MIRA INFORM REPORT
|
Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARKA CARBON FUELS PRIVATE LIMITED (w..e.f.16.10.2012) |
|
|
|
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Formerly Known
As : |
SWASTIK COAL INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
“Swastik House”, 21/3, Ratlam Kothi, Near |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.02.2005 |
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Com. Reg. No.: |
10-017307 |
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Capital
Investment / Paid-up Capital : |
Rs. 16.155 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U51102MP2005PTC017307 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
BPLS08361D |
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PAN No.: [Permanent Account No.] |
AAICS7382L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Coal and Polypropylenes Granule. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 440000 |
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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 satisfactory track record. Profit margins of the company appears to be low. However, general financial position of the company seems to be sound
and healthy. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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
Management non-cooperative
Tel. No.: 91-731-2515521
LOCATIONS
|
Registered Office : |
“Swastik House”, 21/3, Ratlam Kothi, Near Hotel Omani Place, Indore –
452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2515521/ 29 |
|
Fax No.: |
91-731-2515520 |
|
E-Mail : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Hitesh Bindal |
|
Designation : |
Director |
|
Address : |
10, Navratan Bag, |
|
Date of Birth/Age : |
21.04.1983 |
|
Date of Appointment : |
22.06.2008 |
|
PAN No.: |
AGGPB9228H |
|
DIN No.: |
01150111 |
|
|
|
|
Name : |
Mr. Narayan Bindal |
|
Designation : |
Director |
|
Address : |
8/3, Anand Apartment, Manorama Ganj, Indore – 452001, Madhya Pradesh,
India |
|
Date of Birth/Age : |
30.11.1967 |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00036862 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vishnu Prasad Bindal |
|
185500 |
|
Hitesh Bindal |
|
189000 |
|
Geeta Devi Bindal |
|
776700 |
|
V.G. Developers Private Limited, India |
|
440000 |
|
V.P. Bindal Huf |
|
187800 |
|
Ankit Tarcom Private Limited, India |
|
20000 |
|
Palasia Leasing and Investment Private Limited, India |
|
183530 |
|
Jointly held by Partners of Ganpatlal Onkarlal and Co for
and on behalf of Firm |
|
10 |
|
|
|
|
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Total |
|
1982540 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
32.45 |
|
Directors or relatives of directors |
|
67.55 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Coal and Polypropylenes Granule. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
R.S. Bansal and Company Chartered Accountants |
|
Address : |
Urvashi 1st Floor, 3 Jaora Compound, Indore – 452001, India |
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PAN No.: |
AABFR4852J |
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Associates: |
U74210MP1995PTC009875
U67120MP1993PTC023189 |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel: |
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CAPITAL STRUCTURE
After:
Authorised Capital : Rs. 25.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 20.825
Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1615490 |
Equity Shares |
Rs.10/- each |
Rs. 16.155
Millions |
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|
As on: 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1982540 |
Equity Shares |
Rs.10/- each |
Rs. 19.825
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 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16.155 |
16.155 |
|
(b) Reserves & Surplus |
|
94.719 |
81.879 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
110.874 |
98.034 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.586 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.586 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
59.496 |
71.871 |
|
(b) Trade payables |
|
662.689 |
461.221 |
|
(c) Other current liabilities |
|
1.641 |
1.719 |
|
(d) Short-term provisions |
|
6.148 |
4.000 |
|
Total Current
Liabilities (4) |
|
729.974 |
538.811 |
|
|
|
|
|
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TOTAL |
|
841.434 |
636.845 |
|
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(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1.626 |
0.656 |
|
(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) |
|
0.123 |
0.107 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1.749 |
0.763 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.491 |
0.491 |
|
(b) Inventories |
|
461.561 |
174.557 |
|
(c) Trade receivables |
|
244.230 |
245.147 |
|
(d) Cash and cash equivalents |
|
73.624 |
50.922 |
|
(e) Short-term loans and advances |
|
59.779 |
164.965 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
839.685 |
636.082 |
|
|
|
|
|
|
TOTAL |
|
841.434 |
636.845 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
16.155 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
74.566 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
90.721 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
59.601 |
|
|
2] Unsecured Loans |
|
|
6.211 |
|
|
TOTAL BORROWING |
|
|
65.812 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
156.533 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.887 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7.991 |
|
|
DEFERREX TAX ASSETS |
|
|
0.091 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
74.088 |
|
|
Sundry Debtors |
|
|
244.456 |
|
|
Cash & Bank Balances |
|
|
31.441 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
12.207 |
|
Total
Current Assets |
|
|
362.192 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
211.920 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
2.750 |
|
Total
Current Liabilities |
|
|
214.670 |
|
|
Net Current Assets |
|
|
147.522 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.042 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
156.533 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
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|
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|
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Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1649.102 |
850.257 |
718.016 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1630.239 |
839.077 |
709.078 |
|
|
|
|
|
|
|
|
|
Profit before prior
period Expenses |
18.863 |
11.228 |
8.938 |
|
|
|
|
|
|
|
|
|
|
Expenses related
with previous year |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
18.863 |
11.228 |
8.935 |
|
|
|
|
|
|
|
|
|
|
TAX |
6.023 |
3.915 |
2.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.840 |
7.313 |
6.211 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.298 |
17.985 |
11.773 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
38.138 |
25.298 |
17.985 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.95 |
4.53 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.78 |
0.93 |
0.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.24 |
1.76 |
2.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54 |
0.73 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.19 |
1.69 |
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 |
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2012 |
As on 31.03.2011 |
|
Long term
borrowings |
|
|
|
Loans repayable on demand from banks |
59.496 |
71.871 |
|
|
|
|
|
Total |
59.496 |
71.871 |
Note: The Registered Office
of the company has been shifted from 109, Sneh, Nagar, Indore, Madhya Pradesh,
India to the present address w.e.f. 01.04.2011.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10295580 |
26/12/2012 * |
750,000,000.00 |
INDIAN OVERSEAS BANK |
SANGHI MANOR, 6/2, NEAR RANI SATI GATE, Y.N. ROAD, INDORE, MADHYA PRADESH - 452003, INDIA |
B70005129 |
* Date of charge modification
FIXED ASSETS
- Furniture and fixtures
- Motor 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. 61.79 |
|
|
1 |
Rs. 98.66 |
|
Euro |
1 |
Rs. 83.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
42 |
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.