MIRA INFORM REPORT
|
Report No. : |
333383 |
|
Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREEJI STEEL TRADERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Building No. A - 1/302, Secy Star Galaxy Co. Op., Housing Society Limited, L. T. Road, Borivali West, Mumbai - 400092, Maharashtra |
|
Tel. No.: |
91-261-2397690 / 2397691 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-199138 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52342MH2006PTC199138 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS7383K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the Business of Trading of Iron
and Steels. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
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 2006 and it is a trader of iron
and steel. Subject is an established company having satisfactory track
record. For the financial year ended 2014, company possesses moderate
operational performance and it has incurred loss from its operation during a
year under a review. However, rating takes into consideration company’s sound financial
risk profile marked by above average networth base along with moderate debt protection
metrics and favorable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of sound financial base, the company can be considered for
business dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Vijay Mehta |
|
Designation : |
Director |
|
Contact No.: |
91-9825139444 |
|
Date : |
23.07.2015 |
LOCATIONS
|
Registered Office : |
Building No. A - 1/302, Secy Star Galaxy Co. Op., Housing Society Limited, L. T. Road, Borivali West, Mumbai - 400092, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9825139444 (Mr. Vijay Mehta) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Branch Office : |
Plot No. 5419, Near Water Tank, G.I.D.C., Sachin, Surat, Gujarat,
India |
|
Tel. No.: |
91-261-2397690 / 2397691 / 2277148 / 2278481 |
|
Fax No.: |
91-261-2397519 / 2279471 |
DIRECTORS
As on 30.09.2014
|
Name : |
Hareshkumar Jagmohandas Mehta |
|
Designation : |
Director |
|
Address : |
5-A, Rajvaibhav Apartment, Opp. Pushpanjali Appt.,, Parle Point, Surat, 395007, Gujarat, India |
|
Date of Birth/Age : |
01.07.1965 |
|
Date of Appointment : |
27.12.2006 |
|
DIN No.: |
00171485 |
|
|
|
|
Name : |
Vijay Jagmohandas Mehta |
|
Designation : |
Director |
|
Address : |
7-A Rudravan Apt, Opposite Arihant Park Near Bharti Park Parle Point, Surat - 395001, Gujarat, India |
|
Date of Birth/Age : |
06.11.1966 |
|
Date of Appointment : |
27.12.2006 |
|
DIN No.: |
00445510 |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
B. K. Steel |
|
10 |
|
Haresh J. Mehta (HUF) |
|
20 |
|
Harsh J. Mehta |
|
92410 |
|
Jagmohandas D. Mehta (HUF) |
|
10 |
|
Jinal V. Mehta |
|
46800 |
|
Madhukantaben J. Mehta |
|
175420 |
|
Pravinbhai J. Soni |
|
10 |
|
Rupal V. Mehta |
|
45910 |
|
Haresh J. Mehta |
|
46500 |
|
Kishorebhai V. Gondalia |
|
10 |
|
Vijay J. Mehta |
|
46500 |
|
Vijay J. Mehta (HUF) |
|
20 |
|
Viral Mehta |
|
46410 |
|
Total |
|
500030 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the Business of Trading of Iron
and Steels. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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|
|
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Agencies Held : |
Jindal Rail Infrastructure |
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|
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Exports : |
Not Available |
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|
|
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Imports : |
Not Available |
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|
|
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Terms : |
|
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Selling : |
Cash and Credit (30/60/90 Days) |
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|
|
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OMEs
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Pradeep K. Singhi and Associates Chartered Accountants |
|
Address : |
A/501, President Plaza, Near R.T.O., Ring Road, Nanpura, Surat, Gujarat, India |
|
PAN No.: |
AAHFP8463D |
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Memberships : |
Not Available |
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|
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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 : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500030 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Million |
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.000 |
5.000 |
5.000 |
|
(b) Reserves &
Surplus |
61.908 |
50.438 |
39.266 |
|
(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) |
66.908 |
55.438 |
44.266 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
78.643 |
93.041 |
76.256 |
|
(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) |
78.643 |
93.041 |
76.256 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
61.935 |
73.574 |
52.768 |
|
(b) Trade payables |
225.194 |
119.136 |
196.927 |
|
(c) Other current
liabilities |
5.386 |
16.291 |
9.745 |
|
(d) Short-term provisions |
9.040 |
6.993 |
8.651 |
|
Total Current Liabilities
(4) |
301.555 |
215.994 |
268.091 |
|
|
|
|
|
|
TOTAL |
447.106 |
364.473 |
388.613 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15.338 |
18.899 |
22.389 |
|
(ii) Intangible Assets |
0.025 |
0.029 |
0.033 |
|
(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 |
0.011 |
0.011 |
0.010 |
|
(c) Deferred tax assets
(net) |
1.122 |
0.759 |
0.173 |
|
(d) Long-term Loan and Advances |
0.019 |
0.019 |
0.436 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
16.515 |
19.717 |
23.041 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
64.170 |
57.476 |
92.191 |
|
(c) Trade receivables |
354.783 |
274.793 |
264.210 |
|
(d) Cash and cash
equivalents |
3.733 |
5.180 |
4.922 |
|
(e) Short-term loans and
advances |
7.879 |
7.282 |
4.132 |
|
(f) Other current assets |
0.026 |
0.025 |
0.117 |
|
Total Current Assets |
430.591 |
344.756 |
365.572 |
|
|
|
|
|
|
TOTAL |
447.106 |
364.473 |
388.613 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1638.232 |
1715.539 |
1726.344 |
|
|
Other Income |
0.680 |
0.594 |
0.538 |
|
|
TOTAL |
1638.912 |
1716.133 |
1726.882 |
|
|
|
|
|
|
|
Less |
EXPENSES |
1621.778 |
1698.730 |
1705.939 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, EXCEPTIONAL ITEMS |
17.134 |
17.403 |
20.943 |
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITMES |
0.000 |
0.000 |
0.015 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
17.134 |
17.403 |
20.928 |
|
|
|
|
|
|
|
Less |
TAX |
17.497 |
6.231 |
7.274 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(0.363) |
11.172 |
13.654 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.72) |
22.34 |
27.30 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1800.000 |
The above information has been parted by Mr. Vijay Mehta (Director).
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1.453 |
4.656 |
4.835 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
48.698 |
(8.527) |
(20.183) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(0.02) |
0.65 |
0.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.84 |
4.78 |
5.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.31 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.12 |
3.09 |
3.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.60 |
1.36 |
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 |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
39.266 |
50.438 |
61.908 |
|
Net worth |
44.266 |
55.438 |
66.908 |
|
|
|
|
|
|
long-term borrowings |
76.256 |
93.041 |
78.643 |
|
Short term borrowings |
52.768 |
73.574 |
61.935 |
|
Current Maturities of
Long Term Debt |
4.835 |
4.656 |
1.453 |
|
Total borrowings |
133.859 |
171.271 |
142.031 |
|
Debt/Equity ratio |
3.024 |
3.089 |
2.123 |
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 |
1726.344 |
1715.539 |
1638.232 |
|
|
|
(0.626) |
(4.506) |
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 |
1726.344 |
1715.539 |
1638.232 |
|
Profit |
13.654 |
11.172 |
(0.363) |
|
|
0.79% |
0.65% |
(0.02%) |
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 |
No |
|
19 |
Major customers |
No |
|
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
Subject is a private company domiciled in India and Incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the Business of Trading of Iron and Steels.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
58.635 |
92.808 |
|
Total |
58.635 |
92.808 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10144694 |
18/02/2013 * |
150,000,000.00 |
STANDARD CHARTERED BANK |
1ST FLOOR, C K TOWER, B/S SARGAM SHOPPING CENTRE, PARLE POINT, SURAT - 395007, GUJARAT, INDIA |
B72784564 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Factory Equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer Equipments
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.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
--- |
|
--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 |
|
42 |
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.