MIRA INFORM REPORT
|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAH COAL PRIVATE LIMITED |
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Registered
Office : |
Centre Point, 5th Floor, Junction Of S.V. Road and Juhu Road,
Santacruz (West), Mumbai-400054, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.03.1997 |
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Com. Reg. No.: |
11-106763 |
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Capital Investment
/ Paid-up Capital : |
Rs.6.700
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U51909MH1997PTC106763 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS31298B MUMS24536B NGPS03589F |
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PAN No.: [Permanent Account No.] |
AADCS9231R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor of coal, coke and commission agent. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1050000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. The financial position is sound. The company has shown better improvement
in its business during 2012. However, the company is susceptible to the risk related to the
commodity like nature of its products and to volatility in coal prices. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
27.12.2012 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-26124811)
LOCATIONS
|
Registered Office : |
Centre Point, 5th Floor, Junction Of S.V. Road and Juhu Road,
Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vinay Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
201, Devpuja Building, North Avenve Road, Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
Date of Birth/Age : |
29.02.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.03.1997 |
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PAN No.: |
AACPS4765J |
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DIN No.: |
00217584 |
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|
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Name : |
Mr. Ketan Ramanlal Shah |
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Designation : |
Director |
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Address : |
2/D-3, Ground Floor, Vapujya, Sarvodaya nagar, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
22.10.1959 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.03.1997 |
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PAN No.: |
AACPS4763Q |
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DIN No.: |
00217614 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Madhuben Ramanlal Shah |
|
13001 |
|
Parul Ketan Shah |
|
5000 |
|
Yogini Vinay Shah |
|
2500 |
|
Anjali Ramesh Shah |
|
4001 |
|
Neha Ramesh Shah |
|
4502 |
|
Ketan Ramanlal Shah HUF |
|
5000 |
|
Ramanlal K Shah HUF |
|
5000 |
|
Purvi Vinay Shah |
|
3501 |
|
Aditi Vinay Shah |
|
2505 |
|
Vinay Ramanlal Shah |
|
74990 |
|
Rohan Ketan Shah |
|
95000 |
|
Kunal Vinay Shah |
|
95000 |
|
Ketan Ramanlal Shah |
|
190000 |
|
Adhunik Deal Company Private Limited, India |
|
5000 |
|
Ambition Mechants (Private) Limited, India |
|
12500 |
|
Anil Rawal |
|
10000 |
|
Escort Vincom Private Limited |
|
2500 |
|
Intimted Trade Links (Private) Limited, India |
|
20000 |
|
Jagwani Bharat Ludharam |
|
25000 |
|
Keynote Commercial (Private) Limited, India |
|
7500 |
|
Lakhan Balachandarti |
|
10000 |
|
Mctrocity Infra Projects Advisory Private Limited, India |
|
2500 |
|
Melrocity Management Advisary Service Private Limited, India |
|
10000 |
|
Newedge Vinirnay Private Limited, India |
|
25000 |
|
Saphir Developers Private Limited, India |
|
5000 |
|
Slarmark Tradecomm Private Limited, India |
|
5000 |
|
Suman Towers Private Limited, India |
|
10000 |
|
Unlcontieup Private Limited, India |
|
10000 |
|
Uniglory Developers Private Limited, India |
|
5000 |
|
Vedant Commndeal Private Limited, India |
|
5000 |
|
Total |
|
670000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
18.65 |
|
Directors or relatives of Directors |
74.63 |
|
Others |
6.72 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of coal, coke and commission agent. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
Union Bank of India, Kalbadevi Branch, A. M. Vidhya Foundation Building 32, Dadi Seth Agiary Lane, Kalbadevi Road,, Mumbai - 400002, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bipin D Karani and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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PAN No.: |
AALFB1686Q |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
Mehta Coal Company |
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 |
|
|
|
|
|
|
670000 |
Equity Shares |
Rs.10/- each |
Rs.6.700
Millions |
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|
|
|
|
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 |
6.700 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
256.877 |
72.374 |
40.955 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
263.577 |
77.374 |
45.955 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
145.277 |
9.084 |
7.837 |
|
|
2] Unsecured Loans |
101.167 |
127.418 |
122.381 |
|
|
TOTAL BORROWING |
246.444 |
136.502 |
130.218 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
510.021 |
213.876 |
176.173 |
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APPLICATION OF FUNDS |
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|
FIXED ASSETS [Net Block] |
39.790 |
24.001 |
14.878 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
|
INVESTMENT |
208.472 |
87.130 |
40.237 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
183.902
|
153.051 |
1.780
|
|
|
Sundry Debtors |
179.339
|
61.658 |
22.916
|
|
|
Cash & Bank Balances |
870.467
|
129.630 |
27.281
|
|
|
Other Current Assets |
0.000
|
0.000 |
41.690
|
|
|
Loans & Advances |
267.497
|
148.792 |
51.716
|
|
Total
Current Assets |
1501.205
|
493.131 |
145.383
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1196.696
|
261.178 |
20.006
|
|
|
Other Current Liabilities |
13.750
|
129.208 |
0.000
|
|
|
Provisions |
29.000
|
0.000 |
4.319
|
|
Total
Current Liabilities |
1239.446
|
390.386 |
24.325
|
|
|
Net Current Assets |
261.759
|
102.745 |
121.058
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
510.021 |
213.876 |
176.173 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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|
SALES |
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Income |
|
|
|
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Other Income |
|
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|
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TOTAL |
4114.397 |
1564.277 |
383.789 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
NA |
NA |
NA |
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|
Less |
TAX |
NA |
NA |
NA |
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|
|
|
|
|
|
PROFIT AFTER TAX
|
81.700 |
37.931 |
14.275 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
121.94 |
75.86 |
28.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.99
|
2.42 |
3.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.93
|
1.76 |
2.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.26 |
5.98 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
1196.696
|
261.178 |
20.006
|
|
|
|
|
|
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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 |
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 |
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 |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Term loans from others |
101.167 |
127.418 |
|
Total |
101.167 |
127.418 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51909MH1997PTC106763 |
|
Name of the company
|
SHAH COAL PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
8/A Moiz Apartment, 12th TPS Road, Santacruz East,
Mumbai-400055, Maharashtra, India E-mail: shahcoal@live.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10383732 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Union Bank of India, Kalbadevi Branch, A. M. Vidhya Foundation Building 32, Dadi Seth Agiary Lane, Kalbadevi Road,, Mumbai - 400002, Maharashtra, India |
|
Nature of
instrument creating charge |
(1) Supplementary
agreement to sd-06 hypothecation agreement
[sd-06(s)] (2) Supplementary
deed to sd-20 hypothecation deed
[sd-20(s)] |
|
Date of
instrument Creating the charge |
11.03.2013 |
|
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 Interest : Usual
for import / inland letter of credit : As per IBD pricing for
buyer's credit. Terms of Repayment On demand Margin As per sanction
terms. Extent and Operation of the charge To secure an
amount of Rs.500.000 millions granted by the bank to the company as under :- Nature of
Facility Limit Import Letter Of
Credit (DP/DA UPTO 180
Days) .......... : Rs.500.000 millions W/W Inland Letter Of
Credit (DP/DA UPTO 90
Days) ............ : (Rs.500.000 millions) Buyer's Credit
..................... : (Rs.500.000 millions) Total
Amount....................... :
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) coal, coal
handlers and consultancy in mining and all other merchandise depending upon
market conditions and demand and SUPPLY GAP. (2) 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 santacruz or in the godowns of the borrower or in the course
of transit. (3) 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 coal and coal products, packing materials, consumable stores
and spares etc. whatsoever and wheresoever situate and / or in transit. (4) 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 department 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. |
|
Particulars of
the present modification |
The import LC
limit has enhanced from Rs.300.000 milllions to Rs.500.000 milllions w/w
inland LC limit has enhanced from Rs.300.000 milllions to Rs.500.000
milllions w/w buyer's credit limit has also enhanced from Rs.300.000
milllions to Rs.500.000 milllions and the hypothecated property and book
debts shall be further extended and shall also be a continuing security to
the bank to secure the new aggregate limit of Rs.500.000 milllions together
with interest and other monies payable thereon. |
FIXED ASSET
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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 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.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.