MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NETRA MERCANTILE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Cama Chamber, 1st Floor, 23, Nagindas Master Road, Fort,
Mumbai – 400 023, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.09.2001 |
|
|
|
|
Com. Reg. No.: |
11-133370 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.42.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2001PTC133370 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10574E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCN4276F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Dealers in HR, CR, GP, GI Coils or Sheets |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1224000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears drastic dip in profit of the company in the year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to retain
100 per cent foreign direct investment in both greenfield (new) and brown field
(existing) pharmaceutical companies, despite concerns over genetic drugs going
out of production, if multi-national companies take over domestic ones. In
M&A deals, a non compete clause would not be allowed, except in special
circumstances. The Department of Industrial Policy and Promotion plans to
release the next edition of its consolidated foreign direct investment policy
document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India committee
has recommended setting up a special category of lenders who would cater to
small businesses and households, to expand the number of customers with access
to banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account
in mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A4+ (Non Fund Based – Letter of credit
Limit) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March 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
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (91-22-22622261)
LOCATIONS
|
Registered Office : |
Cama Chamber, 1st Floor, 23, Nagindas Master Road, Fort, Mumbai
– 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22622261 |
|
Fax No.: |
91-22-22622261 |
|
E-Mail : |
|
|
Located: |
Owned |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Vijendra Vijayraj Ranka |
|
Designation : |
Director |
|
Address : |
2639, Main Road, Gorakhpur, Jabalpur – 482002, Madhya Pradesh, India |
|
Date of Birth/Age : |
29.09.1979 |
|
Date of Appointment : |
25.02.2013 |
|
DIN No.: |
00164359 |
|
|
|
|
Name : |
Mr. Narendra Ratnakant Phatkare |
|
Designation : |
Additional Director |
|
Address : |
Room No.2 27-G, Champeshwar Bldg, Kothachi Wadi, V.P. Road, Girgaun, Mumbai - 400004, Maharashtra, India |
|
Date of Appointment : |
25.06.2012 |
|
DIN No.: |
05219510 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vijendra Ranka |
|
5000 |
|
Suresh Bhise |
|
5000 |
|
Reynolds Petrochem Limited |
|
21600 |
|
Shree Datta Industries India Limited |
|
19260 |
|
Gujarat Building Material Private Limited |
|
23400 |
|
Shresth Leasing and Fin. Limited |
|
29340 |
|
Ashwin Narendra Lodha |
|
4000000 |
|
Sheela Abhay Lodha |
|
146400 |
|
|
|
|
|
Total |
|
4250000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Bodies corporate |
|
2.20 |
|
Directors or relatives of directors |
|
0.11 |
|
Other top fifty shareholders |
|
97.69 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers in HR, CR, GP, GI Coils or Sheets |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Oriental Bank of Commerce, Overseas Branch, Dalamal Towers,211 Nariman Point, Nariman Point, Mumbai, Mumbai - 400021, Maharashtra, India |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Poonawala and Associates Chartered Accountants |
|
Address : |
126, Abdul Rehman Street, 2nd Floor, Mariam Manzil, Mumbai
– 400003, Maharashtra, India |
|
Tel. No.: |
91-22-23412143 |
|
Mobile No.: |
91-9820746649 |
|
PAN No.: |
AADPP5272E |
|
|
|
|
Associates : |
Navmi Steel Traders Private Limited U51420MH2002PTC136512 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000 |
Equity Shares |
Rs.10/- each |
Rs.42.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000 |
Equity Shares |
Rs.10/- each |
Rs.42.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
42.500 |
42.500 |
42.500 |
|
(b) Reserves & Surplus |
208.475 |
201.468 |
158.332 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
55.170 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
306.145 |
243.968 |
200.832 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
400.000 |
49.239 |
49.239 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
400.000 |
49.239 |
49.239 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1006.770 |
449.996 |
449.999 |
|
(c) Other current liabilities |
12.523 |
46.096 |
0.006 |
|
(d) Short-term provisions |
24.993 |
33.277 |
26.057 |
|
Total Current
Liabilities (4) |
1044.286 |
529.369 |
476.062 |
|
|
|
|
|
|
TOTAL |
1750.431 |
822.576 |
726.133 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.036 |
0.062 |
0.088 |
|
(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 |
288.536 |
2.500 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
288.572 |
2.562 |
0.088 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
90.473 |
|
(b) Inventories |
129.056 |
371.054 |
208.959 |
|
(c) Trade receivables |
1063.914 |
314.070 |
396.179 |
|
(d) Cash and cash equivalents |
82.334 |
92.136 |
3.135 |
|
(e) Short-term loans and advances |
33.213 |
31.382 |
27.299 |
|
(f) Other current assets |
153.243 |
11.372 |
0.000 |
|
Total Current
Assets |
1461.760 |
820.014 |
726.045 |
|
|
|
|
|
|
TOTAL |
1750.431 |
822.576 |
726.133 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
8978.668 |
5279.932 |
|
|
|
Other Income |
|
5.414 |
4.478 |
|
|
|
TOTAL (A) |
NA |
8984.082 |
5284.410 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost o material consumed |
|
9002.524 |
5171.154 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
|
(162.095) |
(16.411) |
|
|
|
Employee benefit expense |
|
1.330 |
1.286 |
|
|
|
Other administrative expense |
|
28.444 |
15.557 |
|
|
|
TOTAL (B) |
NA |
8870.203 |
5171.586 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
113.879 |
112.824 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
50.000 |
50.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
63.879 |
62.711 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.026 |
0.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.607 |
63.853 |
62.672 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.950 |
20.717 |
21.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
7.657 |
43.136 |
41.370 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.80 |
10.15 |
9.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
0.48
|
0.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
0.71
|
1.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
7.79
|
8.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.26
|
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.31 |
0.20
|
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.55
|
1.53 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 two 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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
ACTIVITY
The Company has developed very good market for H.R. Coils/Sheets and C.R. Coils/Sheets at Mumbai. Looking to the present market potential we are expecting to achieve a good turnover in the next year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90354034 |
21/11/2011 * |
450,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, DALAMAL TOWERS,211 NARIMAN POINT, |
B30008502 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Furniture and Fixtures
· 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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
30 |
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.