MIRA INFORM REPORT

 

 

Report Date :

29.03.2013

 

IDENTIFICATION DETAILS

 

Name :

ADARSH STAINLESS PRIVATE LIMITED

 

 

Registered Office :

21-23, Mangal Arcade, 2nd Floor, Telco Road, Chinchwad, Pune – 411 019, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

26.03.2008

 

 

Com. Reg. No.:

25-131683

 

 

Capital Investment / Paid-up Capital :

Rs.7.594 millions

 

 

CIN No.:

[Company Identification No.]

U27100PN2008PTC131683

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Ferrous and Non-Ferrous Metals.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 45000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record. Latest financials of the company are not available. From the previous year financials it seems that the reserves of the company appear to be low. However, trade relations are reported as fair. Business is active. Payment terms are unknown.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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.

 

LOCATIONS

 

Registered Office :

21-23, Mangal Arcade, 2nd Floor, Telco Road, Chinchwad, Pune – 411 019, Maharashtra, India

Tel. No.:

91-20-27441703/ 4/ 5

Fax No.:

91-20-27441706

E-Mail :

info@jainchoudhary.com

mail@aspl.net.in

Website :

http://www.adarshstainless.com

 

 

Branch Office :

5th Floor, Moti Manison Building, 5th Khetwadi, Back Road, Mumbai – 400 004, Maharashtra, India

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Lalit Parasmalji Mehta

Designation :

Director

Address :

Building No.11 , Flat No.29, Shradha Garden Gawade Park, Opposite Telco Co, Chinchwad, Pune – 411 033, Maharashtra, India

Date of Birth/Age :

21.12.1977

Date of Appointment :

26.03.2008

DIN No.:

01251850

 

 

Name :

Mrs. Sheela Lalit Mehta

Designation :

Director

Address :

Building No.11 , Flat No.29, Shradha Garden Gawade Park, Opposite Telco Co, Chinchwad, Pune – 411 033, Maharashtra, India

Date of Birth/Age :

29.09.1982

Date of Appointment :

26.03.2008

DIN No.:

02059361

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Lalit Parasmalji Mehta

 

351500

Sheela Lalit Mehta

 

216790

Ashish Hiralal Chopra

 

60

Jabarmal Moolchandji Jain

 

190

Lalit Parasmalji Mehta (HUF)

 

95190

Nirav Jayantilal Shah

 

57

Parasmalji Devichandji Mehta

 

95190

Parasmalji Devichandji Mehta (HUF)

 

190

Kamlesh Manohar Kanungo

 

19

Kamlesh Manohar Kanungo (HUF)

 

19

Dilip Bhemraj Jain

 

19

Pastaben Chagganlal Mehta

 

19

Kinjal Mahendra Mehta

 

19

Hoshiyar Pukhraj Sanghvi

 

10

Nirmala Jabarmal Jain

 

100

Ramesh Haansraj Angara

 

10

Seema Vikaram Jain

 

9

Rameshchandra Tejraj Bokadia

 

9

Chandrakala Babulal Bora

 

10

Ramesh Bastimal Jain

 

10

Nilesh Hastimal

 

10

Total

 

759430

 

As on 30.01.2013

 

Names of Allottees

 

No. of Shares

 

Lalit Parasmalji Mehta

 

1096800

Sheela Lalit Mehta

 

935148

Ashish Hiralal Chopra

 

48

Jabarmal Moolchandji Jain

 

228

Lalit Parasmalji Mehta (HUF)

 

114228

Nirav Jayantilal Shah

 

68

Parasmalji Devichandji Mehta

 

114228

Parasmalji Devichandji Mehta (HUF)

 

228

Kamlesh Manohar Kanungo

 

23

Kamlesh Manohar Kanungo (HUF)

 

23

Dilip Bhemraj Jain

 

23

Pastaben Chagganlal Mehta

 

23

Kinjal Mahendra Mehta

 

23

Hoshiyar Pukhraj Sanghvi

 

12

Nirmala Jabarmal Jain

 

120

Ramesh Haansraj Angara

 

12

Seema Vikaram Jain

 

11

Rameshchandra Tejraj Bokadia

 

11

Chandrakala Babulal Bora

 

12

Ramesh Bastimal Jain

 

12

Nilesh Hastimal

 

12

Dhruv Sisodiya

 

12

Mahendra Singh Sisodiya

 

12

Total

 

2261317

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

99.93

Other top fifty shareholders

 

0.07

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Ferrous and Non-Ferrous Metals.

 

 

Products :
  • Stainless Steel
  • Mild Steel
  • Non-Ferrous Metals

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
  • UCO Bank

 

 

Facilities :

Secured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Bank OCC A/c

 

 

Yes Bank Limited

58.797

33.887

Kotak Mahindra Prime Limited

0.174

0.341

Total

58.971

34.228

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P. Bora and Jain

Chartered Accountants

Address :

215, Gold Mohar Building, 174, Princess Street, Kalabadevi, Mumbai – 400 002, Maharashtra, India

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

AADFP1748B

 

 

Associates/Subsidiaries :

Shree Yash Stainless Private Limited

 

 

CAPITAL STRUCTURE

 

After 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs.10/- each

Rs.50.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

3020747

Equity Shares

Rs.10/- each

Rs.30.207 millions

 

 

 

 

 

As on 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

759430

Equity Shares

Rs.10/- each

Rs.7.594 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

7.594

3.997

0.997

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3.617

3.661

1.376

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

11.211

7.658

2.373

LOAN FUNDS

 

 

 

1] Secured Loans

58.971

34.228

0.492

2] Unsecured Loans

114.631

96.998

63.744

TOTAL BORROWING

173.602

131.226

64.236

DEFERRED TAX LIABILITIES

0.000

0.028

0.020

 

 

 

 

TOTAL

184.813

138.912

66.629

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.012

7.197

6.058

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
71.911

0.000

1.781

 

Sundry Debtors
408.022

243.262

70.699

 

Cash & Bank Balances
0.233

0.549

3.580

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
9.761

23.646

1.987

Total Current Assets
489.927

267.457

78.047

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
309.171

134.450

17.405

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
3.070

1.440

0.105

Total Current Liabilities
312.241

135.890

17.510

Net Current Assets
177.686

131.567

60.537

 

 

 

 

MISCELLANEOUS EXPENSES

0.115

0.148

0.034

 

 

 

 

TOTAL

184.813

138.912

66.629

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

994.910

834.979

310.118

 

 

Other Income

0.826

0.068

0.000

 

 

TOTAL                                     (A)

995.736

835.047

310.118

 

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Goods Sold

989.953

830.976

297.726

 

 

Administrative & Operative Expenses

 

 

7.661

 

 

TOTAL                                     (B)

989.953

(Including financial expenses)

830.976

(Including financial expenses)

305.387

 

 

 

 

 

Less

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

 

 

4.731

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

 

3.229

 

 

 

 

 

 

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

5.783

4.071

1.502

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.643

0.478

0.021

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

5.140

3.593

1.481

 

 

 

 

 

Less

TAX                                                                  (H)

1.587

0.708

0.070

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3.553

2.885

1.411

 

 

 

 

 

 

Short/Excess Provisions (Previous Years)

(3.597)

(0.400)

(0.035)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3.861

1.376

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

3.817

3.861

1.376

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.68

7.22

14.15

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
0.36

0.35

0.45

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.52

0.43

0.48

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.03

1.31

1.76

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.46

0.47

0.62

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
15.48

17.14

27.07

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.57

1.97

4.46

 

 

LOCAL AGENCY FURTHER INFORMATION

 

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

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

 

 


Unsecured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Unsecured Loans

114.631

96.998

Total

114.631

96.998

 

FIXED ASSETS:

 

·         Computers

·         Office Equipments

·         Furniture and Fittings

·         Industrial Land

·         Motor Car

·         Motor Cycle

·         Building WIP


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.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

5

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

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

 

29

 

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.