MIRA INFORM REPORT

 

 

Report No. :

355534

Report Date :

18.12.2015

 

IDENTIFICATION DETAILS

 

Name :

PANKAJ METALS

 

 

Registered Office :

3/18, A.C. Market, Tardeo, Mumbai – 400034, Maharashtra

Tel No.:

91-22-23522462

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Year of Establishment :

06.06.2005

 

 

Capital Investment / Paid-up Capital :

Rs. 20.006 Million

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAIFP1763H

 

 

Legal Form :

Partnership Concern with an unlimited liability of the partners

 

 

Line of Business :

Trader of Ferrous and Non-Ferrous Metals. (Confirmed by management)

 

 

No. of Employees :

20 (Approximately)

 

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 was established in the year 2005 as a partnership concern and it is the trader of ferrous and non-ferrous metals. It has satisfactory track.

 

Mr. Jayesh Shah, Partner has provided information of the subject to us.

 

The concern has reported decent sales revenue of Rs. 4080.000 Million but it has recorded low profit margin of 0.09% during the year 2015. However, it has adequate capital position recorded in the books.

 

Rating strength is partially offset by risk associated with trading nature of business operations and intense competition from other organized and unorganized in the industry.

 

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The concern 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

 

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. Jayesh Shah

Designation :

Partner

Contact No.:

91-9820135441

Tel No.:

17.12.2015

 

 

LOCATIONS

 

Registered Office :

3/18, A.C. Market, Tardeo, Mumbai – 400034, Maharashtra, India

Tel. No.:

91-22-23522461/2/3

Mobile No.:

91-9867042863 (Mr. Hiren Shah)

91-9820135441 (Mr. Jayesh Shah)

Fax No.:

Not Available

E-Mail :

info@pankaj.co.in

Website :

www.pankaj.co.in

Location :

Owned

Locality :

Commercial

 

 

Warehouse :

Dapoda Village, Bhiwandi, Maharashtra, India

 

 

Branch Office 1:

Akota Stadium, Near PE Office, Vadodara, Gujarat, India

 

 

Branch Office 2:

301, Aadi Complex, Near PF Office, Akota Stadium Road, Vadodara 390020, Gujarat, India

 

 

Branch Office 2:

7/-19, A C Market, Mumbai – 400034, Maharashtra, India

Tel No.:

91-22-23522463

 

 

PARTNERS

 

Name :

Mr. Hiren Shah

Designation :

Partner

 

 

Name :

Mr. Harakhchand Shah

Designation :

Partner

PAN No.:

AAGPS6420G

 

 

Name :

Mr. Jayesh Shah

Designation :

Partner

 

 

Name :

Mr. Hitesh Shah

Designation :

Partner

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Ferrous and Non-Ferrous Metals. (Confirmed by management)

 

 

Products :
  • Ferrous Metals
  • Non-Ferrous Metals

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit (30 / 60. / 90 Days)

 

 

Purchasing :

Cash and Credit (30 / 60. / 90 Days)

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Nimit Steels Alloys Private Limited

Name of the Person :

Mr. Akshay Bhansali

Contact No.:

91-22-42465401 / 42465407 / 91-9004669600

Since How Long Known :

5 Years

Maximum Limit Dealt :

Rs. 200.000 Million (Approximately)

Experience :

Product Quality

Delivery Behaviour

Overall

Excellent

Excellent

Excellent

Remark :

No Complaints. They are highly satisfied with the payment behaviour and market goodwill.

 

  • Badrish Sales Corporation
  • Agasthya Copper Private Limited
  • Jay Polychem Private Limited

 

 

Customers :

Wholesaler, Retailers

 

Company Name :

EMCO Limited

Name of the Person :

Mr. Balmukund (Finance Head)

Contact No.:

91-7738687730

Since How Long Known :

4 Years

Maximum Limit Dealt :

Rs. 300.000 Million (P.m)

Experience :

Not Available

Remark :

No Complaints. They are satisfied with the product quality and delivery behaviour.

 

  • Fivebro International Private Limited
  • Pratibha Yogiraj JV
  • Asian Electronics Limited (Nashik)
  • Bedmutha Industries Limited
  • Brandhouse Retails Limited
  • Doshion Private Limited
  • ESS DEE Aluminium Limited
  • Hetal Steels Private Limited
  • Jyoti Structures Limited
  • Sadhana Casting Private Limited
  • Streerlite Engg. Private Limited
  • ACE Metal Private Limited
  • Colition Trading Private Limited

 

 

No. of Employees :

20 (Approximately)

 

 

Bankers :

Banker Name :

Nagpur Nagrik Sahakari Bank Limited

Branch :

Gyan Sagar Building, SK Bhole Road, Dadar West, Mumbai, Maharashtra, India

Person Name (With Designation) :

Mr. Atul Ghanote – Branch Manager

Contact Number :

91-9689902885

Name of Account Holder :

Pankaj Metals

Account Number :

033013600000009

Account Since (Date/Year of Account Opening) :

2013

Average Balance Maintained :

--

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

Cash / Credit = Rs.40.000 Million [Working Capital]

Account Operation :

Satisfactory

Remark :

Banker is highly satisfied with the customer. No complaints as such.

 

Auditors :

 

Name :

Shah and Associates

Chartered Accountants

Address:

Mumbai, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concerns:
  • Europan Metals Private Limited
  • Volition Trading Private Limited
  • ACE Metals Private Limited

 

 

CAPITAL STRUCTURE

 

MR. HARAKHCHAND SHAH

Particulars

Amount

Particulars

Amount

To Share In frim Tax

0.231

By Balance B/F

3.359

 

 

By Share in profit

0.757

To Balance C/F

4.246

By Salary Recd.

0.360

 

4.476

 

4.476

 

MR. HIREN SHAH

Particulars

Amount

Particulars

Amount

To Share In frim Tax

0.231

By Balance B/F

3.341

To Balance C/F

3.867

By Share in profit

0.757

 

4.098

 

4.098

 

MR. HITESH SHAH

Particulars

Amount

Particulars

Amount

To Share In frim Tax

0.231

By Balance B/F

3.340

To Balance C/F

3.866

By Share in profit

0.757

 

4.097

 

4.097

 

MR. JAYESH SHAH

Particulars

Amount

Particulars

Amount

To Share In frim Tax

0.231

By Balance B/F

4.867

To Withdrawals

0.250

By Share in profit

0.758

To Balance C/F

5.744

By Salary Recd.

0.600

 

6.225

 

6.225

 

VOLITION TRADING PRIVATE LIMITED

Particulars

Amount

Particulars

Amount

To Share In frim Tax

0.231

By Balance B/F

1.756

To Balance C/F

2.283

By Share in profit

0.757

 

2.514

 

2.513

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

SOURCES OF FUNDS

 

 

 

31.03.2015

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

20.006

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

20.006

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

36.007

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

36.007

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

56.013

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

1.102

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

1.017

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
0.113

 

Sundry Debtors
 
 
223.367

 

Cash & Bank Balances
 
 
4.736

 

Other Current Assets
 
 
0.675

 

Loans & Advances
 
 
0.015

Total Current Assets
 
 
228.906

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors
 
 

 

Other Current Liabilities
 
 
174.754

 

Provisions
 
 
0.258

Total Current Liabilities
 
 
175.012

Net Current Assets
 
 
53.894

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

56.013

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2015

 

SALES

 

 

 

 

Income

 

 

4080.720

 

Other Income

 

 

0.189

 

TOTAL

 

 

4080.909

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

 

4059.999

 

Conveyance Expenses

 

 

0.011

 

Office Rent

 

 

0.022

 

Insurance Paid

 

 

0.020

 

Freight Charges

 

 

0.000

 

Motor Car Expenses

 

 

0.068

 

Office Expenses

 

 

0.052

 

Postage Expenses

 

 

0.002

 

Professional Fees

 

 

0.194

 

Salary Expenses

 

 

0.831

 

Bank Charges (Baroda)

 

 

0.009

 

Bank Charges (Mumbai)

 

 

0.007

 

Franking Expenses

 

 

0.001

 

Interest on C.C A/c

 

 

4.962

 

Processing Charges

 

 

0.183

 

Interest on Car Loan

 

 

0.040

 

L.C Discounting Charges

 

 

9.385

 

Brokerage Expenses

 

 

0.193

 

Travelling Expenses

 

 

0.024

 

Electricity Charges

 

 

0.009

 

Telephone Charges

 

 

0.021

 

Printing and Stationery

 

 

0.023

 

Remuneration to Partner

 

 

0.960

 

VAT Paid

 

 

0.002

 

TOTAL

 

 

4077.018

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION 

 

 

3.891

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

 

0.104

 

 

 

 

 

 

NET PROFIT

 

 

3.787

 

 

The above information has been parted by Mr. Jayesh Shah (Partner)

 

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

 

 

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)

Yes

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

No

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last one year

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last one year

Yes

30

Major shareholders, if available

No

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

 

 

STATEMENT OF INCOME (ASSESSMENT YEARS 2015-2016)

 

 

Rs. in Million

Rs. in Million

Rs. in Million

Profit and Gains of Business or Profession

 

 

 

Business

 

 

 

Net Profit Before Tax as per Profit and Loss A/c

 

3.787

 

Add: Inadmissible expenses and Income not included

 

 

 

Depreciation debited to P & L A/c

0.104

 

 

Remuneration to partner/members debited in P & L A/c

0.960

1.064

 

Adjusted Profit from Business 1

 

4.851

 

Total Income from Business and Profession

 

4.851

 

Less: Depreciation as per IT Act 

 

0.104

 

Book Profit

 

4.747

 

Less: Remuneration and Interest partner

 

0.960

 

Income chargeable under their head “Business and Profession”

 

 

3.787

Total

 

 

3.787

Less – Brought forward losses set off

 

 

3.787

Total Income

 

 

0

Advance tax

 

0.400

 

Total prepaid taxes

 

 

0.400

Refund Due

 

 

0.400

 

 

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 records 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.66.64

UK Pound

1

Rs.99.61

Euro

1

Rs.72.32

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT 

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

SUJ

 

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

--PROFITABILITY

1~10

4

--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

YES

--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.