MIRA INFORM REPORT

Report No. :	355535
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	VOLITION TRADING PRIVATE LIMITED

Registered Office :	532, Arun Chambers, Next to A.C. Market, Tardeo Main Road, Mumbai – 400034, Maharashtra
Tel. No.:	91-22-23522461

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	24.02.1994

Com. Reg. No.:	11-076780

Capital Investment / Paid-up Capital :	Rs.12.500 Million

CIN No.: [Company Identification No.]	U51900MH1994PTC076780

IEC No.:	Not Applicable (As claimed by company management that company does not export and import)

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACV5060E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of 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 is an established company incorporated in the year 1994. It is a manufacturer of metals. The ratings takes into consideration sound financial risk profile of the company marked by debt free capital structure in the year 2015. Further, the company has reported decent increase in its revenue base however has reported thin profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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

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 :	Chief Executive Officer
Contact No.:	91-9820135441
Date :	17.12.2015

LOCATIONS

Registered Office/Factory :	532, Arun Chambers, Next to A.C. Market, Tardeo Main Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23522461/62
Mobile No.:	91-9867042863 (Mr. Hiren Shah) 91-9820135441 (Mr. Jayesh Shah)
Fax No.:	Not Available
E-Mail :	info@pankaj.co.in hiren@pankaj.co.in
Website :	www.pankaj.co.in

Branch Office:	3/18, AC Market, Tardeo, Mumbai – 400034, Maharashtra, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Harakhchand Nagindas Shah

Designation :

Director

Address :

61, Gokul, 99, Walkeshwar Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

24.02.1994

Din No.:

00003369

PAN No.:

AAGPS6420G

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
1	U51900MH1994PTC076782	UPBEAT TRADING PRIVATE LIMITED	Director	24/02/1994	24/02/1994	-	Active
2	U51900MH1994PTC076780	VOLITION TRADING PRIVATE LIMITED	Director	24/02/1994	24/02/1994	-	Active
3	U27100GJ1994PLC021710	MASCOT PUMP LIMITED	Director	31/03/1994	31/03/1994	15/06/2009	Active
4	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	05/04/2012	22/08/2003	-	Active

Name :

Mr. Hiren Harakhchand Shah

Designation :

Director

Address :

61, Gokul, 99, Walkeshwar Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

31.03.2005

Din No.:

01506187

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	Company/ LLP Status	Defaulting status
1	U51900MH1994PTC076780	VOLITION TRADING PRIVATE LIMITED	Director	31/03/2005	31/03/2005	Active	NO
2	U27101GJ2006PTC049594	ACE METALS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO
3	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	29/09/2007	29/09/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Harakhchand Nagindas Shah		1130000
Gunvanti Harakhchand Shah		30000
Jayesh Harakhchand Shah		30000
Hiren Harakhchand Shah		30000
Hitesh Harakhchand Shah		30000

Total		1250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category

Percentage

Directors or relatives of Directors

100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Metals. [Confirmed by management]

Products :	Metal

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Credit (30, 60, 90 Days)

Purchasing :	Cash and Credit (30, 60, 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Salasar Alloy Private Limited – Nagpur
Name of the Person :	Mr. Radheshyam Malu (Director)
Contact No.:	91-9822265548
Since How Long Known :	5 years
Maximum Limit Dealt :	Rs.400.000 million p.a.
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	They are very much satisfied with the customer. No complaints.

Customers :

Company Name :	Pratibha Industries Limited
Name of the Person :	Mr. Vikas Kotian (Manager – Banking and Finance)
Contact No.:	91-9619499735
Since How Long Known :	3 Years
Maximum Limit Dealt :	Rs.100.000 million p.m.
Experience :	Product Quality Delivery Behaviour Excellent Overall
Remark :	No complaints as such. Highly satisfied with the supplier.

No. of Employees :

20 (Approximately)

Bankers :

Banker Name :	Nagpur Nagrik Sahakari Bank Limited
Branch :	Gyansagar Building, S. K. Bhole Road, Dadar (West), Mumbai, Maharashtra, India
Person Name (With Designation) :	Mr. Atul Ghanote (Branch Manager)
Contact Number :	91-9689902885
Name of Account Holder :	Volition Trading Private Limited
Account Number :	033013600000008
Account Since (Date/Year of Account Opening) :	2013
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Cash Credit= Rs.70.000 million
Account Operation :	--
Remark :	Banker is highly satisfied with the customer. No complaints as such.

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
NNSB Car Loan	0.858	0.000

Total	0.858	0.000

Auditors :
Name :	R. J. Kothari and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India

Memberships :	--

Collaborators :	--

Associates / Subsidiaries [Confirm by management] :	Pankaj Metals European Metals Private Limited ACE Metals Private Limited

Other Related Parties :	Alucast Engineering Private Limited P.E.L. Industries Limited Pankaj Metals Centre Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500
(b) Reserves & Surplus	32.408	27.704
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	44.908	40.204

(3) Secured loans	0.858	0.000
Total Non-current Liabilities (3)	0.858	0.000

(4) Current Liabilities
(a) Other current liabilities	436.230	210.360
(b) Short-term provisions	0.337	3.441
(c) Deferred tax liabilities	0.014	0.000
Total Current Liabilities (4)	436.581	213.801

TOTAL	482.347	254.005

II. ASSETS
(1) Non-current assets
(a) Fixed Assets	1.212	0.022
(b) Non-current Investments	4.064	44.741
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.276	44.763

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.564	62.654
(c) Trade receivables	465.671	131.319
(d) Cash and cash equivalents	0.325	0.306
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	8.511	14.963
Total Current Assets	477.071	209.242

TOTAL	482.347	254.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	6594.598	1447.318
		Other Income	1.046	0.591
		TOTAL (A)	6595.644	1447.909
			[Due to more order received]
Less	EXPENSES
		Cost of Materials Purchased	6505.311	1440.098
		Changes in Inventories	60.090	(6.858)
		Employee Benefits Expenses	3.285	0.574
		Other Expenses	9.451	0.692
		TOTAL (B)	6578.137	1434.506

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.507	13.403

Less	FINANCIAL EXPENSES (D)		9.511	8.478

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.996	4.925

Less	DEPRECIATION/ AMORTISATION (F)		0.050	0.002

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		7.946	4.923

Less	TAX (H)		2.410	1.521

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		5.536	3.402

	Earnings Per Share (Rs.)		4.43	2.72

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin PAT / Sales	(%)	0.08	0.24

Operating Profit Margin (PBDIT/Sales)	(%)	0.27	0.93

Return on Total Assets (PBT/Total Assets)	(%)	1.66	2.35

Return on Investment (ROI) (PBT/Networth)		0.18	0.12

Debt Equity Ratio (Total Debt /Networth)		0.02	0.00

Current Ratio (Current Asset/Current Liability)		1.09	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Share Capital	12.500	12.500
Reserves & Surplus	27.704	32.408
Net worth	40.204	44.908

Secured loans	0.000	0.858
Total borrowings	0.000	0.858
Debt/Equity ratio	0.000	0.019

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Sales	1447.318	6594.598
		355.643

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million
Sales	1447.318	6594.598
Profit	3.402	5.536
	0.24%	0.08%

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	No
11	Pan Card No. of Proprietor / Partners	Yes
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 two years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	No
29	Profitability for last two 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

NOTE: Registered office of the company has been shifted from 61, Gokul, 99, Walkeshwar Road, Mumbai - 400007, Maharashtra, India to the present address w.e.f. 16.09.2011

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421638	13/03/2013	70,000,000.00	Nagpur Nagarik sahakari Bank Limited	Dadar Branch, Dnyansagar Building, 1st Floor, S.K. Bole Road, Dadar (West), Mumbai, Maharashtra - 400028, India	B73724122

FIXED ASSETS:

· Vehicles

· Air Conditioner

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.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KIN

Report Prepared by :	NKT

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	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.

MIRA INFORM REPORT

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