MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRADEWELL FERROMET PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Room No. 22, Basement Plot No. 25C, Sonilika Apartment, Chandawadi,
Nanubhai Desai Road, Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.11.2006 |
|
|
|
|
Com. Reg. No.: |
11-165515 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.101 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2006PTC165515 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Stainless Steel Scrap |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 84500 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Sloe but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was started as proprietary concern in 2004 with the name “Tradewell”. And later in the year 2006 it got converted into private limited
company. It is having a moderate track record. The profitability of the company
seems to be low. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
Ms. Ankiti |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-66362334 |
|
Date : |
13.06.2013 |
LOCATIONS
|
Registered Office : |
Room No. 22, Basement Plot No. 25C, Sonilika Apartment, Chandawadi,
Nanubhai Desai Road, Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-66362334/ 22005241 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
Shop No. 6, 12th Khetwadi, Mahimwala Building, Charni Road
(East), Mumbai – 400004, Maharashtra, India |
|
Tel No. : |
91-22-3821518/19, 66362334 |
|
Fax No. : |
91-22-23854254 |
|
|
|
|
Warehouse
Address : |
Survey No. – 16/1, Adoshi Road, Dheku Village, Taluka Khalapur,
District Raigad, Khapoli – 410203, Maharashtra, India |
DIRECTORS
As on: 25.09.2012
|
Name : |
Mr. Prakash Rajmal Mehta |
|
Designation : |
Director |
|
Address : |
Room No. 46, 2nd Floor, 5A, Vora Building Sindhi Lane,
Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1962 |
|
Date of Appointment : |
13.11.2006 |
|
DIN No. : |
00646216 |
|
|
|
|
Name : |
Mr. Ajit Mafatlal Mehta |
|
Designation : |
Director |
|
Address : |
99/A, Parekhwadi, 5th Floor,
202, V.P. Road, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1985 |
|
Date of Appointment : |
13.11.2006 |
|
DIN No. : |
02266065 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Prakash Rajmal Mehta |
55170 |
|
Naresh Mehta |
62500 |
|
Babulal Rajmal Mehta |
87500 |
|
Ajit Mafatlal Mehta |
75000 |
|
Stainless Tradin India Limited |
200000 |
|
Prakashl Mehta HUF |
25000 |
|
Omprakash Siremal Kanungo |
5000 |
|
|
|
As on: 25.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Stainless Steel Scrap |
|
|
|
|
Imports : |
|
|
Products : |
Stainless Steel Scrap |
|
Countries : |
·
USA ·
Belgium |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Others |
|
|
|
|
No. of Employees : |
15 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of Baroda, Gamdevi Branch, Geeta Building,
Pandita Rambai Road, Gamdevi, Mumbai – 400007, Maharashtra, India ·
HDFC Bank Limited ·
ICICI Bank Limited |
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Kanungo and Associates Chartered Accountants |
|
Address : |
203, Rajgiri Appartment, A Wing, 13th Khetwadi Back Road, Mumbai –
400004, Maharashtra, India |
|
PAN No. : |
AABPK7808F |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
410170 |
Equity Shares |
Rs.10/- each |
Rs.4.101 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 |
|
4.101 |
4.102 |
|
(b) Reserves & Surplus |
|
17.048 |
10.743 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
247.872 |
195.161 |
|
(b) Deferred tax liabilities (Net) |
|
0.150 |
0.009 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
50.229 |
0.000 |
|
(b) Trade payables |
|
82.951 |
67.055 |
|
(c) Other current
liabilities |
|
5.536 |
4.189 |
|
(d) Short-term provisions |
|
0.014 |
0.519 |
|
TOTAL |
|
407.901 |
281.778 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8.155 |
7.331 |
|
(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 |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2.593 |
1.600 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
129.022 |
100.794 |
|
(c) Trade receivables |
|
219.829 |
162.418 |
|
(d) Cash and cash
equivalents |
|
29.919 |
5.843 |
|
(e) Short-term loans
and advances |
|
18.305 |
3.687 |
|
(f) Other current
assets |
|
0.078 |
0.105 |
|
TOTAL |
|
407.901 |
281.778 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
4.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4.602 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8.702 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
158.397 |
|
|
TOTAL BORROWING |
|
|
158.397 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.131 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
167.230 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8.587 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
77.242 |
|
|
Sundry Debtors |
|
|
109.441 |
|
|
Cash & Bank Balances |
|
|
0.864 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
5.779 |
|
Total
Current Assets |
|
|
193.326 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
29.344 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.954 |
|
|
HDFC Bank |
|
|
4.410 |
|
Total
Current Liabilities |
|
|
34.708 |
|
|
Net Current Assets |
|
|
158.618 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.025 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
167.230 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
612.709 |
522.585 |
|
|
|
|
Other Income |
NA |
NA |
|
|
|
|
TOTAL |
NA |
NA |
375.750 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
369.586 (Including
Depreciation Expenses) |
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.437 |
8.577 |
||
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.260 |
0.256 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9.177 |
8.321 |
6.164 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.873 |
2.180 |
2.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.304 |
6.141 |
4.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.37 |
15.12 |
9.82 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover |
|
|
500.000 (Less sale in
stainless steel scrap) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
3.03.2010 |
|
PAT/Total Income |
|
NA |
NA |
1.07 |
|
|
|
|
|
|
|
PBT/Sales |
(%) |
1.49
|
1.59 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
2.95 |
3.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.56 |
0.71 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
14.09
|
13.15 |
18.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.51
|
3.82 |
5.57 |
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 |
---------------------- |
|
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 three years |
yes |
|
13] |
Reasons for
variation <> 20% |
Yes |
|
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) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
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 |
No |
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] 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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.