|
Report Date : |
25.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREEJI CORPORATION |
|
|
|
|
Registered
Office : |
A/402, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Year of
Establishment : |
2009 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14.436 millions |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Trader and Importer of Ferrous and Non Ferrous Metal. |
|
|
|
|
No. of Employees
: |
7 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established proprietary concern having a satisfactory track record. Trade relations
are fair. Business is active. Payment terms are reported to be usually
correct. The concern 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.
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 |
|
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 PARTED BY
|
Name : |
Mr. Manan Thakkar |
|
Designation : |
Proprietor |
|
Contact No.: |
91-79-26560963 |
|
Date : |
24.10.2013 |
LOCATIONS
|
Registered Office : |
A/402, Mangalya Tower, Near Anjali Cross Road, Bhatta Paldi,
Ahmedabad – 380 007, Gujarat, India |
|
Tel. No.: |
91-79-26605324, 26560963 |
|
Fax No.: |
91-79-30087233 |
|
E-Mail : |
|
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Manan C. Thakkar |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Ferrous and Non Ferrous Metal. |
|
|
|
|
Imports : |
|
|
Products : |
·
Finished Goods |
|
Countries : |
·
Middle East ·
West Africa ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
7 (Approximately) |
|
|
|
|
Bankers : |
Development Credit Bank
Limited, C.G. Road, Ahmedabad, Gujarat, India (Contact No.: 91-79-26403220) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.J. Sheth and Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Sister Concern : |
ACE Enterprise Address: A/402, Mangalya Tower, Near Anjali Cross Road, Bhatta Paldi, Ahmedabad – 380 007, Gujarat, India Line of business: Trader and Importer of Ferrous and Non Ferrous Metal. |
CAPITAL STRUCTURE
|
Capital Account |
31.03.2013 (Rs.
in millions) |
|
ACE Enterprise |
1.702 |
|
LIC Interest |
(0.001) |
|
Mahindra Holiday Membership Fee |
(0.357) |
|
Manan C. Thakkar Capital A/c |
13.372 |
|
Mediclaim Expenses |
(0.056) |
|
Tution Fee |
(0.224) |
|
|
14.436 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
|
14.436 |
11.145 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
14.436 |
11.145 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
32.106 |
5.952 |
|
|
2] Unsecured Loans |
|
16.832 |
4.581 |
|
|
TOTAL BORROWING |
|
48.938 |
10.533 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
Unadjusted Forex Gain/Loss |
|
0.666 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
64.040 |
21.678 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
18.195 |
0.632 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.961 |
0.428 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
49.789 |
10.428 |
|
|
Sundry Debtors |
|
33.082 |
37.475 |
|
|
Cash & Bank Balances |
|
1.099 |
0.259 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
4.116 |
0.395 |
|
Total
Current Assets |
|
88.086 |
48.557 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
42.095 |
27.434 |
|
|
Other Current Liabilities & Provisions |
|
1.107 |
0.535 |
|
Total
Current Liabilities |
|
43.202 |
27.969 |
|
|
Net Current Assets |
|
44.884 |
20.588 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
Unadjusted Forex Gain/Loss |
|
0.000 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
|
64.040 |
21.678 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
190.430 |
163.780 |
|
|
|
Other Income |
|
0.721 |
0.518 |
|
|
|
TOTAL |
|
191.151 |
164.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
183.361 |
161.172 |
|
|
|
Direct Expenses |
|
|
|
|
|
|
DTHC Charges |
|
0.055 |
0.101 |
|
|
|
Freight Charges |
|
0.000 |
0.024 |
|
|
|
Packaging & Forwarding |
|
0.000 |
0.002 |
|
|
|
Swift Charges |
|
0.037 |
0.016 |
|
|
|
Indirect
Expenses |
|
|
|
|
|
|
Bank Charges |
|
0.465 |
0.565 |
|
|
|
Bank Interest |
|
2.604 |
0.635 |
|
|
|
Petrol Expenses |
|
0.016 |
0.005 |
|
|
|
Repair and Maintenance Expenses |
|
0.010 |
0.002 |
|
|
|
Activa Loan Interest |
|
0.000 |
0.004 |
|
|
|
Accounting Charges |
|
0.045 |
0.000 |
|
|
|
Advertisement Expenses |
|
0.005 |
0.000 |
|
|
|
Audit Fees |
|
0.010 |
0.011 |
|
|
|
Commission Expenses |
|
0.238 |
0.042 |
|
|
|
Electricity Expenses |
|
0.050 |
0.015 |
|
|
|
Godown Rent |
|
0.050 |
0.042 |
|
|
|
Godown Insurance |
|
0.000 |
0.010 |
|
|
|
Insurance Expenses |
|
0.145 |
0.062 |
|
|
|
Interest on Deposit |
|
0.878 |
0.000 |
|
|
|
Interest on Vat |
|
0.033 |
0.013 |
|
|
|
Legal and Professional Fees |
|
0.003 |
0.001 |
|
|
|
Loading Charges |
|
0.073 |
0.001 |
|
|
|
Local Transport Expenses |
|
0.114 |
0.000 |
|
|
|
Miscellaneous Expenses |
|
0.008 |
0.000 |
|
|
|
Municipal Tax |
|
0.002 |
0.002 |
|
|
|
Office Expenses |
|
0.002 |
0.000 |
|
|
|
Portal Hire Charges |
|
0.002 |
0.005 |
|
|
|
Repairing & Maintenance |
|
0.010 |
0.001 |
|
|
|
Salary Expenses |
|
0.312 |
0.072 |
|
|
|
Sales Promotion |
|
0.046 |
0.000 |
|
|
|
Service Charges |
|
0.028 |
0.004 |
|
|
|
Service Tax |
|
0.012 |
0.003 |
|
|
|
Stationery & Printing Expenses |
|
0.004 |
0.009 |
|
|
|
Statutory Levies |
|
0.298 |
0.000 |
|
|
|
Telephone Expenses |
|
0.027 |
0.042 |
|
|
|
Travelling Expenses |
|
0.373 |
0.038 |
|
|
|
Vat Tax |
|
0.000 |
0.004 |
|
|
|
Xerox Expenses |
|
0.005 |
0.002 |
|
|
|
TOTAL |
|
189.321 |
162.905 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.830 |
1.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.150 |
0.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
1.680 |
1.264 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
0.88 |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.88 |
0.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.58 |
2.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
3.39 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.04 |
1.74 |
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 |
No |
|
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 two 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 |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
No |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
No |
|
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 |
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 records 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.61.41 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.