MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
RSBL SPOT TRADING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bullion House, 115, Tambakatta, Mumbadevi Road, Opposite Dagina Bazar,
Pydhonie, Mumbai – 400003, Maharashtra |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
31.10.2012 |
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|
Com. Reg. No.: |
11-237346 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74120MH2012PTC237346 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Gold and Silver Precious Metal. |
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|
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|
No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Yet to commence its commercial operations |
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|
|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company albeit, belongs to a reputed parentage,
i.e. “RIDDISIDDHI BULLIONS LIMITED”. It is a company which is yet to commence
its commercial operations as per available statutory of FYE13. Mr. Ritesh, Human Resource /
Administration Department provided information and claimed that the management
has started its operations from July 2013. However, trade relations may improve amid support and experience of
its promoters. Business is active. Payment terms are unknown as in absence of
any updated meaningful information. In view of financial and technical support from its reputed group, the
company could be considered for business dealings as a matter of your
confidence on a safe and secured trade terms and conditions, but should be
monitored regarding the commcement of business activity. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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. Ritesh |
|
Designation : |
Human Resource / Administration Department |
|
Contact No.: |
91-22-61245555 |
|
Date : |
16.10.2014 |
LOCATIONS
|
Registered Office / Warehouse: |
Bullion House, 115, Tambakatta, Mumbadevi Road, Opposite Dagina Bazar,
Pydhonie, Mumbai – 400003, Maharashtra, India |
|
Tel. No.: |
91-22-61245555 |
|
Fax No.: |
91-22-61245585 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
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|
|
|
Branch Office : |
Located At : Ahmedabad |
|
Location : |
Rented |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mukesh Manackchand Kothari |
|
Designation : |
Director |
|
Address : |
A/43, Bharat Nagar, 3rd Floor, Grant Road, Opposite
Shalimar Cinema, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
18.08.1973 |
|
Date of Appointment : |
31.10.2012 |
|
DIN No. : |
00230699 |
|
|
|
|
Name : |
Ketan Bhavarlal Kothari |
|
Designation : |
Director |
|
Address : |
Shree Radhye Krishna CHS, Flat 502, 5th Floor, Sanidhya
Building, A Wing,Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1981 |
|
Date of Appointment : |
22.04.2013 |
|
DIN No. : |
00230725 |
|
|
|
|
Name : |
Mahendrakumar Nemichand Bafna |
|
Designation : |
Director |
|
Address : |
31/B Sidhachal Darshan, Sheth Motisha Lane, Byculla, Mumbai - 400027,
Maharashtra, India |
|
Date of Birth/Age : |
25.07.1971 |
|
Date of Appointment : |
31.10.2012 |
|
DIN No. : |
00328300 |
KEY EXECUTIVES
|
Name : |
Mr. Ritesh |
|
Designation : |
Human Resource / Administration Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Riddisiddhi Bullions Limited, India |
99000 |
|
Prithviraj Saremal Kothari |
1000 |
|
|
|
|
Total |
100000 |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.00 |
|
Directors or relatives of Directors |
1.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Gold and Silver Precious Metal. |
|
|
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|
Exports : |
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|
Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
L/C |
|
|
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
No. of Employees : |
18 (Approximately) |
|
|
|
|
Bankers : |
Axis Bank |
|
|
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|
Banking
Relations : |
|
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|
|
|
Auditors : |
|
|
Name : |
K M Tulsian and Associates Chartered Accountants |
|
Address : |
A-703, Rajeshri Accord, Opposite S.N. Road, Telly Cross Lane, Mumbai –
400069, Maharashtra, India |
|
Tel. No.: |
91-22-42466363 |
|
Fax No.: |
91-22-42466300 |
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E-Mail : |
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|
PAN No.: |
AADFK3617N |
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|
|
|
Holding Company : |
Riddisiddhi Bullions Limited [U36912MH1994PLC083644] |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
July
2013 to 31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1.000 |
|
(b) Reserves & Surplus |
|
|
(0.041) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
0.959 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
0.000 |
|
(c) Other current liabilities |
|
|
0.012 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
0.012 |
|
|
|
|
|
|
TOTAL |
|
|
0.971 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
0.000 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash equivalents |
|
|
0.971 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.971 |
|
|
|
|
|
|
TOTAL |
|
|
0.971 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
July
2013 to 31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
NIL
|
|
|
Other Income |
|
|
NIL |
|
|
TOTAL
(A) |
|
|
NIL |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
NIL |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
(0.041) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
NIL |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
(0.041) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
( 0.41) |
KEY RATIOS
|
PARTICULARS |
|
|
|
July
2013 to 31.03.2013 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(4.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
80.92 |
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
nine months |
Yes |
|
12] |
Profitability for last
nine months |
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 |
No |
|
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 |
VIEW INDEX OF CHARGES
: NO CHARGES EXIST FOR COMPANY
WEBSITE DETAILS
PRESS RELEASE
I-T RAIDS RIDDISIDDHI
BULLIONS FOR ALLEGED TAX EVASION
June 12, 2013
MUMBAI: The income-tax department carried out a series of raids across the premises of one of India's largest bullion dealers, RiddiSiddhiBullions (RSBL), and at the residence of its managing director on suspicion that the company has failed to report its full income to tax authorities.
IT officials who carried out raids across some 40 premises, mostly in Mumbai, said they have obtained details of bogus imports and exports for which money has allegedly been sent abroad and received in India as well. The tax department is examining the modus operandi of the alleged hawala operations and the structure of the network used for the operations.
The company's chief executive, however, termed it as a routine survey by the I-T department.
In response to an email query, Kothari wrote, "This is a routine income-tax survey, which does not have any connection with the IPL at all. This survey is being done across various companies in Mumbai and not only at RSBL. My humble request to the media is to please not publish any such news, which creates a negative impression of a company, whom people trust so much. We have put in a lot of hard work to build the reputation of this organisation and people look up to us today! Till there is clear clarification from income-tax officials, I will not be able to comment on any of your questions. My prime responsibility as of now is to make sure that there is full co-operation from my end to the income-tax authorities."
Kothari is a well-known figure in the gold market. He founded RiddiSiddhi Bullions in 1994. The company sells gold, silver and platinum bars to jewellers and coins to retail investors. Over 90% of its bullion sales take place through RSBL Spot, an electronic over-thecounter (OTC) delivery-based bullion-trading system. It is also an authorised participant with all the gold ETFs traded on exchanges, creating and redeeming ETF units.
The company's website says RSBL is India's largest bullion trading company and has a credit rating of SME 1 from CRISIL, the highest on the SME rating scale. The company's promoters have a combined experience of over 100 man-years in the industry.
RSBL SPOT LAUNCHED
MOBILE TRADING FOR IPHONE AND
IPAD
Monday, February 20, 2012: With the ongoing success of RSBL SPOT (Mobile version), an application that provides live view quotes of international Gold, Silver, AM/PM fix, Forex and national Gold, Silver and Platinum benchmark rates, RiddiSiddhi Bullions Limited are proud to launch RSBL SPOT live bullion trading on iPhones and iPads.
RSBL SPOT provides benchmark rates, empowering traders to keep an eagle's eye
on the precious metals market, even when they are up on the go. With this
iPhone and iPad application, you can do live trading for all the national
contracts of Gold, Silver and Platinum using your RSBL SPOT or RSBL Coin Spot
account provided by RiddiSiddhi Bullions Limited.
RSBL SPOT has grown over 2000 clients across 15 centers in India. Benchmark rates for 36 contracts of gold, silver and platinum are displayed on mobile screen in the form of live two way Bid/Ask quotes. This easy to use application will save investors' time and needlessly avoid use of computers.
RSBL is the most reliable brand while considering investments in precious
metals. Established in the year 1994, it has been amongst the market leaders in
providing bullion delivery in the spot market of India. Today, RSBL is India’s
largest bullion trading company.
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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.