MIRA
INFORM REPORT
|
Report Date : |
05.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXECUTIVE TRADING COMPANY PRIVATE LIMITED |
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\ |
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Registered
Office : |
G-1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.03.1995 |
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Com. Reg. No.: |
11-086378 |
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Capital
Investment / Paid-up Capital : |
Rs. 39.430
Millions |
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CIN No.: [Company Identification
No.] |
U51909MH1995PTC086378 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05123G |
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PAN No.: [Permanent Account No.] |
AAACE3492M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importers, Stockiest and
Suppliers of iron and steels. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 293000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The latest
financial is missing from government department. However, from the previous
year company seems to be having satisfactory track. Trade relations are reported to be fair. Business is active. Payments
are reported to be unknown. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
G-1, Ashirwad Building, Ahmedabad Street, Carnac Bunder,
Mumbai – 400009, Maharashtra, India |
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Tel. No.: |
91-22-23484506/ 49127804/ 66103880 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Pankaj Rajkumar Sureka |
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Designation : |
Managing director |
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Address : |
33, Maker Tower ‘A’, Cuffe Parade, Mumbai – 400005, Maharashtra, India
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Date of Appointment : |
13.03.1995 |
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PAN No.: |
ALXPS7071H |
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DIN No.: |
00209530 |
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Other Directorship: |
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Name : |
Mr. Kshitij Rajkumar Sureka |
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Designation : |
Director |
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Address : |
33, Maker Tower ‘A’, Cuffe Parade, Mumbai – 400005, Maharashtra, India
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Date of Appointment : |
05.01.2000 |
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PAN No.: |
AMEPS2252E |
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DIN No.: |
00209457 |
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Other Directorship: |
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Name : |
Mr. Sumeet Ahuja |
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Designation : |
Director |
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Address : |
Shri R.K. Flour Mills, Bagadganj, Nagpur – 440008, Maharashtra, India |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03028958 |
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Other Directorship: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
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No. of Shares |
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Pankaj Rajkumar Sureka |
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233080 |
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Kshitij Rajkumar Sureka |
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161220 |
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Total |
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394300 |
AS ON 21.08.2012
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Names of Allottees |
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No. of Shares |
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Mrs. Babitha Pankaj Sureka |
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100 |
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Total |
|
100 |
AS ON 29.09.2012
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Equity Share Breakup |
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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
|
Line of Business : |
Importers, Stockiest and
Suppliers of iron and steels. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Punjab and Maharashtra Co-operative Bank Limited, No. 4 and 5, 3rd
Floor, Dreams Mall, L.B.S. Marg, Bhandup (West), Mumbai – 400078,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Tandon and Thanawala Chartered Accountants |
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Address : |
505, Abhay Steel
House, 5th Floor, 22, Baroda Street, Iron Market, Mumbai – 400009,
Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFT2134Q |
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Auditors 2 : |
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Name : |
Garg Brothers and Associates Chartered Accountants |
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Address : |
203, Skipper
Corner, 88, Nehru Place, New Delhi – 110019, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFG0988R |
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|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
Ø Executive
Developers Private Limited [U70102MH2008PTC183865] Ø
Peacock Hospitality Management Services Private
Limited [U74900MH2009PTC196300] |
|
|
|
|
Entities where Key Management Personnel or
relatives of Key Management Personnel have significant influence : |
Ø
Executive Traders Ø
Neelkanth Synthetics and Chemicals Private
Limited Ø
Cuffe Castle Trading Company Private Limited Ø
Grow Well Mercantile Private Limited Ø
Prigo Manpower Services Private Limited Ø
Gama Manpower Services Private Limited Ø Shivam Technical
Support Services Private Limited |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
394,400 |
Equity Shares |
Rs. 100/- each |
Rs. 39.440
Millions |
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AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
394,300 |
Equity Shares |
Rs. 100/- each |
Rs. 39.430
Millions |
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Note: (A) paid up share of 7476640 (Previous Year
3738320) Shares of Rs.10/-each fully paid up of the above 1358000 shares of
Rs.10/-each are issued to vendors as fully paid up for consideration other than
cash and bonus shares 3738320 of Rs.10/- each fully paid up.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
39.430 |
39.430 |
39.430 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.930 |
29.684 |
20.053 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
73.360 |
69.114 |
59.483 |
|
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LOAN FUNDS |
|
|
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|
|
1] Secured Loans |
364.859 |
2.988 |
0.172 |
|
|
2] Unsecured Loans |
0.000 |
6.679 |
0.000 |
|
|
TOTAL BORROWING |
364.859 |
9.667 |
0.172 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
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|
|
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|
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TOTAL |
438.219 |
78.781 |
59.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.244 |
14.044 |
7.622 |
|
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Capital work-in-progress |
34.480 |
0.000 |
0.000 |
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INVESTMENT |
7.040 |
7.040 |
7.040 |
|
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DEFERREX TAX ASSETS |
0.398 |
0.663 |
0.443 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
76.234
|
70.738 |
113.724 |
|
|
Sundry Debtors |
421.875
|
531.647 |
66.886 |
|
|
Cash & Bank Balances |
122.656
|
3.100 |
40.417 |
|
|
Other Current Assets |
18.496
|
3.933 |
0.000 |
|
|
Loans & Advances |
370.584
|
100.820 |
28.225 |
|
Total
Current Assets |
1009.845
|
710.238 |
249.252 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
594.938
|
636.296 |
202.093 |
|
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Other Current Liabilities |
26.798
|
10.504 |
0.000 |
|
|
Provisions |
3.200
|
6.600 |
2.855 |
|
Total
Current Liabilities |
624.936
|
653.400 |
204.948 |
|
|
Net Current Assets |
384.909
|
56.838 |
44.304 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.148 |
0.196 |
0.246 |
|
|
|
|
|
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TOTAL |
438.219 |
78.781 |
59.655 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
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|
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|
Other Income |
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TOTAL |
N.A. |
1720.043 |
N.A. |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
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|
|
|
|
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TOTAL |
N.A. |
1704.060 |
N.A. |
|
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|
|
|
|
|
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|
PROFIT BEFORE
TAX |
8.138 |
15.983 |
7.123 |
|
|
|
|
|
|
|
|
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Less |
TAX |
N.A. |
6.600 |
2.730 |
|
|
|
|
|
|
|
|
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PROFIT AFTER TAX
|
N.A. |
9.383 |
4.393 |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
N.A. |
66.00 |
11.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
N.A. |
0.55 |
N.A. |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.80 |
2.21 |
2.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.23 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
13.49 |
9.59 |
3.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.09 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: The registered address of the company has been shifted from 303, Abhay
Steel House, 59-E, Baroda Street, Masjid Bunder East, Mumbai - 400009,
Maharashtra, India to the present w.e.f. 30.09.2011
REVIEW OF OPERATIONS:
During the year the
Company has earned Profit of Rs.8.138 Millions as compared to previous year's
profit of Rs. 15.982 Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51909MH1995PTC086378 |
|
Name of the
company |
EXECUTIVE TRADING
COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
303, Abhay Steel
House, 59-E, Baroda Street, Masjid Bunder East, Mumbai - 400009, Maharashtra,
India Email: roc@sara-india.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Punjab and Maharashtra Co-operative Bank Limited, No. 4 and 5, 3rd
Floor, Dreams Mall, L.B.S. Marg, Bhandup (West), Mumbai – 400078,
Maharashtra, India Email: anitauppal@pmcbank.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of hypothecation |
|
Date of
instrument Creating the charge |
10.02.2010 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be decided,
from time to time, by the Bank. Margin As may be
decided, from time to time, by the Bank. Extent and Operation of the charge To secure the due
redemption of Letter of Credit facility, together with interest, costs,
charges and expenses thereon, granted by the Bank to the Company. |
|
Short particulars
of the property charged |
All, present and
future, Stocks of goods, stock-in-trade and consumer durables of the Company. All, present and
future, book debts, money receivable, claims and bills of or owing to the
Company All, present and
future, vehicle of the Company, including all fittings, tools, accessories,
spares and parts thereof. All tangible
moveable machinery and plant, present & future, of the Company |
FIXED ASSETS:
Ø
Plant and Machinery
Ø
Furniture and Fixture
Ø
Vehicles
Ø
Computer
Ø
Air Conditioner
Ø
Television
Ø
Office Equipment
Ø
Mobile
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. 54.95 |
|
|
1 |
Rs. 88.42 |
|
Euro |
1 |
Rs. 71.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
31 |
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.