MIRA INFORM REPORT
|
Report Date : |
27.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
NETRA MERCANTILE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Cama Chamber, 1st Floor, 23, Nagindas Master Road, Fort,
Mumbai – 400 023, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.09.2001 |
|
|
|
|
Com. Reg. No.: |
11-133370 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 42.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2001PTC133370 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10574E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCN4276F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Dealers in HR, CR, GP, GI Coils or Sheets |
|
|
|
|
No. of Employees
: |
5 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 970000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
profitability of the company appears to be low. However, trade relations are reported as fair. Business is active.
Payment terms are 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based – letter at credit limited:
A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March 2013. |
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
|
Name : |
Mr. Kundan |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-22622261 |
|
Date : |
23.08.2013 |
LOCATIONS
|
Registered Office : |
Cama Chamber, 1st Floor, 23, Nagindas Master Road, Fort,
Mumbai – 400 023, Maharashtra, India |
|
Tel. No.: |
91-22-22622261 |
|
Fax No.: |
91-22-22622261 |
|
E-Mail : |
|
|
Located: |
Owned |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Vijendra Vijayraj Ranka |
|
Designation : |
Director |
|
Address : |
2639, Main Road, Gorakhpur, Jabalpur – 482 002, Madhya Pradesh, India |
|
Date of Appointment : |
18.03.2005 |
|
DIN No.: |
00164359 |
|
|
|
|
Name : |
Mr. Suresh
Baiju Bhise |
|
Designation : |
Whole-Time Director |
|
Address : |
Vishveshwar Co-Operative Hosing Society Limited , 109 / B - 12 MHDA Colony, Near Vasant Vihar Pokharan-2, Thane – 400 601, Maharashtra, India |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
02715021 |
|
|
|
|
Name : |
Mr. Mahadev Ramchandra Shringare |
|
Designation : |
Additional Director |
|
Address : |
301 / B, Shivchaya, CKP Colony, Eksar Road,, Borivli West, Mumbai – 400 091, Maharashtra, India |
|
Date of Appointment : |
03.05.2011 |
|
DIN No.: |
03541122 |
KEY EXECUTIVES
|
Name : |
Mr. Kundan |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of
Shareholders |
No. of Shares |
|
Vijendra Ranka |
5000 |
|
Suresh Bhise |
5000 |
|
Reynolds Petrochem Limited |
21600 |
|
Datta Industries India Limited |
19260 |
|
Gujarat Building Material P. Limited |
23400 |
|
Shresth Leasing and Fin. Limited |
29340 |
|
Ashwin Narendra Lodha |
4000000 |
|
Sheela Abhay Lodha |
146400 |
|
Total |
4250000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
2.20 |
|
Directors or relatives of Directors |
97.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers in HR, CR, GP, GI Coils or Sheets |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
5 (Approximately) |
|
|
|
|
Bankers : |
Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211,
Nariman Point, Mumbai - 400021, Maharashtra, India Tel No.:91-22-22884383 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Poonawala and Associates Chartered Accountants |
|
Address : |
126, |
|
Tel. No.: |
91-22-23412143 |
|
Mobile No.: |
91-9820746649 |
CAPITAL STRUCTURE
As on: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000 |
Equity Shares |
Rs.10/- each |
Rs. 42.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000 |
Equity Shares |
Rs.10/- each |
Rs. 42.500 Millions |
|
|
|
|
|
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 |
42.500 |
42.500 |
42.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
30.170 |
|
|
3] Reserves & Surplus |
201.468 |
158.332 |
45.028 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
243.968 |
200.832 |
117.698 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
449.988 |
|
|
2] Unsecured Loans |
49.239 |
49.239 |
0.000 |
|
|
TOTAL BORROWING |
49.239 |
49.239 |
449.988 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
293.207 |
250.071 |
567.686 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.062 |
0.087 |
0.114 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
90.416 |
90.473 |
290.736 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
371.055
|
208.960 |
492.549 |
|
|
Sundry Debtors |
314.070
|
396.179 |
4725.210 |
|
|
Cash & Bank Balances |
2.495
|
3.135 |
0.638 |
|
|
Other Current Assets |
0.000
|
0.000 |
291.126 |
|
|
Loans & Advances |
44.478
|
27.299 |
121.968 |
|
Total
Current Assets |
732.098
|
635.573 |
5631.491 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
449.995
|
449.999 |
5320.159 |
|
|
Other Current Liabilities |
46.109
|
0.006 |
19.214 |
|
|
Provisions |
33.265
|
26.057 |
15.282 |
|
Total
Current Liabilities |
529.369
|
476.062 |
5354.655 |
|
|
Net Current Assets |
202.729
|
159.511 |
276.836 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
293.207 |
250.071 |
567.686 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8978.668 |
5279.932 |
5018.925 |
|
|
|
Other Income |
5.414 |
4.478 |
536.945 |
|
|
|
TOTAL (A) |
8984.082 |
5284.410 |
5555.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost o material consumed |
9002.524 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(162.095) |
(16.411) |
|
|
|
|
Employee benefit expense |
1.330 |
1.286 |
|
|
|
|
Other administrative expense |
28.444 |
15.557 |
|
|
|
|
TOTAL (B) |
8870.203 |
5171.586 |
5451.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
113.879 |
112.824 |
104.744 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
50.000 |
50.113 |
68.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.879 |
62.711 |
36.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.026 |
0.039 |
0.048 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
63.853 |
62.672 |
36.088 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
20.717 |
21.302 |
7.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
43.136 |
41.370 |
28.345 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.15 |
9.73 |
N.A |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
12000.000 |
The above information has been parted by Mr. Kundan
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.48
|
0.78 |
0.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.71
|
1.19 |
0.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.72
|
9.86 |
0.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.31 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.20
|
0.25 |
3.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.34 |
1.05 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
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 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
ACTIVITY :
The company has developed very good market for H.R. COILS/SHEETS and
C.R.COIL/SHEETS at Mumbai. Looking to the present market potential we are
expecting to achieve a good turnover in next year. To conserve the reserves for
future expansion the board of directors has decided not to declare any dividend
for the year.
UNSECURED LOAN :
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Loans and Advances from Related Parties |
49.239 |
49.239 |
|
Total |
49.239 |
49.239 |
FIXED ASSETS :
- Computers
- Printers
- Air Conditioners
- Fridge
- Furniture and Fixtures
- Mobile Phone Instrument
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. 64.23 |
|
|
1 |
Rs. 100.00 |
|
Euro |
1 |
Rs. 85.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.