MIRA INFORM REPORT

 

 

Report No. :

338263

Report Date :

25.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NARESH AGGARWAL AGENCIES PRIVATE LIMITED

 

 

Registered Office :

B VII, 1097/5, A Vikas Nagarnear District Congress, Office Ludhiana – 141003, Punjab

Mobile No.:

91-9876115711 (Mr. Manish)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

04.07.2001

 

 

Com. Reg. No.:

16-024496

 

 

Capital Investment / Paid-up Capital :

Rs.2.340 Million

 

 

CIN No.:

[Company Identification No.]

U51909PB2001PTC024496

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

To establish and carry on the business of buyers, sellers. Importers. Exporters, dealers, stockists and distributors of soap, soap powders, Acid Slurry, detergent and toilet sell, buy, manufacture, refine, prepare, prepare and deal in all kinds of oils, oleaginous and saponaceous and all kinds of unguents and ingredients.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track.

 

There seems dip in the turnover and profitability of the company also seems to be low during the FY 2014. However, general financial position of the company seems to be decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2013.

 

INFORMATION DECLINED BY

 

Name :

Mr. Manish

Designation :

Accountant

Contact No.:

91-9876115711

Date :

24.08.2015

 

 

LOCATIONS

 

Registered Office :

B VII, 1097/5, A Vikas Nagarnear District Congress, Office Ludhiana – 141003, Punjab, India

Tel. No.:

Not Available

Mobile No.:

91-9876115711 (Mr. Manish)

Fax No.:

Not Available

E-Mail :

 Sumatguptaco@gmail.com

 

 

Sales Office / Branch Office:

B-VII-231/1, Talab Bazar Near Saban Bazar, Ludhiana - 141008, Punjab, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Naresh Kumar Aggarwal

Designation :

Director

Address :

B-VI-1097/5-A Near Congress Office, Vikas Nagar, Ludhiana - 141003, Punjab, India

Date of Birth/Age :

04.07.1963

Date of Appointment :

04.07.2001

DIN No.:

00572382

 

 

Name :

Rekha Aggarwal

Designation :

Director

Address :

321, Dr. Sham Singh Road, The Mall, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

30.08.1963

Date of Appointment :

04.07.2001

DIN No.:

00572386

 

 

KEY EXECUTIVES

 

Name :

Mr. Manish

Designation :

Accountant

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Naresh Aggarwal

 

73800

Rekha Aggaral

 

35000

Mehar Chand

 

100

Vishal

 

100

Shruti Aggarwal

 

32000

Naresh Aggaral and Sons. (HUF)

 

13000

Total

 

154000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

To establish and carry on the business of buyers, sellers. Importers. Exporters, dealers, stockists and distributors of soap, soap powders, Acid Slurry, detergent and toilet sell, buy, manufacture, refine, prepare, prepare and deal in all kinds of oils, oleaginous and saponaceous and all kinds of unguents and ingredients.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

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 :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Miller Ganj, Ludhiana - 141001, Punjab, 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 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)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Vehicle Loans

 

 

HDFC Bank Limited

0.098

0.249

BMW India Financial Services Private Limited

0.000

0.784

ICICI Bank Limited (Vehicle Loan-I)

0.176

0.332

ICICI Bank Ltd (Vehicle Loan-II)

0.193

0.349

ICICI Bank Ltd (Vehicle Loan-III)

1.867

0.000

Less: Installments due in next 12 years

1.050

1.246

SHORT TERM BORROWING

 

 

State Bank of India C/C-Hyp. #

34.072

47.875

Total

35.356

48.343

 

NOTE:

 

III.(a) Vehicle Loans are secured against the Hypothecation of the Vehicle against which loan has been taken.

 

III(b) Reapyment Schedule Of Term Loans

 

a) Vehicle Loan from HDFC Bank Ltd Repayable In 36 Monthly Installments of Rs.0.015 Million Starting From November,2011.

b) Vehicle Loan from BMW India Financial Services Private Limited are Repayable In 23 Monthly Installments of Rs.0.078 Million Starting From March,2012.

c) Vehicle Loan-I From ICICI Bank Ltd is Repayable In 35 Monthly Installments of Rs.0.016 Million Starting From April,2012.

d) Vehicle Loan-II From ICICI Bank Ltd is Repayable In 36 Monthly Installments of Rs.0.016 Million Starting From May,2012.

e) Vehicle Loan-III From ICICI Bank Ltd is Repayable In 36 Monthly Installments of Rs.0.064 Million  Starting From 15 March,2014

 

# Working Capital limits are secured by way of Ist charge on the hypothecation of all current assets, present and future, book debts etc. of the company and these are further secured by personal guarantees of the directors of the company.

 

Auditors :

 

Name :

Sumat Gupta and Company

Chartered Accountant

Address :

B-16/17, Miller Ganj, G.T. Road, Ludhiana – 141003, Punjab, India

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

AARFS1859E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs. 2.500 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 1.540 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250000

Equity Shares

Rs.10/- each

Rs. 2.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

234000

Equity Shares

Rs.10/- each

Rs. 2.340 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

2.340

1.540

1.540

(b) Reserves & Surplus

11.085

7.433

7.176

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

4.000

1.000

Total Shareholders’ Funds (1) + (2)

13.425

12.973

9.716

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2.447

2.031

2.978

(b) Deferred tax liabilities (Net)

0.099

0.065

0.063

(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)

2.546

2.096

3.041

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

34.072

47.875

37.301

(b) Trade payables

11.607

9.458

8.016

(c) Other current liabilities

1.173

2.035

7.574

(d) Short-term provisions

0.006

0.024

0.100

Total Current Liabilities (4)

46.858

59.392

52.991

 

 

 

 

TOTAL

62.829

74.461

65.748

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.989

6.235

6.287

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.022

0.022

0.022

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

8.011

6.257

6.309

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

40.601

64.125

36.123

(c) Trade receivables

3.020

0.851

19.820

(d) Cash and cash equivalents

9.203

0.880

3.310

(e) Short-term loans and advances

1.994

2.348

0.186

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

54.818

68.204

59.439

 

 

 

 

TOTAL

62.829

74.461

65.748

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

197.934

250.625

213.460

 

Other Income

 

 

 

 

TOTAL

197.934

250.625

213.460

 

 

 

 

 

 

EXPENSES

188.525

241.266

206.108

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

9.409

9.359

7.352

 

 

 

 

 

 

FINANCIAL EXPENSES

7.963

8.081

6.503

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

1.446

1.278

0.849

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

0.845

0.892

0.324

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

0.601

0.385

0.525

 

 

 

 

 

 

TAX

0.150

0.127

0.169

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.451

0.258

0.356

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.93

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

0.96

0.52

0.80

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.03

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.72

3.85

4.15

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.17

1.15

1.12

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1.540

1.540

2.340

Reserves & Surplus

7.176

7.433

11.085

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

1.000

4.000

0.000

Net worth

9.716

12.973

13.425

 

 

 

 

long-term borrowings

2.978

2.031

2.447

Short term borrowings

37.301

47.875

34.072

Total borrowings

40.279

49.906

36.519

Debt/Equity ratio

4.146

3.847

2.720

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

213.460

250.625

197.934

 

 

17.411

-21.024

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

213.460

250.625

197.934

Profit

0.356

0.258

0.451

 

0.17%

0.10%

0.23%

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Directors, Relatives and Friends

Naresh Aggarwal

1.163

1.563

Total

1.163

1.563

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80045270

18/06/2012 *

49,000,000.00

STATE BANK OF INDIA

MILLER GANJ,, LUDHIANA, PUNJAB - 141001, INDIA

B41729690

 

* Date of charge modification

 

FIXED ASSETS

 

 

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.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

44

 

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.