MIRA
INFORM REPORT
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Report No. : |
308849 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GRETA STEELS LIMITED |
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Registered
Office : |
ABC Trade Centre, New No.39, Old No.50, 4th Floor, Anna
Salai, Chennai – 600002, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.01.2011 |
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Com. Reg. No.: |
18-078952 |
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Capital
Investment / Paid-up Capital : |
Rs. 19.500 Millions |
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CIN No.: [Company Identification
No.] |
U27310TN2011PLC078952 |
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IEC No.: |
0411046373 |
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TIN No.: |
33260561627 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECG1941P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Minerals, Iron and Steel. |
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No. of Employees
: |
20 (Approximately) [In Office] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Even though the company was incorporated during the year 2011 the
company commenced its commercial operation from May 2013. Mr. Arvind Kothari Account Manager provided all information. The company has achieved a sizeable turnover from its first year of
operation i.e. (May 2013 to March 2014), However, profit margin of the
company is low. Trade relations are reported to be improving. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Arihant Kothari |
|
Designation : |
Account Manager |
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Contact No.: |
91-44-42961100 |
|
Date : |
19.02.2015 |
LOCATIONS
|
Registered Office : |
ABC Trade Centre, New No.39, Old No.50, 4th Floor, Anna Salai, Chennai
– 600002, Tamil Nadu, India |
|
Tel. No.: |
91-44-42961154/ 42961100/ 25910850 |
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Fax No.: |
91-44-25917603/ 42961122 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Godown/ Branch Office : |
No. 665, T.H. Road, Tondaiarpet, Chennai – 600081, Tamilnadu, India |
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Tel. No.: |
91-44-25910855 |
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Fax No.: |
91-44-25917603 |
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E-Mail: |
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Location : |
Rented |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Nitesh Chaudhary |
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Designation : |
Director |
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Address : |
No.1, Philips Street, Chennai – 600001, Tamilnadu, India |
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Date of Birth/Age : |
29.12.1988 |
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Qualification : |
B.Com. |
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Date of Appointment : |
28.09.2012 |
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DIN No. : |
03435055 |
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Other Directorship :
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Name : |
Mr. Mukesh Kothari |
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Designation : |
Director |
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Address : |
New No.13, Old No.13, Sylvan Lodge Colony, 1st Cross
Street, Kilpauk, Chennai – 600010, Tamilnadu, India |
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Date of Birth/Age : |
10.10.1988 |
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Qualification : |
B.B.A. |
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Date of Appointment : |
30.09.2013 |
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DIN No. : |
03533148 |
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Other Directorship :
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Name : |
Mr. Samarjeet Kothari |
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Designation : |
Director |
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Address : |
New No.13, Old No.13, Sylvan Lodge Colony, 1st Cross
Street, Kilpauk, Chennai – 600010, Tamilnadu, India |
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Date of Birth/Age : |
12.01.1991 |
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Qualification : |
VISCOM |
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Date of Appointment : |
30.09.2013 |
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DIN No. : |
06551709 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Arihant Kothari |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Nitesh Chaudhari |
10000 |
0.51 |
|
Rajendra Kumar Chaudhari |
5000 |
0.26 |
|
Anup Ramawtar Goyal |
5000 |
0.26 |
|
Narottamka Trade and Vyapaar Private Limited |
10000 |
0.51 |
|
Kusum Metals Private Limited |
10000 |
0.51 |
|
Greta Investments Private Limited |
5000 |
0.26 |
|
Girish Chaudhari |
5000 |
0.26 |
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Samarjeet Kothari |
1650000 |
84.62 |
|
Mukesh Kothari |
250000 |
12.82 |
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Total |
1950000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
1.28 |
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Directors or relatives of Directors |
98.72 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Minerals, Iron and Steel. |
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Products : |
· Minerals Iron Steel |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
· Singapore United Kingdom |
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Terms : |
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Selling : |
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Purchasing : |
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PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
· Dhatu International Pte. Limited, Singapore Overseas Venture Pte. Limited, Singapore Global Metcorp Limited |
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Customers : |
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No. of Employees : |
20 (Approximately) [In Office] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sunil Patodia and Company Chartered Accountants |
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Address : |
No.85, (old no.43), Thambu Chetty street, Chennai – 600001, Tamilnadu, India |
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Tel. No. : |
91-044-25220893 |
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Fax No. : |
91-044-25216589 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAHFS6208H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises over which key management persons have significant
influence and enterprises having a key management persons in common : |
· Kamachi Steels Limited Kamachi Sponge and Power Corp Limited K.I. International Goyal Ispat Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,950,000 |
Equity Shares |
Rs.10/- each |
Rs. 19.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders'
Funds |
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(a) Share Capital |
19.500 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
3.202 |
(0.079) |
(0.016) |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
22.702 |
0.421 |
0.484 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.728 |
0.116 |
0.351 |
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(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 |
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Total Non-current Liabilities (3) |
0.728 |
0.116 |
0.351 |
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(4) Current Liabilities |
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(a) Short term borrowings |
148.877 |
0.000 |
0.000 |
|
(b) Trade payables |
346.334 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
30.021 |
0.000 |
0.000 |
|
(d) Short-term provisions |
1.740 |
0.011 |
0.010 |
|
Total Current Liabilities (4) |
526.972 |
0.011 |
0.010 |
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TOTAL |
550.402 |
0.548 |
0.845 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(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) |
0.130 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.527 |
0.572 |
|
Total Non-Current Assets |
0.130 |
0.527 |
0.572 |
|
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(2) Current assets |
|
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|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
521.926 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
26.986 |
0.021 |
0.273 |
|
(e) Short-term loans and
advances |
0.017 |
0.000 |
0.000 |
|
(f) Other current assets |
1.343 |
0.000 |
0.000 |
|
Total Current Assets |
550.272 |
0.021 |
0.273 |
|
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|
|
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|
TOTAL |
550.402 |
0.548 |
0.845 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
|
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|
Income |
889.756 |
0.000 |
0.000 |
|
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Other Income |
9.206 |
0.000 |
0.000 |
|
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|
TOTAL |
898.962 |
0.000 |
0.000 |
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|
Less |
EXPENSES |
|
|
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|
|
|
Purchases of Stock-in-Trade |
882.014 |
0.000 |
0.000 |
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Employees benefits expense |
0.798 |
0.000 |
0.000 |
|
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Other expenses |
0.791 |
0.062 |
0.016 |
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TOTAL |
883.603 |
0.062 |
0.016 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
15.359 |
(0.062) |
(0.016) |
|
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|
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|
|
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|
Less |
FINANCIAL
EXPENSES |
10.469 |
0.000 |
0.000 |
|
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|
PROFIT/
(LOSS) BEFORE TAX |
4.890 |
(0.062) |
(0.016) |
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Less |
TAX |
1.609 |
0.000 |
0.000 |
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|
PROFIT/
(LOSS) AFTER TAX |
3.281 |
(0.062) |
(0.016) |
|
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|
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|
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|
Earnings /
(Loss) Per Share (Rs.) |
65.61 |
(1.25) |
(0.32) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.37 |
0.00 |
0.00 |
|
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|
|
|
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|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.73 |
0.00 |
0.00 |
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.89 |
(11.31) |
(1.89) |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
(0.15) |
(0.03) |
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|
|
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
6.59 |
0.28 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.91 |
27.30 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.500 |
0.500 |
19.500 |
|
Reserves and Surplus |
(0.016) |
(0.079) |
3.202 |
|
Net
worth |
0.484 |
0.421 |
22.702 |
|
|
|
|
|
|
Long-term borrowings |
0.351 |
0.116 |
0.728 |
|
Short term borrowings |
0.000 |
0.000 |
148.877 |
|
Total
borrowings |
0.351 |
0.116 |
149.605 |
|
Debt/Equity
ratio |
0.725 |
0.276 |
6.590 |
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
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10462683 |
05/11/2013 |
150,000,000.00 |
UNION BANK OF INDIA |
WASHERMANPET BRANCH, 17 G.A.ROAD, OLD WASHERMANPET, CHENNAI, TAMILNADU - 600021, INDIA |
B90533274 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Directors |
0.600 |
0.000 |
|
From Others |
0.128 |
0.116 |
|
Total |
0.728 |
0.116 |
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 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.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.