MIRA INFORM REPORT

 

 

Report No. :

354843

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MAHEEP MARKETING PRIVATE LIMITED

 

 

Registered Office :

32, Ezra Street, 9th Floor, Room No 911, Hare Street, Kolkata – 700001, West Bengal

Tel. No.:

91-22-22709023/ 22017746/ 22709032

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

07.10.1994

 

 

Com. Reg. No.:

21-065456

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U51909WB1994PTC065456

 

 

IEC No.:

Not Applicable [As claimed by Company management, the Company does not Export and Import]

 

 

TIN No.:

27930240239

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALM04856F

 

 

PAN No.:

[Permanent Account No.]

AABCM9107C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Steel Products like HR Coils, CR Coils, etc. (Confirmed by Management)

 

 

No. of Employees :

60 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (34)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 179700

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Maheep Marketing Private Limited was incorporated in 1994 and is based in Kolkata, India. It is engaged into trading of steels product like HR coils, CR Coils etc.

 

The rating assigned to Maheep Marketing Private Limited derives strength from the long and satisfactory track record of promoters with regular fund support, long standing relationship with its supplies, diversified product portfolio, and growing scale of operation along comfortable debt protection metrics.

 

Rating is constrained on company’s very low profit margin resulted due to trading nature of business, customer concentration risk, high working capital requirement and fragmented nature of the steel industry.

 

However, trade relation seems to be fair. Business is active. Payment terms are reported as slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with caution. 

 

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

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Swapnil More

Designation :

Accountant

Contact No.:

91-22-22709023

Date :

15.12.2015

 

 

LOCATIONS

 

Registered Office / Warehouse :

32, Ezra Street, 9th Floor, Room No 911, Hare Street, Kolkata – 700001, West Bengal, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

gajendra_sandim@rediffmail.com

vvranka@indiatimes.com

maheepmarketingpvtltd1994@gmail.com

Location :

Rented

Locality :

Commercial

 

 

Branch Office :

Office No. 10, 2nd Floor, 144, V T Mansion, Perin Nariman Street, Fort, Mumbai-400001, Maharashtra, India

Tel. No.:

91-22-22709023/ 22017746/ 22709032

Fax No.:

91-22-22709032

Location :

Rented

Locality :

Residential

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Hemant Chimanlal Sanghvi

Designation :

Director

Address :

Balkrishna Niwas, Room No. 19, Plot No. 265, Matunga, Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

52 Years

Qualification :

B. Com

Experience :

10 Years

Date of Appointment :

10.06.2005

DIN No.:

00161907

 

 

Name :

Mr. Gajendra Krishna Sandim

Designation :

Director

Address :

Shrigaon Ganeshwadi, Ratnagiri - 415629, Maharashtra, India

Date of Birth/Age :

04.07.1977

Qualification :

B. Com

Experience :

7 Years

Date of Appointment :

30.09.2010

DIN No.:

03347208

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51909WB1994PTC065456

MAHEEP MARKETING PRIVATE LIMITED

Director

30-09-2010

30-09-2010

-

Active

NO

2

U74999MH2010PTC199324

HARSH STEEL TRADE PRIVATE LIMITED

Additional director

02-05-2011

02-05-2011

30-03-2012

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Swapnil More

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Gajendra Sandim

500000

50.00

Hemant Sanghvi

500000

50.00

 

 

 

Total

 

1000000

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Steel Products like HR Coils, CR Coils, etc. (Confirmed by Management)

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Ballaleshwar Pipes and Tubes Private Limited

Name of the Person (Designation):

Mr. Mahendra/ Mr. Debasis (Accountant)

Contact Number:

91-22-22664498

Since how long known:

3 Years

Maximum limit dealt:

As per requirement

Experience:

Payment Behaviour = Excellent

Market Goodwill = Excellent

Overall = Excellent

Remark

Mr. Debasis gave positive response about subject company in payment behaviour. 

 

 

Customers :

Retailers and End Users

 

Reference:

Akshata Mercantile Private Limited

Name of the Person (Designation):

Mr. Vikas (Accountant)

Contact Number:

91-22-22841414

Since how long known:

Not Divulged

Maximum limit dealt:

As per requirement

Experience:

Product Quality = Good

Delivery Behaviour = Good

Overall = Good

Remark

Mr. Vikas gave positive response about subject company in product quality and delivery behaviour. Overall its good company.

 

 

No. of Employees :

60 (Approximately)

 

 

Bankers :

Bank Name:

Oriental Bank of Commerce

Branch:

Overseas Branch, Nariman Point, Mumbai, Maharashtra, India

Person Name (with Designation):

Mr. Rasik Chauhan (Manager)

Contact Number:

91-22-43152924/ 43152903

Name of Account Holder:

Maheep Marketing Private Limited

Account Number:

05301131000316

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

10.09.2008

Average Balance Maintained (Optional):

Not Divulged

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

Current Account

Account Operation:

Satisfactory

Remarks:

Mr. Rasik informed that the subject company have satisfactory track record with Bank.

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Loan Repayable on demand

 

 

From Bank

42.974

0.000

 

 

 

Total

 

42.974

0.000

 

SHORT TERM BORROWINGS

 

Short Term Borrowings referred under secured loan are secured by way of hypothecation of all types of inventories and book debts and promoters/ directors have also provided their respective personal guarantee.

 

 

 

 

Auditors :

 

Name :

Doogar and Associates

Chartered Accountants

Address :

A-304, Dalamal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Related Party :

Brahmacharini Vyapaar Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs. 10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000

Equity Shares fully paid up capital by allotment

Rs. 10/- each

Rs. 0.100 Million

990,000

Equity Shares

Rs. 10/- each

Rs. 9.900 Million

 

 

 

 

 

Total

 

Rs. 10.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

10.000

0.790

0.790

(b) Reserves & Surplus

52.887

61.360

49.971

(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)

62.887

62.150

50.761

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(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)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

42.974

0.000

0.000

(b) Trade payables

4296.365

6844.144

5159.879

(c) Other current liabilities

15112.248

10324.893

11889.847

(d) Short-term provisions

26.874

26.541

20.682

Total Current Liabilities (4)

19478.461

17195.578

17070.408

 

 

 

 

TOTAL

19541.348

17257.728

17121.169

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.021

0.043

0.056

(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

0.501

0.501

0.501

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.232

0.100

0.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

0.754

0.644

0.757

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

83.151

370.118

119.601

(c) Trade receivables

3745.794

3570.792

5145.327

(d) Cash and cash equivalents

2.477

2.425

3.454

(e) Short-term loans and advances

11042.581

9355.010

9260.902

(f) Other current assets

4666.591

3958.739

2591.128

Total Current Assets

19540.594

17257.084

17120.412

 

 

 

 

TOTAL

19541.348

17257.728

17121.169

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

27178.420

25858.290

28204.106

 

 

Other Income

835.675

849.042

0.324

 

 

TOTAL                                     (A)

28014.095

26707.332

28204.430

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

27299.297

26223.977

27867.949

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

286.967

(250.518)

(119.601)

 

 

Employees benefits expense

0.557

0.687

0.512

 

 

Selling and Distribution Expenses

9.747

12.611

9.702

 

 

Other Administrative expenses

7.892

14.020

8.706

 

 

TOTAL                                     (B)

27604.460

26000.777

27767.268

 

 

 

 

 

 

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

409.635

706.555

437.162

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

408.543

689.288

419.098

 

 

 

 

 

 

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

1.092

17.267

18.064

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.015

0.013

0.018

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

1.077

17.254

18.046

 

 

 

 

 

Less

TAX                                                                  (H)

0.334

5.865

6.150

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

0.743

11.389

11.896

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.74

144.00

151.00

 

Expected Sales (2015-2016): Rs.15000.000 Million

 

The above information has been parted by Mr. Swapnil More (Accountant)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net Cash flow from (used in) Operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.00

0.04

0.04

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

1.51

2.73

1.55

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.01

0.10

0.11

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

0.28

0.36

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.68

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.00

1.00

1.00

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.790

0.790

10.000

Reserves & Surplus

49.971

61.360

52.887

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

50.761

62.150

62.887

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

42.974

Total borrowings

0.000

0.000

42.974

Debt/Equity ratio

0.000

0.000

0.683

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

28204.106

25858.290

27178.420

 

 

-8.317

5.105

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

28204.106

25858.290

27178.420

Profit

11.896

11.389

0.743

 

0.04%

0.04%

0.00%

 

 

 

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

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

Yes

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

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR

 

During the year, the Company’s income stood at Rs. 27178.420 Million. Profit for the year stood at Rs. 0.743 Million against 11.389 Million in the previous year.

 

 

FIXED ASSETS:

 

·         Computer

·         Air Conditioner

·         Furniture and Fixture

 

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. 66.85

UK Pound

1

Rs. 100.58

Euro

1

Rs. 73.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

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

 

34

 

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.