MIRA INFORM REPORT
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Report No. : |
331926 |
|
Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
METEC ASIA LIMITED (w.e.f.13.12.2012) |
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Formerly Known
As : |
METEC ASIA PRIVATE LIMITED |
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Registered
Office : |
12, Neeraj Industrial Estate, Off Mahakali Caves Road, Andheri (East),
Mumbai - 400093, Maharashtra |
|
Tel. No.: |
91-22-42608787 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.06.1993 |
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Com. Reg. No.: |
11-072246 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.000 Million |
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CIN No.: [Company Identification
No.] |
U27200MH1993PLC072246 |
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IEC No.: |
0393016382 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMM08834A |
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PAN No.: [Permanent Account No.] |
AAACM3735H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The subject is engaged in the business of trading
of ferrous and non-ferrous metals. |
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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,
incorporated in the year 1993. The company has a drastic decline in the turnover and profits during
the FY 2014, profitability margin of the company is also low. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. In view of long history of business operations, the company can be
considered for business dealings with some cautions. |
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 |
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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 PARTED BY
|
Name : |
Mr. Hardik Chawla |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-42608787 |
|
Date : |
13.07.2015 |
LOCATIONS
|
Registered Office : |
12, Neeraj Industrial Estate, Off Mahakali Caves Road, Andheri (East),
Mumbai - 400093, Maharashtra |
|
Tel. No.: |
91-22-56938700/ 56938704/ 42608787/ 28380458 / 28380457 / 28222312 |
|
Fax No.: |
91-22-26872152 |
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E-Mail : |
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Website : |
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Location : |
Rented |
|
Locality : |
Commercial |
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Warehouse : |
9 –B/12, MIDC Industrial Area, Kalyan-Bhiwandi, Saravali,Thane – 421311,
Maharashtra, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Vijay Mohanlal Porwal |
|
Designation : |
Director |
|
Address : |
201, Kusumkunj, Jn. of 9th and 10th Road, Khar (West), Mumbai-400052,
Maharashtra, India |
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Date of Birth/Age : |
06.12.1953 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
07.01.2008 |
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PAN No.: |
AACPP3019Q |
|
DIN No.: |
00606435 |
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|
|
|
Name : |
Ambalal Mohan Porwal |
|
Designation : |
Director |
|
Address : |
303, Swasik Sadan, 8th Road, Khar (West),
Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1947 |
|
Date of Appointment : |
31.01.2013 |
|
PAN No.: |
AABPP7194B |
|
DIN No.: |
01996286 |
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|
|
|
Name : |
Ratan Lal Jain |
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Designation : |
Director |
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Address : |
E-703, Timber Green Homes, Dahisar Toll Naka, Dahisar (East),
Mumbai - 400068, Maharashtra, India |
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Date of Birth/Age : |
13.05.1977 |
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Date of Appointment : |
31.01.2013 |
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DIN No.: |
02381970 |
KEY EXECUTIVES
|
Name : |
Mr. Hardik Chawla |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Manjula Porwal |
122000 |
|
Nirmala V. Porwal |
120000 |
|
Vilas B. Shah |
152000 |
|
Bhupat K. Shah (H.U.F.) |
80000 |
|
Nitul B. Shah |
80000 |
|
Tushar A. Porwal |
61040 |
|
Vipul A. Porwal |
61040 |
|
Vijay M. Porwal (H.U.F.) |
47760 |
|
Ritu Jain |
38160 |
|
Ruchi V. Porwal |
38160 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the business of trading
of ferrous and non-ferrous metals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Shaparia and Mehta Chartered Accountants |
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Address : |
1/74, Krishna Kunj, R. A. Kidwai Road, Kings Circle Matunga, Mumbai –
400019, Maharashtra, India |
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Tel. No.: |
91-22-24098905/ 06/ 07/ 08 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3225N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : (As on 31.03.2013) |
· Amar Ferro Metals Private Limited, India · Metal Plast Exim India Private Limited, India · Padma Nutrients Private Limited, India |
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Other Related
Parties : (As on
31.03.2013) |
·
Nicomet Industries Limited, India · Nico Extrusions Limited, India |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
800000 |
Equity Shares |
Rs.10/- each
|
Rs.8.000
Million |
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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 |
|
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(1)Shareholders'
Funds |
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(a) Share Capital |
8.000 |
8.000 |
8.000 |
|
(b) Reserves & Surplus |
18.705 |
17.894 |
16.411 |
|
(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) |
26.705 |
25.894 |
24.411 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
37.411 |
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(b) Deferred tax liabilities (Net) |
0.040 |
0.054 |
0.075 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.022 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.007 |
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Total Non-current Liabilities
(3) |
0.040 |
0.054 |
37.515 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
20.315 |
|
(b) Trade
payables |
13.229 |
44.183 |
3.013 |
|
(c) Other
current liabilities |
41.832 |
50.723 |
13.597 |
|
(d) Short-term
provisions |
7.809 |
2.649 |
2.782 |
|
Total Current
Liabilities (4) |
62.870 |
97.555 |
39.707 |
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TOTAL |
89.615 |
123.503 |
101.633 |
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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 |
0.401 |
0.459 |
0.567 |
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(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 |
3.021 |
3.022 |
3.021 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.895 |
1.905 |
4.206 |
|
(e) Other
Non-current assets |
0.010 |
0.010 |
0.010 |
|
Total Non-Current
Assets |
4.327 |
5.396 |
7.804 |
|
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(2) Current assets |
|
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
21.118 |
14.762 |
67.947 |
|
(c) Trade
receivables |
18.757 |
71.605 |
15.982 |
|
(d) Cash
and cash equivalents |
0.234 |
4.339 |
0.152 |
|
(e)
Short-term loans and advances |
45.179 |
27.387 |
9.738 |
|
(f) Other
current assets |
0.000 |
0.014 |
0.010 |
|
Total
Current Assets |
85.288 |
118.107 |
93.829 |
|
|
|
|
|
|
TOTAL |
89.615 |
123.503 |
101.633 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
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|
Income |
151.186 |
236.928 |
763.845 |
|
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Other Income |
1.016 |
0.169 |
0.199 |
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TOTAL (A) |
152.202 |
237.097 |
764.044 |
|
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(Due
To Market Fluctuation) |
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|
Less |
EXPENSES |
|
|
|
|
|
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|
Purchases |
148.429 |
176.087 |
662.588 |
|
|
|
Increase/ Decrease in Stock |
(6.357) |
53.185 |
90.611 |
|
|
|
Employees Benefits Expense |
3.954 |
2.341 |
5.080 |
|
|
|
Other Expenses |
4.834 |
2.202 |
2.676 |
|
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TOTAL (B) |
150.860 |
233.815 |
760.955 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1.342 |
3.282 |
3.089 |
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.829 |
0.838 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.342 |
2.453 |
2.251 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.079 |
0.108 |
0.112 |
|
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|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1.263 |
2.345 |
2.139 |
|
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|
Less |
TAX (H) |
0.451 |
0.862 |
0.713 |
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PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
0.812 |
1.483 |
1.426 |
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|
Earnings /
(Loss) Per Share (Rs.) |
1.01 |
1.85 |
1.78 |
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Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1000.000 |
|
|
|
(Expansion of
business) |
|
The above information has been parted by Mr. Hardik Chawla (Account
Officer).
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 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.54 |
0.63 |
0.19 |
|
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Operating Profit Margin (PBIDT/Sales) |
(%) |
0.89 |
1.39 |
0.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.46 |
1.95 |
2.17 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.09 |
0.09 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
2.36 |
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.21 |
2.36 |
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 |
8.000 |
8.000 |
8.000 |
|
Reserves & Surplus |
16.411 |
17.894 |
18.705 |
|
Net worth |
24.411 |
25.894 |
26.705 |
|
|
|
|
|
|
long-term borrowings |
37.411 |
0.000 |
0.000 |
|
Short term borrowings |
20.315 |
0.000 |
0.000 |
|
Total borrowings |
57.726 |
0.000 |
0.000 |
|
Debt/Equity ratio |
2.365 |
0.000 |
0.000 |
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) |
|
Sales |
763.845 |
236.928 |
151.186 |
|
|
|
(68.982) |
(36.189) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
763.845 |
236.928 |
151.186 |
|
Profit |
1.426 |
1.483 |
0.812 |
|
|
0.19% |
0.63% |
0.54% |
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 |
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) |
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 |
-- |
|
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 four 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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION:
The company is engaged in the business of
trading of ferrous and non-ferrous metals.
FIXED ASSETS
· Air Conditioners
· Furniture and Fixtures
· Computer System
· Office Equipments
· Vehicles
· Plant and Machinery
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.63.47 |
|
UK Pound |
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.