MIRA INFORM REPORT

 

 

Report Date :

20.03.2013

 

IDENTIFICATION DETAILS

 

Name :

YOGESH ENTERPRISES PRIVATE LIMITED

 

 

Registered Office :

632, Ghat Road, Near Mokshadham, Nagpur – 440018, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

10.11.2003

 

 

Com. Reg. No.:

11-143059

 

 

Capital Investment / Paid-up Capital :

Rs. 5.000 Millions

 

 

CIN No.:

[Company Identification No.]

U51420MH2003PTC143059

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Traders of Steels.

 

 

No. of Employees :

6 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 110000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record. Profitability of the company appears to be low. The company has also recorded huge external borrowings. However, trade relations are reported as 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.

 

 

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

 

 

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. Sunil Kumar Tulsyan

Designation :

Managing director

Contact No.:

91-712-2722532

Date :

18.03.2013

 

 

LOCATIONS

 

Registered Office :

632, Ghat Road, Near Mokshadham, Nagpur – 440018, Maharashtra, India

Tel. No.:

91-712-2722532

Fax No.:

91-712-2721640

E-Mail :

sunil722532@yahoo.com

Area :

4000 Sq. ft.

Location :

Owned

 

 

Shop :

143, Small Factory Area, Near Prabhu Steel, Bagadgunj, Nagpur - 440008, Maharashtra, India

 

 

DIRECTORS

 

AS ON 27.09.2012

 

Name :

Mr. Sunil Kumar Tulsyan

Designation :

Managing director

Address :

654B, Ghat Road, Nagpur - 440018, Maharashtra, India

Date of Appointment :

10.11.2003

DIN No.:

01956794

 

 

Name :

Mr. Sameer Prakashchand Agrawal

Designation :

Director

Address :

House No. 580, Godavari, Tekdi Road, Sadar, Nagpur - 440001, Maharashtra, India

Date of Appointment :

12.06.2008

DIN No.:

00170957

 

 

Name :

Mrs. Vanita Sunil Tulsyan

Designation :

Director

Address :

654B, Ghat Road, Nagpur - 440018, Maharashtra, India

Date of Appointment :

10.11.2003

DIN No.:

02624132

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.09.2012

 

Names of Shareholders

 

No. of Shares

 

Sunil Kumar Tulsyan

 

10000

Vanita Sunil Tulsyan

 

490000

 

 

 

Total

 

500000

 

 

AS ON 27.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Traders of Steels.

 

 

Products :

ITC Code

Product Descriptions

7226

S.R. Sheets/ H.R. Sheets

G.P. and G.C. Sheets

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

6 (Approximately)

 

 

Bankers :

Ø  HDFC Bank Limited, Nagpur, Maharashtra, India

Ø  HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

 

 

Facilities :

Total – Rs. 85.000 Millions

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Loan taken from Tata Motors Finance (Loan taken against Commercial Vehicle purchased from Tata Motors Amount of Loan being Rs. 0.600 Million taken in June 2011@ 12.75% rate of interest. Repayable in EMI of Rs. 0.028)

0.026

0.000

Loans repayable on demand (Short term borrowing includes Cash Credit from HDFC Bank Secured against Primary Security: Hypothecation charge on entire Future and Currect Stocks and Book Debts and Hypothecation by way of first charge on all present and future plant and Machinery. Collateral security in the form of mortgage Resi House No. 632, Ward NO. 6, Mokshadham Ghat Road, Nagpur and factory land at village Kadoli Bhandara road survey no. 39 Nagpur and further secured by personal Guarantees of Mr. Sunil Director, Sameer Prakashchand Agrawal, Vanita Sunil Tulsyan)

61.056

69.204

Total

61.082

69.204

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

C.V. Paturkar and Company

Chartered Accountants

Address :

202, Chaitanya Appartment, 155, Shradhanand Peth, Nagpur – 440010, Maharashtra, India

Tel. No.:

91-712-2236394/ 2226926

Income-tax PAN of auditor or auditor's firm :

AUYPM5889P

 

 

Companies in which KMP/ Relatives of KMP can exercise significant influences :

Ø  Shakti Industries

Ø  Yogesh Tubes Private Limited

Ø  Ayushi Minerals and Processors Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000

Equity Shares

Rs. 10/- each

Rs. 5.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000

Equity Shares

Rs. 10/- each

Rs. 5.000 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

5.000

5.000

5.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

22.639

20.351

18.261

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

27.639

25.351

23.261

LOAN FUNDS

 

 

 

1] Secured Loans

61.082

69.204

56.579

2] Unsecured Loans

33.000

13.000

2.379

TOTAL BORROWING

94.082

82.204

58.958

DEFERRED TAX LIABILITIES

1.308

0.708

0.000

 

 

 

 

TOTAL

123.029

108.263

82.219

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

10.441

6.954

4.895

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

4.294

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
79.029

58.240

73.295

 

Sundry Debtors
51.217

46.339

15.109

 

Cash & Bank Balances
0.294

0.581

0.605

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3.270

5.830

5.256

Total Current Assets
133.810

110.990

94.265

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
18.450

7.235

18.927

 

Other Current Liabilities
1.597

1.503

0.503

 

Provisions
1.175

0.923

1.805

Total Current Liabilities
21.222

9.661

21.235

Net Current Assets
112.588

101.329

73.030

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

123.029

108.263

82.219

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

707.273

654.069

 

 

Other operating revenue

2.100

2.000

 

 

 

Other Income

1.023

1.150

 

 

 

TOTAL                                     (A)

710.396

657.219

N.A.

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed

680.801

634.213

 

 

Operating Expenses

8.682

6.421

 

 

 

Employee cost

3.395

3.271

 

 

 

Other Expenses

2.214

3.248

 

 

 

TOTAL                                     (B)

695.092

647.153

N.A.

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

15.304

10.066

 

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

10.732

6.557

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4.572

3.509

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.517

0.261

 

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

4.055

3.248

N.A.

 

 

 

 

 

Less

TAX                                                                  (H)

1.768

1.147

N.A.

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2.287

2.101

1.694

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.57

4.20

3.39

 

 

Expected Sales (2012-2013): Rs. 680.000 Millions

 

The above information has been parted by Mr. Sunil (Director)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
0.32

0.32

N.A.

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.57

0.50

N.A.

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.81

2.75

N.A.

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.15

0.13

N.A.

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
3.40

3.24

2.53

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
6.31

11.49

4.44

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.03.2012

31.03.2011

 

31.03.2010

 

(Rs. In Millions)

Sundry Creditors for expenses

 

 

 

Others

18.450

7.235

18.927

 

 

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

Yes

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 two 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

Yes

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

No

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

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Temporary OD from HDFC Bank

8.000

0.000

Mr. Sunil Tulsyan

20.000

8.000

Sameer Prakashchand Agrawal

5.000

5.000

Total

33.000

13.000

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U51420MH2003PTC143059

Name of the company

YOGESH ENTERPRISES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

632, Ghat Road, Near Mokshadham, Nagpur – 440018, Maharashtra, India

Email: sunil722532@yahoo.com

This form is for

Modification of charge

Charge identification number of the modified 

10264825

Type of charge

Immovable property

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

Email: RBBform8@hdfcbank.com

CIN No.: L65920MH1994PLC080618

Nature of description of the instrument creating or modifying the charge

a] Supplementary Letter of Hypothecation.

b] Memorandum Recording Past Transaction of Creation of Mortgage by Delivery of Title Deeds.

[Collectively constitute a single charge for Rs.85.000 Millions].

Date of instrument Creating the charge

15.11.2012

Amount secured by the charge

Rs. 85.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Interest at the rate as may be communicated by the Bank from time to time.

 

Terms of Repayment

On demand.

 

Margin

As may be stipulated by the Bank from time to time.

 

Extent and Operation of the charge

a] Hypothecation by way of First Charge on Company's Stocks and Book Debts to secure as a

 

[b] The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds [by way of Constructive delivery] in respect of its immovable properties for repayment of Rs.85.000 Millions together with principal, interest, liquidated damages, costs, charges and expenses.

Short particulars of the property charged

Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties

 

All the Debts, that is, all the book debts, outstandings, monies receivables, claims,  bills, invoice documents, contracts, guarantees, and rights

 

Factory Land at Village Kadoli on Bhandara Road, N. H. No. 6, Near 18 km Stone, Survey No. 39, P H No. 24, Mouza Kadoli Tahsil Kamptee, District Nagpur.

Date of Modification

31.01.2012

Particulars of the present modification 

The charge shall now stand increased from Rs.75.000 Millions to Rs.85.000 Millions in favour of the Bank against the security of stocks, book debts and immovable properties being lying and situated at District Nagpur.

 

 

FIXED ASSETS:

 

Ø  Land

Ø  Factory Building

Ø  Furniture and Fixture

Ø  Plant and machinery

Ø  Vehicles

Ø  Computers

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 54.26

UK Pound

1

Rs. 81.94

Euro

1

Rs. 70.21

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

4

--CREDIT LINES

1~10

2

--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

 

28

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.