIRA INFORM REPORT

 

 

Report Date :

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ASHA MERCANTILE PRIVATE LIMITED

 

 

Formerly Known As :

HARDIK IMPEX PRIVATE LIMITED

 

 

Registered Office :

1st Floor, Elphinstone House, Office No. 106, 17 Marzban Road, Mumbai-400001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

05.08.1998

 

 

Com. Reg. No.:

11- 116128

 

 

Capital Investment / Paid-up Capital :

Rs. 0.600 Million

 

 

CIN No.:

[Company Identification No.]

U51900MH1998PTC116128

 

 

IEC No.:

0398029610

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject acts as an Indenting Agent.

 

 

No. of Employees :

3 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company having moderate track. The management has not filed the financial of the company with the government department after the year 2009 and also denied for the same. Payments terms are unknown.

 

The company can be considered for business dealings on a secured trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Suresh Mehta

Designation :

Director

Contact No.:

91-9920108883

Date :

26.11.2011

 

LOCATIONS

 

Registered Office :

1st Floor, Elphinstone House, Office No. 106, 17 Marzban Road, Mumbai-400001, Maharashtra, India.

Tel. No.:

91-22-22072446

Mobile No.:

91-9920108883 (Mr. Suresh Mehta)

Fax No.:

91-22-22036617

E-Mail :

hardikim@mtnl.net.in

Website :

www.ashamercantile.com

Area :

485 Sq ft

Location :

Owned

 

DIRECTORS

 

As on 30.09.2009

 

Name :

Mr. Suresh Chandulal Mehta

Designation :

Director

Address :

Flat No. 7, 2nd Floor, Poonam Building, 67 Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

18.11.1958

Qualification :

B.A.

Date of Appointment :

05.08.1998

DIN No.:

00533804

 

 

Name :

Mrs. Asha Suresh  Mehta

Designation :

Director

Address :

Flat No. 7, Poonam Building, 67 Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

23.02.1958

Qualification :

B.A.

Date of Appointment :

05.08.1998

DIN No.:

00533922

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2009

 

Names of Shareholders

 

No. of Shares

Asha Suresh Mehta

 

13100

Smita Suresh Mehta

 

46900

TOTAL

 

60000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2009

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Subject acts as an Indenting Agent.

 

 

Products :

·         Non Ferrous Shredded Metal Scrap

·         Ferrous Shredded Metal Scrap, Finished Product

 

 

Terms :

 

Selling :

Cash and Credit (30 Days)

 

 

Purchasing :

Cash and Credit (30 Days)

 

GENERAL INFORMATION

 

Customers :

Wholesaler and Retailers

  • Anand Enterprise

 

 

No. of Employees :

3 (Approximately)

 

 

Bankers :

HDFC Bank, CST, Mumbai, Maharashtra, India

 

 

Facilities :

Unsecured Loan

As on

31.03.2009

(Rs. in

Millions)

As on

31.03.2008

(Rs. in

Millions)

From Body Corporate

 

 

Vaj Marketing Private Limited

0.360

0.360

Asha Suresh Mehta

0.320

0.320

Hardik Mehta

0.005

0.000

Total

0.685

0.680

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Haresh Karvat And Company

Chartered Accountant

Address :

101, Kailash Darshan, Anand Nagar, New Link Road, Dahisar (East), Mumbai-400068, Maharashtra, India.

PAN.:

AAFPK0788C

 

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

60000

Equity Shares

Rs.10/- each

Rs.0.600 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

60000

Equity Shares

Rs.10/- each

Rs.0.600 Million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.600

0.600

0.600

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.400

0.400

0.400

4] (Accumulated Losses)

(1.440)

1.379

(1.369)

NETWORTH

(0.440)

(0.379)

(0.369)

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.685

0.680

0.720

TOTAL BORROWING

0.685

0.680

0.720

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

0.245

0.301

0.351

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.001

0.001

0.001

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.025

0.025

0.025

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
0.195

0.295

0.390

 

Cash & Bank Balances
0.078

0.034

0.050

 

Other Current Assets
0.000

0.000

0.004

 

Loans & Advances
0.000

0.000

0.000

Total Current Assets
0.273

0.329

0.444

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.054

0.054

0.019

 

Other Current Liabilities
 

 

 

 

Provisions
 

 

 

Total Current Liabilities
0.054

0.054

0.119

Net Current Assets
0.219

0.275

0.325

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

0.245

0.301

0.351

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

31.03.2008

31.03.2007

 

SALES

 

 

 

 

 

Income

NA

NA

NA

 

 

Other Income

0.005

0.006

0.005

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

 

NET PROFIT/NET (LOSS)  AFTER TAX

(0.062)

(0.006)

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

(1.03)

(0.10)

NA

 

Expected Sales (2011-2012) : Rs.10.000 Millions

 

The above information has been parted by Mr. Suresh Mehta (Director)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

Debt Equity Ratio

(Total Liability/Networth)

 
(0.13)

(0.15)

(0.33)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
5.06

6.09

3.73

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

No
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

--
  1. Estimation for coming financial year

Yes
  1. Capital in Business

Yes
  1. Details of Sister Concern

--
  1. Major Suppliers

Yes
  1. Major Customers

Yes
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

--
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

--
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

OPERATION

 

During the year the company has made other income of Rs. 0.005 Million as compared to previous year Rs. 0.006 Million. The company has made a Net Loss Rs. 0.062 Million aggregating to Rs. 1.440 Million. The director is of the view that the current year will be highly successful.

 

TRADE REFERENCES

 

  • Anand Enterprise
  • Aloocap Metal DMCC

 

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 records 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.51.62

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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.