MIRA INFORM REPORT

 

 

Report Date :

19.12.2014

 

IDENTIFICATION DETAILS

 

Name :

NAKODA FERROMET

 

 

Registered Office :

11, Shakti Niwas Building, Office No. 19, 2nd Floor, 7th Khetwadi Lane, Mumbai – 400004, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Year of Establishment ::

03.12.2009

 

 

Com. Reg. No.:

27640736505V

 

 

Capital Investment / Paid-up Capital :

Rs. 4.562 Millions

 

 

IEC No.:

0309057981

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

BGOPK6901M

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader and Importer of Stainless Steel Raw Materials.

 

 

No. of Employees :

15   (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established proprietary concern having a moderate track record.

 

External borrowing of the concern seems to be huge during 2014.

 

However, trade relations are fair. Business is active. Payment terms are slow but correct.

 

The concern can be considered for business dealings with some cautions.

 

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)

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

 

Not Divulged

 

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 PARTED BY

 

Name :

Mr. Nikhil Kanungo

Designation :

Proprietor

Contact No.:

91-9930931787

Date :

18.12.2014

 

 

LOCATIONS

 

Registered Office :

11, Shakti Niwas Building, Office No. 19, 2nd Floor, 7th Khetwadi Lane, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-66151787/66371787

Mobile No.:

91-9930931787 (Mr. Nikhil Kanungo)

Fax No.:

Not divulged

E-Mail :

nakodaferromet@yahoo.com

Area :

220 Sq. Ft.

Location :

Owned

 

 

Factory :

Madhusudan Compaound K Wing Gala No. 9 Anjur, Bhiwandi, District Thane, Maharashtra, India

Location :

Rented

 

 

SOLE PROPRIETOR

 

Name :

Mr. Nikhil H. Kanungo

Designation :

Proprietor

Address :

73, Husani Building, 2nd Floor, Nanubhai Desai Road, Flat No. 3, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

29.08.1990

Qualification :

Graduate (B.Com.)

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of Stainless Steel Raw Materials

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • South Africa
  • USA
  • Dubai

 

 

Terms :

 

Selling :

Cash, Credit, Advance Payment and DP

 

 

Purchasing :

Cash, Credit and DP

 

 

GENERAL INFORMATION

 

Suppliers :
  • Achilles Commodities Trading cc
  • American Reclamation
  • Gas Turbine Parts INC FZE

 

Reference :

Mittal Corporation Limited

Name of the Person :

Mr. Karan Mittal

Contact No.:

91-9893043635

Since How Long Known :

3 Years

Experience :

Payment Behaviour = Good

Market Goodwill = Excellent

Overall = Good

Maximum Limit Dealt :

Rs. 25.000 Millions

Remark :

Their payment some times gets delayed by 1 or 2 days but we are satisfied by them.

 

 

Customers :
  • Wholesalers

 

Reference :

Manak Oversea Limited

Name of the Person :

Mr. Sangeet

Contact No.:

91-22-6625555

Since How Long Known :

8 Years

Experience :

Product Quality = Excellent

Delivery Behaviour = Excellent

Overall = Excellent

Maximum Limit Dealt :

Rs. 10.000 Millions

Remark :

Company is very good, Product quality is excellent we are satisfied by them.

 

 

No. of Employees :

15  (Approximately)

 

 

Bankers :

Banker Name

Kotak Mahindra Bank

Branch Address

Crawford Market Branch

Person Name (With Designation)

Mr. Afzal Ansari

Contact Number

91-8889696212

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Denied to give any information.

 

Auditors :

 

Name :

N. G. Agarwal and Associates

Chartered Accountant

Address :

Office No. 48, 2nd Floor, Balkrishan Niwas, 2nd Panjrapole Lane, Mumbai – 400 004, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

 

Name :

Acrenox Ferro Alloys Private Limited

Address :

Khetwadi, Mumbai, Maharashtra, India

LOB :

Trader and Importer of Stainless Steel Raw Materials.

(But they will do only Export)

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2014

 

Capital Investment :

 

Owned :

Rs. 4.562 Millions

Borrowed :

--

Total :

Rs. 4.562 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.562

2.701

0.766

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4.562

2.701

0.766

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

45.362

33.459

8.951

TOTAL BORROWING

45.362

33.459

8.951

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

49.924

36.160

9.717

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.837

0.095

0.003

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.716

0.090

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

 

 

Sundry Debtors
121.748

144.615

11.459

 

Cash & Bank Balances
0.590

1.117

0.140

 

Sundry Advances and Deposits
10.202

6.689

4.521

 

Stock in trade
6.646

7.338

2.636

Total Current Assets
139.186

159.759

18.756

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors for Goods
91.642

123.181

9.009

 

Sundry Creditors for Expenses
1.173

0.603

0.033

Total Current Liabilities
92.815

123.784

9.042

Net Current Assets
46.371

35.975

9.714

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

49.924

36.160

9.717

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Sales and Miscellaneous Receipts

453.883

(They were on Strike for LBT)

700.211

11.116

 

 

 

 

 

Less

 

 

 

 

 

Cost of Sales

440.672

689.576

9.905

 

 

 

 

 

 

GROSS PROFIT

13.211

10.635

1.211

 

 

 

 

 

Less

Administrative Expenses

11.447

6.996

0.547

 

 

 

 

 

 

NET PROFIT

1.764

3.639

0.664

 

 

 

 

 

 

 

Expected Sales ( 2014-2015) : Rs.500.000 Millions [As they have diversified some business to new company (Sister Concern)]

 

The above information has been parted by Mr. Nikhil Kanungo

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

0.39

0.52

5.97

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.27

2.27

3.54

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.39

1.35

0.87

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

9.94

12.39

11.68

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.50

1.29

2.07

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

0.766

2.701

4.562

Reserves & Surplus

0.000

0.000

0.000

Net worth

0.766

2.701

4.562

 

 

 

 

Secured Loans

0.000

0.000

0.000

Unsecured Loans

8.951

33.459

45.362

Total borrowings

8.951

33.459

45.362

Debt/Equity ratio

11.685

12.388

9.943

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

11.116

700.211

453.883

 

 

6,199.127

(35.179)

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

11.116

700.211

453.883

Profit

0.664

3.639

1.764

 

5.97%

0.52%

0.39%

 

 

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

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%

Yes

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

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

No

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

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

No

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.6.31

UK Pound

1

Rs.98.67

Euro

1

Rs.78.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

-- PROFITABILITY 

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--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

YES

--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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.