MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

YASH METALS PRIVATE LIMITED (w.e.f.04.10.2007)

 

 

Formerly Known As :

BAHETI MATALS AND ALLOYS PRIVATE LIMITED

 

 

Registered Office :

A, 2/3, L.R. Apartment, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.01.1985

 

 

Com. Reg. No.:

04-007610

 

 

Capital Investment / Paid-up Capital :

Rs.5.000 Millions

 

 

CIN No.:

[Company Identification No.]

U27109GJ1985PTC007610

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMB00042A

 

 

PAN No.:

[Permanent Account No.]

AAACB4750B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader and Importer of Aluminium Scrap, Ferrous and Non Ferrous Castings.

 

 

No. of Employees :

15 (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

 

 

Maximum Credit Limit :

USD 63000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

General financial position of the company seems to be sound and healthy.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually 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.

 

 

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 AVAILABLE

 

 

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 [GENERAL DETAILS]

 

Name :

Mr. Rahul

Designation :

Admin Department

Contact No.:

91-79-25627681

Date :

18.12.2014

 

 

LOCATIONS

 

Registered Office/ Factory 1 / Warehouse :

A, 2/3, L.R. Apartment, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat, India

Tel. No.:

91-79-25627681/ 82

Fax No.:

91-79-25627683

E-Mail :

bmfalsb@hotmail.com

b.yashmetal@gmail.com

bahetimetal@gmail.com

Location :

Owned

 

 

Factory 2 :

Survey No. 98/2, Near Parmeshwar Weihbrige, Modasa Road, Village Paleya, Taluka Dehgam, Gandhinagar – 382305, Gujarat, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Balkrishan Shankarlal Shah

Designation :

Director

Address :

6, Jivraj Nagar Society, Opposite Police Commissioner Office, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Birth/Age :

10.07.1988

Date of Appointment :

26.04.2010

DIN No.:

03006486

 

 

Name :

Mr. Jayeshkumar Gopallal Bangad

Designation :

Director

Address :

47, Mangal Dhwani, NH-8, Near Ramrajay Nagar, Odhav, Ahmedabad – 382415, Gujarat, India

Date of Birth/Age :

21.05.1978

Date of Appointment :

03.04.2009

DIN No.:

02603441

 

 

KEY EXECUTIVES

 

Name :

Mr. Rahul

Designation :

Admin Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Shankerlal B. Shah

294500

58.90

Bansilal G. Shah

100

0.02

Rupalben B Shah

32000

6.40

Savitaben S. Shah

57595

11.52

Balkrishan S. Shah

51305

10.26

Yash Shankerlal Shah

50500

10.10

Shankerlal B Shah HUF

11500

2.30

Shankerlal B Shah HUF

1500

0.30

Shankerlal B Shah (As a Proo. of M/S BR)

1000

0.20

 

 

 

Total

 

500000

100.00

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader and Importer of Aluminium Scrap, Ferrous and Non Ferrous Castings.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

Aluminium Scrap

Countries :

·         Saudi Arabia

UK

South Africa

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

15 (Approximately)

 

 

Bankers :

Bank Name:

Axis Bank Limited

Branch:

Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks: Not Divulged

 

·         State Bank of India

Gvmsav Limited, Odhav, Ahmedabad - 382415, Gujarat, India

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans

From Banks * / **

16.477

17.599

SHORT TERM BORROWINGS

 

 

Working Capital loans from Banks

15.359

13.867

 

 

 

Total

 

31.836

31.466

 

LONG TERM BORROWINGS

 

* Secured against the property and personal guarantee of directors.

 

** Secured against the vehicles of the company.

 

SHORT TERM BORROWINGS

 

Working Capital Loans are secured by a first charge by way of hypothecation in favour of banks on the company’s current assets, stocks and receivables, both present and future, ranking pari passu inter se, banks relating to the respective facility.

 

Working Capital Loans are secured by a first charge by way of movable and immovable property of the company in favour of banks, both present and future, ranking pari passu inter se, the banks relating to the respective facility.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Wadhawan and Company

Chartered Accountants

Address :

703, Sarap Building, Opposite Navjivan Press, Navjivan, Ahmedabad – 380009, Gujarat, India

Income-tax PAN of auditor or auditor's firm :

AAAFW9683R

 

 

Related Party :

Baheti Metal and Ferro Alloys Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

5.000

5.000

5.000

(b) Reserves & Surplus

17.182

15.444

14.897

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

22.182

20.444

19.897

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

16.477

17.599

135.893

(b) Deferred tax liabilities (Net)

0.021

0.015

0.023

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

16.498

17.614

135.916

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

15.359

13.867

0.000

(b) Trade payables

6.689

17.065

4.712

(c) Other current liabilities

2.188

0.727

1.944

(d) Short-term provisions

3.026

2.447

5.044

Total Current Liabilities (4)

27.262

34.106

11.700

 

 

 

 

TOTAL

65.942

72.164

167.513

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4.220

4.304

4.397

(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

9.654

9.654

9.654

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.331

3.019

2.060

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

17.205

16.977

16.111

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5.736

3.307

0.826

(c) Trade receivables

27.459

47.671

0.875

(d) Cash and cash equivalents

1.094

1.267

130.197

(e) Short-term loans and advances

14.448

2.942

19.504

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

48.737

55.187

151.402

 

 

 

 

TOTAL

65.942

72.164

167.513

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

 

31.03.2012

 

SALES

 

 

 

 

 

Income

525.174

486.113

646.905

 

 

Other Income

NA

6.007

8.542

 

 

TOTAL                                     (A)

NA

492.120

655.447

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 

476.663

642.046

 

 

Employee Benefits Expenses

 

0.853

0.861

 

 

Other Expenses

 

1.404

2.041

 

 

TOTAL                                     (B)

NA

478.920

644.948

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

[Including Financial Expense]

13.200

10.499

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

12.345

6.994

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

2.348

0.855

3.505

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.084

0.093

0.103

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                 (G)           

2.264

0.762

3.402

 

 

 

 

 

Less

TAX                                                                  (H)

0.526

0.215

0.906

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

1.738

0.547

2.496

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

15.444

14.897

12.401

 

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

17.182

15.444

14.897

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.48

1.09

4.99

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

0.33

0.11

0.39

 

 
 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)
NA

2.72

1.62

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.02

1.22

2.16

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.04

0.17

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.44

1.54

6.83

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.79

1.62

12.94

 

 

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

5.000

5.000

5.000

Reserves & Surplus

14.897

15.444

17.182

Net worth

19.897

20.444

22.182

 

 

 

 

long-term borrowings

135.893

17.599

16.477

Short term borrowings

0.000

13.867

15.359

Total borrowings

135.893

31.466

31.836

Debt/Equity ratio

6.830

1.539

1.435

 

 

 

 

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

646.905

486.113

525.174

 

 

(24.856)

8.035

 

 

 

 

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

646.905

486.113

525.174

Profit

2.496

0.547

1.738

 

0.39%

0.11%

0.33%

 

 

 

 

 

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

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%

--

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

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

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10287476

25/09/2014 *

30,000,000.00

AXIS BANK LIMITED

TRISHUL, 3RD FLOOR, OPP. SAMARTHESHWAR TEMPLE, LAW 
GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, 
INDIA

C29478120

 

* Date of charge modification

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from 311, Gujarat Vepari Mahamandal Audhyogic Vasahat Limited, Odhav Road, Ahmedabad, Gujarat, India to the present address w.e.f.04.08.2008

 

 

FIXED ASSETS:

 

·         Land

Building

Plant and Machinery

Air Conditioner

Vehicles


 

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 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. 63.07

UK Pound

1

Rs. 98.73

Euro

1

Rs. 77.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

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

5

--LIQUIDITY

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--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

 

--

 

 

 

 

 

 

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.