|
Report Date : |
28.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHREE AGARWAL COAL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Devkripa 216, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.09.2001 |
|
|
|
|
Com. Reg. No.: |
11-133444 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.535 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U10100MH2001PTC133444 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS05753G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS6709L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Coal and Coke |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 430000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Latest
financial i.e. 2011-12 are missing from the government department. From the
available financials of 2011 it seems that there appears huge external
borrowing recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. Note: Profit and Loss Account for the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Working Capital Facility = BB (Suspended) |
|
Rating Explanation |
The inadequate credit quality. It carry high credit risk. |
|
Date |
12.07.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Working Capital Facility = A4 (Suspended) |
|
Rating Explanation |
The risk prone credit quality. It carry high credit risk. |
|
Date |
12.07.2012 |
Reason: ICRA suspended rating because of insufficient
information to as such 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
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mrs. Mansi |
|
Designation : |
Admin Head |
|
Date : |
26.12.2012 |
LOCATIONS
|
Registered Office : |
Devkripa 216, |
|
Tel. No.: |
91-712-2680883 / 2680693 / 2680736 |
|
Fax No.: |
91-712-2680782 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Dharampal Agarwal |
|
Designation : |
Director |
|
Address : |
290, Dharamkshetra Wardhaman Nagar, Nagpur – 400008, Maharashtra,
India |
|
Date of Birth/Age : |
05.10.1959 |
|
Date of Appointment : |
24.09.2001 |
|
DIN No.: |
01197286 |
|
|
|
|
Name : |
Mr. Darpan Dharampal Agarwal |
|
Designation : |
Director |
|
Address : |
290, Dharamkshetra Wardhaman Nagar, Nagpur – 400008, Maharashtra,
India |
|
Date of Birth/Age : |
10.07.1987 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
02174545 |
KEY EXECUTIVES
|
Name : |
Mrs. Mansi |
|
Designation : |
Admin Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dharmpal Agarwal |
|
9500 |
|
Rajkumari Agarwal |
|
5000 |
|
Shree Agarwal Oil Industries Private Limited, India |
|
49400 |
|
Earnest Fintrade and Investment Private Limited, India |
|
5000 |
|
Darpan Agarwal |
|
100 |
|
Marrytime Suppliers Private Limited, India |
|
289500 |
|
Thanjavur Commerce Private Limited, India |
|
220000 |
|
Shree Agarwal Finance India Private Limited, India |
|
175000 |
|
Total |
|
753500 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
98.06 |
|
Directors or relatives of Directors |
1.94 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Coal and Coke |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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No. of Employees : |
150 (Approximately) |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Bankers : |
Tel.
No.: 91-712-2544642 / 2544641 |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Agarwal Singhvi and Company Chartered Accountants |
|
Address : |
F 9 and 10 |
|
PAN.: |
AAKFA7401P |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
753500 |
Equity Shares |
Rs.10/- each |
Rs.7.535
millions |
|
|
|
|
|
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 |
7.535 |
7.535 |
7.535 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
102.218 |
91.662 |
83.203 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
109.753 |
99.197 |
90.738 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
35.504 |
189.909 |
174.475 |
|
|
2] Unsecured Loans |
149.751 |
88.048 |
61.549 |
|
|
TOTAL BORROWING |
185.255 |
277.957 |
236.024 |
|
|
DEFERRED TAX LIABILITIES |
5.240 |
5.873 |
5.427 |
|
|
|
|
|
|
|
|
TOTAL |
300.248 |
383.027 |
332.189 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.590 |
27.384 |
30.529 |
|
|
Capital work-in-progress |
1.958 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.343
|
17.688
|
12.972 |
|
|
Sundry Debtors |
60.566
|
90.601
|
53.855 |
|
|
Cash & Bank Balances |
28.414
|
109.454
|
113.043 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
281.385
|
225.855
|
248.703 |
|
Total
Current Assets |
391.708
|
443.598
|
428.573 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
98.491
|
82.551
|
122.153 |
|
|
Other Current Liabilities |
9.085
|
0.989
|
3.780 |
|
|
Provisions |
10.432
|
4.415
|
0.980 |
|
Total
Current Liabilities |
118.008
|
87.955
|
126.913 |
|
|
Net Current Assets |
373.700
|
355.643
|
301.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
300.248 |
383.027 |
332.189 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.76
|
3.74
|
4.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
5.04
|
3.37 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs.
In Millions
|
Particulars |
31.03.2011
|
31.03.2010
|
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
98.491
|
82.551
|
122.153 |
|
Total |
98.491
|
82.551
|
122.153 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
Registered office of the company has been shifted from Dharmkshetra Plot
290, Wardhman Nagar,
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U10100MH2001PTC133444 |
|
Name of the
company |
SHREE AGARWAL COAL INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Devkripa 216, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10008482 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur - 440033, Maharashtra, India |
|
Nature of
instrument creating charge |
1) Supplemental agreement of hypothecation of goods and assets for increase in the overall limit. 2) Supplemental agreement of loan for increase in the overall limit. 3) Letter regarding the grant of individual limits within overall limi |
|
Date of
instrument Creating the charge |
04.08.2011 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit: at
4% above base rate, present effective rate being 13.25% p.a. with monthly
rests. Terms of Repayment Cash credit: on
demand. Margin Finished goods: 25%. Book
debts/receivables: 30%. Letter of credit:
15/25%. Extent and Operation of the charge First charge by
way of hypothecation of stocks of coal both indigenous and imported, book
debts and other current assets of the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge by way of hypothecation of stocks of coal both indigenous and imported, book debts and other current assets of the company. |
|
Date of
instrument modifying the charge |
17.06.2010 |
|
Particulars of
the present modification |
By present modification cash credit limit was increased from Rs. 35.000 Millions to Rs. 100.000 Millions and letter of credit facility was increased from Rs. 270.000 Millions to Rs. 400.000 Millions. Thus total credit facilities stand at Rs. 500.000 Millions. The bifurcation of credit facilities stand as under: 1) Cash credit: Rs.100.000 Millions. 2) Letter of credit: Rs. 400.000 Millions. Total: Rs. 500.000 Millions. |
FIXED ASSETS:
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 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.54.85 |
|
|
1 |
Rs.88.55 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.