MIRA
INFORM REPORT
|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABS MERCANTILES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
89-A, Ground Floor, Jamrudpur, Greater Kailash-I, New Delhi - 110048 |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
29.04.1997 |
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|
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Com. Reg. No.: |
55-086948 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231DL1997PTC086948 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA07751C |
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|
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PAN No.: [Permanent Account No.] |
AABCA8568R |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Pharmaceutical Bulk Drugs and its
intermediaries and also operates agency of Tata Motors. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 335000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
profitability of the company appears to be low. The ratings also take into consideration the weak competitive position
on accounts of the commoditized nature of its business. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit facilities : (ICRA) BB |
|
Rating Explanation |
Having moderate risk of default regarding timely
servicing of financial obligation. |
|
Date |
January 2012 |
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/ Branch : |
89-A, Ground Floor, Jamrudpur, Greater Kailash-I, New Delhi - 110048, India
|
|
Tel. No.: |
91-11-47177000 |
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Fax No.: |
91-11-47177077 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
C-980, Sushant Lok, Phase-I, Gurgaon-122015, Haryana, India |
|
Tel. No.: |
91-124-4272602/ 4272603 |
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Fax No.: |
91-124-4272603/ 2392980 |
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|
|
|
Gurgaon Depot |
Shop No. 1, 1st Floor, Saket Commercial Complex, 56/ 9,
New Railway Road, Gurgaon - 122001, Haryana, India |
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Tel. No.: |
91-124-4203532/ 2331073 |
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|
|
|
Baddi Depot |
Shop No. 9, 1st Floor, Modern Complex, Sai Road, Baddi,
District Solan - 173212, Himachal Pradesh, India |
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|
|
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Roorkee Depot |
Opposite BSNL Building, Awas Vikas, Roorkee - 247667, Uttarakhand, India |
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Chandigarh (Branch Office) |
95, 1st Floor, Sector - 9, Panchkula - 134109, Haryana, India |
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Tel. No.: |
91-172-4647730 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Bodh Raj Sikri |
|
Designation : |
Director |
|
Address : |
980, Sushant Lok-1, Gurgaon - 122015, Haryana, India |
|
Date of Appointment : |
29.04.1997 |
|
PAN No.: |
AAMPS1678J |
|
Din No.: |
01134045 |
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|
|
|
Name : |
Mrs. Sushila Sikri |
|
Designation : |
Director |
|
Address : |
B -151, Lajpat Nagar-I, New Delhi - 110024, India |
|
Date of Appointment : |
29.04.1997 |
|
PAN No.: |
AAVPS6534L |
|
Din No.: |
01133903 |
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|
|
|
Name : |
Mr. Pochiraju Hanumantsubba Rao |
|
Designation : |
Director |
|
Address : |
F -148, Lajpat Nagar-I, New Delhi - 110024, India |
|
Date of Appointment : |
02.05.1997 |
|
PAN No.: |
ACDPR6731L |
|
Din No.: |
00448249 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bhoj Raj Sikri |
|
1394630 |
|
Sushila Sikri |
|
100 |
|
Pochiraju Hanumantsubba Rao |
|
605270 |
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|
|
|
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Total |
|
2000000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceutical Bulk Drugs and its intermediaries
and also operates agency of Tata Motors. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ø Punjab National
Bank, BO High Value Branch, MG Road, The Plaza Mall, M.G. Road, Gurgaon –
122002, Haryana, India Ø Standard
Chartered Bank, 10, Parliament Street, New Delhi – 110001, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
PVSP and Company Chartered Accountants |
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Address : |
5, Pusa Road, 1st Floor, New Delhi-110005, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFB4973K |
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|
|
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Other Related Parties : |
Ø BRS Mercantiles
Private Limited Ø Nest Wave
(India) Ø Auronet Pharma
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
9.500 |
|
|
3] Reserves & Surplus |
63.813 |
38.373 |
23.111 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
83.813 |
58.373 |
42.611 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
62.538 |
63.796 |
120.115 |
|
|
2] Unsecured Loans |
42.016 |
18.130 |
11.848 |
|
|
TOTAL BORROWING |
104.554 |
81.926 |
131.963 |
|
|
DEFERRED TAX LIABILITIES |
5.760 |
4.803 |
3.718 |
|
|
|
|
|
|
|
|
TOTAL |
194.127 |
145.102 |
178.292 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
76.184 |
76.337 |
83.719 |
|
|
Capital work-in-progress |
5.218 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
2.352 |
0.039 |
0.014 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
183.343
|
47.312 |
53.855
|
|
|
Sundry Debtors |
266.577
|
232.990 |
192.488
|
|
|
Cash & Bank Balances |
20.475
|
17.240 |
6.374
|
|
|
Other Current Assets |
114.441
|
83.103 |
0.000
|
|
|
Loans & Advances |
10.207
|
9.113 |
72.434
|
|
Total
Current Assets |
595.043
|
389.758 |
325.151 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
419.076
|
271.670 |
198.743
|
|
|
Other Current Liabilities |
54.028
|
42.706 |
28.930
|
|
|
Provisions |
11.566
|
6.656 |
2.919
|
|
Total
Current Liabilities |
484.670
|
321.032 |
230.592 |
|
|
Net Current Assets |
110.373
|
68.726 |
94.559
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
194.127 |
145.102 |
178.292 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
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|
|
|
|
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Other Income |
|
|
|
|
|
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TOTAL |
1382.100 |
1292.679 |
1074.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
1269.675 |
1059.502 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
1269.675 |
1059.502 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
23.004 |
15.318 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
7.742 |
4.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
25.440 |
15.262 |
10.693 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
20.067 |
17.583 |
11.764 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.72 |
7.63 |
10.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.84
|
1.18
|
0.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
4.94
|
3.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.39
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.25
|
1.40
|
3.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.21
|
1.41 |
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
three years |
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 |
Yes |
|
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 |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Deposit |
1.665 |
1.665 |
|
Other Loans and Advances |
40.351 |
16.465 |
|
Total |
42.016 |
18.130 |
CORPORATE
INFORMATION:
Subject is engaged in trading of medicines and also operating the agency
of Tata motors. The company registered office is in Delhi. The company has been
incorporated in the year 1997.
PERFORMANCE:
During the year, the performance of the company was satisfactory and the
company has continued to maintain the track record of earning profits. The
total turnover achieved by the company during the year is Rs. 1382.100
Millions. Considering the present position of the company the Directors are
opinion that the company has the immense potential and adequate resources to
achieve the rapid rate of growth in the coming years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24231DL1997PTC086948 |
|
Name of the
company |
ABS MERCANTILES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
89-A, Ground Floor, Jamrudpur, Greater Kailash-I, New Delhi – 110048,
India Email: deepika@provestment.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10255070 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered Bank, 10, Parliament Street, New Delhi – 110001,
India Email: sme.form8@sec.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry – Supplemental |
|
Date of
instrument Creating the charge |
19.12.2012 |
|
Amount secured by
the charge |
Rs. 290.078
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and Operation of the charge Extent and
Operation – 100% Others The above is to
secure the following: ABS Merchantiles
Private Limited – Rs. 194.978 Millions Next Wave (India)
– Rs. 95.100 Millions |
|
Short particulars
of the property charged |
Equitable
mortgage by way of first charge over company’s immovable property i.e.
property bearing Sco No. 307, City Centre, Sector-29, Gurgoan (Haryana)
together with all buildings and structures thereon or to be thereon. |
|
Date of
Modification |
05.01.2012 |
|
Particulars of
the present modification |
Bank’s first
charge over company’s immovable property i.e. property bearing Sco No. 307,
City Centre, Sector-29, Gurgoan (Haryana) together with all buildings and
structures thereon or to be thereon, already registered for Rs. 264.500
Millions shall stand enhanced to Rs. 290.078 Millions. |
CONTINGENT
LIABILITIES:
i) Estimated
amount of Contracts remaining to be executed on capital account and not
provided for - Rs. Nil
ii) Claims against
the company not acknowledge as debts Rs. Nil.
iii) Demand Raised
by income tax department for the A.Y 2009-10 Rs. 0.333 Million and for the A.Y
2010-11 Rs. 0.561 Million against which the company has deposit 50% of total
demand Rs. 0.447 Million under protest. However the company has disputed the
said demand and filled appeals before the CIT (A) Ghaziabad and the appeals are
pending as on the signing of balance sheet date.
FIXED ASSETS:
Ø Building
Ø Factory Building
Ø Plant and Machinery
Ø Furniture and Fixture
Ø Vehicle
Ø Motor Vehicles
Ø Office Equipments
Ø Computer Equipments
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 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. 54.17 |
|
|
1 |
Rs. 82.99 |
|
Euro |
1 |
Rs. 70.62 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.