MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
Note: The correct name of the company is A J COAL PRIVATE
LIMITED
IDENTIFICATION DETAILS
|
Name : |
A J COAL PRIVATE LIMITED |
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Registered
Office : |
24-A, Coal Depot, Opposite Gadiada Police Chowky, Sewri (East), Mumbai
400015, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.02.1994 |
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Com. Reg. No.: |
076762 |
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CIN No.: [Company Identification
No.] |
U23100MH1994PTC076762 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Steam Coal |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 42096 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shekhar |
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Designation : |
Accountant |
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Contact No.: |
91-22-23724532 |
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Date : |
30.04.2011 |
LOCATIONS
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Registered Office : |
24-A, Coal Depot, Opposite Gadiada Police Chowky, Sewri (East), Mumbai
400015, |
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Tel. No.: |
91-22-23724532 |
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Mobile No.: |
91-9324051258 (Mr. Aman S Shah) |
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Fax No.: |
91-22-23753643 |
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E-Mail : |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Sanalal Jaychand Shah |
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Designation : |
Director |
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Address : |
2/3, Sandeep, Dr. M P Vaidya Marg, Ghatkopar (East), |
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Date of Birth/Age : |
22.03.1967 |
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Date of Appointment : |
23.02.1994 |
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Name : |
Mr. Aman Sanalal Shah |
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Designation : |
Director |
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Address : |
604, Gyaneshwar Apartment, 186, Veer Sawarkar Marg, Next
To Kismat Cinema, Prabhadevi, Mumbai –
400025, |
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Date of Birth/Age : |
29.08.1936 |
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Date of Appointment : |
23.02.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Shekhar |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanalal Jaychand Shah |
|
120750 |
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Aman Sanalal Shah |
|
129250 |
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Total |
|
250000 |
AS ON 27.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Steam Coal |
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Terms : |
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Selling : |
Cash, Credit (30-60-90 Days) |
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Purchasing : |
Cash, Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Syndicate Bank,
Plot 106/117, Adishwar Apartments, Manubhai P Vaidya Lane, Tilak Road,
Ghatkopar, Mumbai - 400077, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayesh Sanghrajka and Company Chartered Accountant |
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Address : |
Dadar (East), Mumbai 400014, |
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Tel. No.: |
91-22-40774600 |
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Fax No.: |
91-22-40774606 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
300.000 |
Expected Sales (2011-2012) : Rs.350.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.024 |
5.349 |
3.951 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.524 |
7.849 |
6.451 |
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LOAN FUNDS |
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1] Secured Loans |
9.346 |
18.027 |
16.279 |
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2] Unsecured Loans |
7.603 |
3.404 |
4.899 |
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TOTAL BORROWING |
16.949 |
21.431 |
21.178 |
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DEFERRED TAX LIABILITIES |
0.105 |
0.000 |
0.000 |
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TOTAL |
27.578 |
29.280 |
27.629 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.153 |
2.039 |
1.057 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.872
|
1.653 |
1.377 |
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Sundry Debtors |
41.971
|
50.032 |
47.650 |
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Cash & Bank Balances |
0.074
|
0.091 |
2.171 |
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Other Current Assets |
2.173
|
3.120 |
0.000 |
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Loans & Advances |
13.518
|
11.765 |
13.708 |
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Total
Current Assets |
58.608
|
66.661 |
64.906 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
31.234
|
30.565 |
36.818 |
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Other Current Liabilities |
0.161
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|
1.516 |
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Provisions |
1.788
|
2.208 |
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Total
Current Liabilities |
33.183
|
39.421 |
38.334 |
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Net Current Assets |
25.425
|
27.241 |
26.572 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.578 |
29.280 |
27.629 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
252.245 |
204.382 |
176.564 |
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Other Income |
2.327 |
4.344 |
4.266 |
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TOTAL (A) |
254.572 |
208.726 |
180.830 |
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Less |
EXPENSES |
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Cost of Materials |
236.106 |
195.849 |
167.766 |
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Administrative Expenses |
7.302 |
3.437 |
2.253 |
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Personal Expenses |
4.569 |
4.047 |
3.453 |
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Other Expenses |
0.000 |
0.000 |
3.295 |
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TOTAL (B) |
247.977 |
203.333 |
176.767 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.595 |
5.393 |
4.063 |
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Less |
FINANCIAL
EXPENSES (D) |
2.567 |
2.971 |
2.388 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.028 |
2.422 |
1.675 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.295 |
0.312 |
0.260 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.733 |
2.110 |
1.415 |
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Less |
TAX (H) |
1.058 |
0.713 |
0.510 |
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PROFIT AFTER TAX
(G-H) (I) |
2.675 |
1.397 |
0.905 |
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Earnings Per
Share (Rs.) |
10.70 |
5.59 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
|
31.03.2008 |
|
PAT / Total Income |
(%) |
1.05
|
0.67 |
0.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.48
|
1.03 |
0.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.14
|
5.09 |
2.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.27 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.76
|
7.75 |
9.23 |
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Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.69 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
|
|
|
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|
Sundry Creditors far Goods |
30.903 |
29.211 |
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|
Sundry Creditors for Expenses |
0.331 |
1.354 |
|
TRADE REFERENCE:
- Kriplon
Synthetics (P) Limited
- Alok
Industries Limited
- Jindal Poly
Films Limited
FIXED ASSETS:
- Hero Handa
- Air
Conditioner
- Motor Car Zen
- Cars
- Car Scorpio
FORM 8
|
Corporate
identity number of the company |
U23100MH1994PTC076762 |
|
Name of the
company |
A J COAL PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
24-A, Coal Depot, Opposite Gadiada Police Chowky, Sewri (East), Mumbai
400015, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
SYNDICATE BANK |
|
Nature of
instrument creating charge |
a) Supplemental
Hypothecation Agreement. b) Charge and
Hypothecation of Book Debts-Agreement. (Collectively
constitute a single charge for Rs.28.000 Millions). |
|
Date of
instrument Creating the charge |
31/01/2011 |
|
Amount secured by
the charge |
Rs.28.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest shall be
charged on the outstanding in the said credit facilities @ BR + 5.50% over
& above the Syndicate Bank's PLR/PTLR raising or falling therewith from
time to time. Terms of repayment By operating
briskly to the extent of limit/ drawing power fixed and bring it to credit at
least once a year and closing it at time by this end of one year. Margin As may be
stipulated by the Bank from time to time. Extent and operation of the charge Hypothecation by
way of First Charge on Company's stocks and book debts, together with interest,
costs, charges, expenses and other monies payable there under shall be
secured against the property specified under item No 15. |
|
Short particulars
of the property charged (Including location of the property) |
All the goods,
stocks, raw materials, finished goods, unfinished goods, movable property of
any kind, plant, machinery, fixtures, implements, fittings All the Borrowers
present and future other debts, outstanding monies, receivables, claims,
bills, contracts, securities, investments, goodwill, rights and assets |
|
Date of
instrument modifying the charge |
09/08/2010 |
|
Particulars of
the present modification |
The charge shall
now stand increased from Rs.25.000 Millions to Rs.28.000 Millions in favour
of the Bank. |
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 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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.