MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TARACHAND INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12, Bake House, 2nd Floor, 201, M.C.C. Lane, Fort, Mumbai - 400023, Maharashtra |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
25.11.2010 |
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|
|
|
Com. Reg. No.: |
11-210310 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U37100MH2010PTC210310 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
The company is into the business of steel trading and ship breaking |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Even though the company was incorporated in 2010, it started its
activity in 2012. The latest financials are not made available. Mr. Sitaram the Accounts
Manager has denied to disclose any information about the company. However, business is active. Payments are reported to be unknown. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = B |
|
Rating Explanation |
Having high risk of default regarding timely servicing of financial
obligation |
|
Date |
April 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 DECLINED BY
|
Name : |
Mr. Sitaram Singhania |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-21-23741353 |
|
Date : |
22.05.2013 |
LOCATIONS
|
Registered Office : |
12, Bake House, 2nd Floor, 201, M.C.C. Lane,
Fort, Mumbai - 400023, Maharashtra, India |
|
Tel. No.: |
91-22-23741353 / 23741356 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vinod Omprakash Kainya |
|
Designation : |
Director |
|
Address : |
41/42, Minal Apartment, Juhu Road, Santacruz (West), Mumbai - 400 054, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1969 |
|
Date of Appointment : |
25.11.2010 |
|
DIN No.: |
00589050 |
|
|
|
|
Name : |
Mrs. Sunita Vinod Kainya |
|
Designation : |
Director |
|
Address : |
41/42, Minal Apartment, Juhu Road, Santacruz (West),
Mumbai - 400 054, Maharashtra, India |
|
Date of Birth/Age : |
25.02.1972 |
|
Date of Appointment : |
25.11.2010 |
|
DIN No.: |
00588923 |
KEY EXECUTIVES
|
Name : |
Mr. Sitaram Singhania |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vinod Omprakash Kainya |
|
400000 |
|
Sunita Vinod Kainya |
|
100000 |
|
Total |
|
500000 |
As on 01.11.2012
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Vinod Kainya |
|
2450000 |
|
Total |
|
2450000 |
As on 30.01.2013
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Pride Ispat Private Limited, India |
|
2000000 |
|
Total |
|
2000000 |
As on 29.09.2012
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 : |
The company is into the business of steel trading and ship breaking |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80,
Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
R.G. Jain and Company Chartered Accountants |
|
Address : |
5th Floor, 507, Kakad Market, 306, Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
|
PAN No.: |
AAFFR3925A |
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 |
|
|
|
|
|
|
4950000 |
Equity Shares |
Rs.10/- each |
Rs.49.500
Millions |
|
|
|
|
|
As on 31.03.2011
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 |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.019) |
|
|
NETWORTH |
|
|
0.081 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.189 |
|
|
TOTAL BORROWING |
|
|
0.189 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
0.000
|
|
|
Cash & Bank Balances |
|
|
0.015
|
|
|
Other Current Assets |
|
|
0.025
|
|
|
Loans & Advances |
|
|
0.100
|
|
Total
Current Assets |
|
|
0.140
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.008
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
0.008
|
|
|
Net Current Assets |
|
|
0.132
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.138 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.270 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
0.019 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
0.019 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(0.019) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(0.019) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(1.90) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(13.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
17.50 |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
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 |
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 |
Yes |
FUTURE PROSPECTS
During the period and its first year of operation, Company is planning to take various measures to enhance its area of operations. Company is looking forward and started negeotation with various Ship Owners for acquisition of ship and dismantle the same for selling as scraps and plates. The Management is aware that business can be achieved due to prudent business policies adopted and continued focus on several other measures including aggressive marketing policies and cost cutting at every stage without compromising on quality.
Company would continue to engage itself in profitable areas of business in synergy with various opportunities and strengths and would also be making further investments in related areas.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
|
As
on 31.03.2011 |
|
From Corporate Directors |
|
0.189 |
|
Total |
|
0.189 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U37100MH2010PTC210310 |
|
Name of the
company |
TARACHAND
INTERNATIONAL PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
12, Bake House, 2nd Floor, 201, M.C.C. Lane, Fort Mumbai - 400023, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India |
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed |
|
Date of instrument
Creating the charge |
26.04.2013 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Nature of
facility : interest Import LC ............... :
usual Cash credit
(Hypothecation) : BR + 7.25% Terms of Repayment On Demand Margin Nature of
Facility : Margin Import LC ............... :
25% Cash Credit
(Hypothecation) : 25% Against Stock And 30% Against Book Debts. Extent and Operation of the charge To Secure an
Aggregate Amount of Rs.500.000 Millions Granted By The Bank To The Company As
Under :- Nature of
Facility
Amount Import LC (DP/DA
Upto 270 Days} For Ship Breaking
Activity And} Upto 180 Days For
Trading Activity} :
……………………….Rs.500.000 Millions W/W Cash Credit
(Hypothecation) ...........................
: (Rs.70.000 Millions) Total
......................: Rs.500.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The borrower hypothecates by way of first charge in favour of the bank :- (1) all tangible movable machineries, plant, machinery fixtures, fittings, other installations, cranes, furniture, computers and other accessories, vehicles together with spares, tools and accessories and all other articles lying on the premises at reti bander or in the godowns of the borrower or in the course of transit. (2) the whole of the borrower's movable goods and assets both present and future Including all stocks of raw materials, work in progress, semi finished goods, finished goods such as steel, iron and steel scrap, packing materials, consumable stores and spares etc. Whatsoever and wheresoever situate and/or in transit. (3) all the present and future book debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities which are due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any state Government or Indian railways or any Government or office or any municipal or local or public or semi government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase basis. |
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 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.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
12 |
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.