|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SNP MERCHANTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Office No.702, Union Trade Center, Udhana Darwaja,
Udhana Road, Surat-395002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.04.2010 |
|
|
|
|
Com. Reg. No.: |
04-060508 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.364 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52395GJ2010PTC060508 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS10299C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of coal. |
|
|
|
|
No. of Employees
: |
16 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The management has failed to file its financial with government
department for the year 2013. As per previous financial of 2012, profitability of the company
appears to be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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. Purnendu Ajit Pani |
|
Designation : |
Director |
|
Contact No.: |
91-9327751044 |
|
Date : |
13.12.2013 |
LOCATIONS
|
Registered Office : |
7th Floor, Office No.702, Union Trade Center, Udhana
Darwaja, Udhana Road, Surat-395002, Gujarat, India |
|
Tel. No.: |
91-261-3077212 |
|
Mobile No.: |
91-9327751044 (Mr. Purnendu Pani) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Purnendu Ajit Pani |
|
Designation : |
Director |
|
Address : |
B-1/704, Prasiddhi Apartment, Near Pipload Jakat Naka, Pipload, Surat,
Gujarat, India |
|
Date of Birth/ Age: |
07.02.1979 |
|
Date of Appointment : |
30.04.2010 |
|
DIN No.: |
02995116 |
|
|
|
|
Name : |
Ms. Nilima Purnendu Pani |
|
Designation : |
Director |
|
Address : |
B-1/704, Prasiddhi Apartment, Near Pipload Jakat Naka, Pipload, Surat,
Gujarat, India |
|
Date of Birth/ Age: |
20.02.1987 |
|
Date of Appointment : |
30.04.2010 |
|
DIN No.: |
02979011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Mr. Purnendu Ajit Pani |
107500 |
|
Ms. Nilima Purnendu Pani |
115000 |
|
Ganesh Madanlal Shah |
10 |
|
Jigar Mahendra Shah |
10 |
|
Anil Ishwar Kapadia |
10 |
|
Bhavin Vijay Pathak |
10 |
|
Jaiswal Sahdev Haridwar |
10 |
|
Anupam Ajit Pani |
37500 |
|
Beenapani Shridhar Panda |
13125 |
|
Shambhunath Ajit Pani |
14375 |
|
Deeprendu Shridhar Panda |
17500 |
|
Purnendu Pani HUF |
8850 |
|
Integral Distributors Private Limited, India |
31250 |
|
Kamna Sales Private Limited, India |
37500 |
|
Effort Agencies Private Limited, India |
31250 |
|
Renuwala Pani |
22500 |
|
TOTAL |
436400 |
As on 16.10.2013
|
Names of Allottees |
No. of Shares |
|
Abhishek Roadways |
18182 |
|
Beenapani Pani |
18182 |
|
Sai Abhishek and company |
18182 |
|
Shree Ajit Roadlines |
18182 |
|
Smeet Transport |
18182 |
|
|
|
|
TOTAL |
90910 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Bodies corporate |
22.91 |
|
Directors or relatives of Directors |
77.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of coal. |
|
|
|
|
Imports : |
|
|
Products : |
Coal |
|
Countries : |
Indonesia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
16 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Indian Overseas Bank, Rudaraksh Bhawan, Navjivan
Circle, U. M. Road, Surat-394010, Gujarat, India ·
HDFC Bank Limited, HDFC Bank House Senapati Bapat
Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Cash Credit
Limit Rs. 120.000 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Somani and Company Chartered Accountant |
|
Address : |
1001, Rathi Palace, Ring Road, Surat-395002, Gujarat, India |
|
Telfax. No.: |
91-261-2323678 / 2352249 |
|
Mobile No.: |
91-9925224379 / 9825111613 / 9374716202 |
|
E-Mail : |
|
|
Pan No.: |
AAYFS2920H |
|
|
|
|
Sister Concern : |
·
Sai Shetty Enterprises Private Limited ·
Smeet Logistic Private Limited |
CAPITAL STRUCTURE
AFTER 28.09.2012
Authorised Capital : Rs. 7.500 Millions
Issued, Subscribed & Paid-up Capital : Rs. 6.731
Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
436400 |
Equity Shares |
Rs.10/- each |
Rs. 4.364
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4.364 |
0.100 |
|
(b) Reserves & Surplus |
|
25.059 |
0.037 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.050 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
29.473 |
0.137 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
63.542 |
0.053 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
63.542 |
0.053 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
81.735 |
3.188 |
|
(c) Other current
liabilities |
|
0.520 |
0.000 |
|
(d) Short-term provisions |
|
1.106 |
0.024 |
|
Total Current Liabilities (4) |
|
83.361 |
3.212 |
|
|
|
|
|
|
TOTAL |
|
176.376 |
3.402 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.000 |
0.000 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
3.580 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.031 |
0.042 |
|
Total Non-Current Assets |
|
3.611 |
0.042 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
14.014 |
0.000 |
|
(b) Inventories |
|
0.000 |
3.065 |
|
(c) Trade receivables |
|
119.113 |
0.000 |
|
(d) Cash and cash
equivalents |
|
0.790 |
0.172 |
|
(e) Short-term loans and
advances |
|
38.848 |
0.123 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
172.765 |
3.360 |
|
|
|
|
|
|
TOTAL |
|
176.376 |
3.402 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
378.896 |
0.619 |
|
|
|
Other Income |
|
1.494 |
0.000 |
|
|
|
TOTAL (A) |
|
380.390 |
0.619 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
367.317 |
3.564 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
|
3.065 |
(3.065) |
|
|
|
Employee Benefit Expenses |
|
1.975 |
0.040 |
|
|
|
Other Administrative Expenses |
|
0.527 |
0.014 |
|
|
|
TOTAL (B) |
|
372.884 |
0.553 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
7.506 |
0.066 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
4.051 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
3.455 |
0.066 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.011 |
0.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
|
3.444 |
0.056 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
1.065 |
0.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
2.379 |
0.037 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.53 |
0.05 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
740.000 |
Expected Sales (2013-2014) : Rs.1200.000 Millions
The above information has been parted by Mr. Purnendu Ajit Pani
(Director)
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
0.63 |
5.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.91 |
9.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.99 |
1.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.16 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.07 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
Note: Registered office has been shifted from A/101, RS No.221,
Rameshwaram Residency, LP Savani Road, Adajan, Surat-395 009, Gujarat, India to
the present address w.e.f.03.04.2012
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
16.708 |
0.000 |
|
Loans from Directors |
0.000 |
0.019 |
|
Others |
9.157 |
0.034 |
|
Total |
25.865 |
0.053 |
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10446012 |
31/08/2013 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B83550921 |
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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.