MIRA INFORM REPORT
|
Report Date : |
13.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AXIS OVERSEAS LIMITED (w.e.f. 08.05.2008) |
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Formerly Known
As : |
AXIS
OVERSEAS PRIVATE LIMITED (w.e.f. 01.10.2007) LINK
VYAPAAR PRIVATE LIMITED |
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Registered
Office : |
21A,
Shakespeare Sarani, 2nd Floor, Kolkata – 700 017, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.12.2005 |
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Com. Reg. No.: |
21-106898 |
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Capital
Investment / Paid-up Capital : |
Rs.7.653 millions |
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CIN No.: [Company Identification
No.] |
U51900WB2005PLC106898 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAGCA7497L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject trades in raw jute and jute finished products. |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 moderate track record. As per registrar of companies the date of balance sheet i.e.
financials filed is shown as 31st March, 2014 but the documents
related to the financials for the year 2014 are not available from any
sources. As per available financial of 2013, profitability of the company seems
to be low. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: B+ |
|
Rating Explanation |
Have high risk of default. |
|
Date |
July 25, 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mrs. Usha Mohta |
|
Designation : |
Consultant |
|
Contact No.: |
91-9831333148 |
|
Date : |
12.2014 |
LOCATIONS
|
Registered Office : |
21A,
Shakespeare Sarani, 2nd Floor, Kolkata – 700 017, West |
|
Tel. No. : |
Not Available |
|
Mobile No. : |
91-9831333148 (Mrs. Usha
Mohta) 91-9836002100 (Mr. Umesh Mishra) |
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Fax No. : |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Aditya Sarda |
|
Designation : |
Director |
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Address : |
243/244, Salduajab Kohinoor Enclave, |
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Date of Birth/Age : |
13.08.1976 |
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Qualification : |
Graduate |
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Date of Appointment : |
05.03.2008 |
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DIN No. : |
00205902 |
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PAN No.: |
ALWPS0601A |
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Name : |
Mr. Rajesh Sharma |
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Designation : |
Director |
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Address : |
70, Golf Links, |
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Date of Birth/Age : |
02.05.1972 |
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Qualification : |
Graduate |
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Date of Appointment : |
11.12.2008 |
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DIN No. : |
00890666 |
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Name : |
Mr. Swapan Kumar Dey |
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Designation : |
Additional Director |
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Address : |
11/A, |
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Date of Birth/Age : |
27.07.1943 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.11.2010 |
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DIN No. : |
02460675 |
KEY EXECUTIVES
|
Name : |
Mrs. Usha Mohta |
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Designation : |
Consultant |
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Name : |
Mr. Umesh Mishra |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Axis
Ispat Private Limited, |
|
148525 |
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Axis
Technologies Private Limited, |
|
100000 |
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Axis
Pigments Private Limited, |
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48925 |
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Axis
Infraestate Private Limited, |
|
147000 |
|
Aditya
Sarda |
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260500 |
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Govind
Kumar Sarda |
|
60000 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
58.00 |
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Directors or relatives of Directors |
42.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject trades in raw jute and jute finished products. |
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Products : |
Raw Jute and Jute Finished Products |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT APPLICABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
Allahabad Bank, Stephen House, 4, B.B.D Bag
(East), Kolkata - 700001, West |
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Facilities : |
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Auditors : |
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Name : |
S.S.
Lohia and Company Chartered Accountants |
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Address : |
27, |
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PAN
No.: |
ABBPL2611A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
770000 |
Equity Shares |
Rs.10/- each |
Rs.7.700 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
765250 |
Equity Shares |
Rs.10/- each |
Rs.7.653 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
I.
EQUITY AND LIABILITIES |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
7.653 |
7.653 |
7.653 |
|
(b) Reserves & Surplus |
155.691 |
149.177 |
147.320 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds (1) + (2) |
163.344 |
156.830 |
154.973 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
352.891 |
42.126 |
154.730 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
64.001 |
|
(d) Long-term provisions |
0.840 |
2.163 |
4.864 |
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Total Non-current Liabilities (3) |
353.731 |
44.289 |
223.595 |
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(4) Current
Liabilities |
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|
(a) Short term borrowings |
146.815 |
61.740 |
6.996 |
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(b) Trade payables |
231.963 |
411.310 |
139.974 |
|
(c) Other current liabilities |
5.551 |
16.181 |
0.576 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
384.329 |
489.231 |
147.546 |
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TOTAL |
901.404 |
690.350 |
526.114 |
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II.
ASSETS |
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|
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(1) Non-current
assets |
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(a) Fixed Assets |
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(i) Tangible assets |
21.463 |
22.919 |
14.711 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.512 |
0.003 |
0.093 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
189.350 |
|
(e) Other Non-current assets |
0.000 |
0.018 |
0.036 |
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Total Non-Current Assets |
21.975 |
22.940 |
204.190 |
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(2) Current assets |
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(a) Current investments |
18.941 |
74.838 |
76.438 |
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(b) Inventories |
92.067 |
89.939 |
120.472 |
|
(c) Trade receivables |
498.547 |
240.071 |
91.657 |
|
(d) Cash and cash equivalents |
26.198 |
5.029 |
12.842 |
|
(e) Short-term loans and advances |
224.903 |
239.532 |
1.823 |
|
(f) Other current assets |
18.773 |
18.001 |
18.692 |
|
Total Current Assets |
879.429 |
667.410 |
321.924 |
|
|
|
|
|
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TOTAL |
901.404 |
690.350 |
526.114 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from Operation |
1453.872 |
1216.097 |
998.892 |
|
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Other Income |
3.091 |
1.557 |
0.382 |
|
|
TOTAL (A) |
1456.963 |
1217.654 |
999.274 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
1401.932 |
1124.427 |
1004.201 |
|
|
Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
(2.128) |
30.533 |
(53.413) |
|
|
Employees benefits expense |
2.538 |
2.663 |
3.059 |
|
|
Other expenses |
22.095 |
17.493 |
22.050 |
|
|
TOTAL (B) |
1424.437 |
1175.116 |
975.897 |
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|
|
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|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
32.526 |
42.538 |
23.377 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
19.153 |
38.737 |
17.735 |
|
|
|
|
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|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION
AND AMORTISATION (C-D) (E) |
13.373 |
3.801 |
5.642 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
4.457 |
1.114 |
0.843 |
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|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
8.916 |
2.687 |
4.799 |
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|
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Less |
TAX (I) |
2.401 |
0.830 |
1.483 |
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|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
6.515 |
1.857 |
3.316 |
|
|
|
|
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|
|
Earnings / (Loss) Per Share (Rs.) |
8.51 |
2.43 |
4.33 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.45 |
0.15 |
0.33 |
|
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|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
2.24 |
3.50 |
2.34 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.99 |
0.39 |
0.91 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.02 |
0.03 |
|
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|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.06 |
0.66 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29 |
1.36 |
2.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
7.653 |
7.653 |
7.653 |
|
Reserves & Surplus |
147.320 |
149.177 |
155.691 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
154.973 |
156.830 |
163.344 |
|
|
|
|
|
|
Long Term borrowings |
154.730 |
42.126 |
352.891 |
|
Short Term borrowings |
6.996 |
61.740 |
146.815 |
|
Total borrowings |
161.726 |
103.866 |
499.706 |
|
Debt/Equity ratio |
1.044 |
0.662 |
3.059 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operation |
998.892 |
1,216.097 |
1,453.872 |
|
|
|
21.745 |
19.552 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operation |
998.892 |
1,216.097 |
1,453.872 |
|
Profit |
3.316 |
1.857 |
6.515 |
|
|
0.33% |
0.15% |
0.45% |
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
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note:
The registered office of the company has been shifted from 23/3,
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Inter-corporate borrowings |
317.382 |
23.000 |
|
Total |
317.382 |
23.000 |
FIXED ASSETS:
·
Buildings
·
Plant and Equipment
·
Vehicles
·
Office Equipments
·
Computer Equipment
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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.