MIRA INFORM REPORT

 

Report No. :

327337.2

Report Date :

26.06.2015

 

IDENTIFICATION DETAILS

 

Name :

FAIZ AND COMPANY

 

 

Registered Office :

75, Adbul Rehman Street, Masjid Bunder, Mumbai – 400003, Maharashtra

Tel. No.:

91-22-23421724

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Year of Establishment :

1928

 

 

Capital Investment :

Rs. 167.873 Million

 

 

IEC No.:

0389032310

 

 

PAN No.:

[Permanent Account No.]

AABPA6866F

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader, Importer and Exporter of Cobalt Scrap, Machine Tools, Hand Tools, Nickel Scrap and High Speed Steel.

 

 

No. of Employees :

43 (Approximately) (In Office: 23) (In Godown: 20)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-built proprietary concern, established in the year 1928. It is engaged in the business of trading, importing and exporting of cobalt scrap, machine tools, hand tools, nickel scrap and high speed steel. It has a satisfactory track record.

 

As per the available financials of year 2014, the concern possesses a good financial base and the profitability margin is 2.1% along with decent sales turnover.

 

As per the available balance sheet, it is found that the concern has good net worth position and healthy working capital. Also, the concern has a long business track record.

 

Trade relations are reported as fair. Business is active. Payment terms are usually correct.

 

In view of long term standing experience of the business and good financial base, 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.

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ 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. Lalit Joshi

Designation :

In Charge Banking Operations

Contact No.:

91-9833839009

Date :

26.06.2015

 

 

LOCATIONS

 

Registered Office :

75, Adbul Rehman Street, Masjid Bunder, Mumbai – 400 003, Maharashtra, India

Tel. No.:

91-22-23421724/ 23441728/ 23431725

Fax No.:

91-22-23449489

E-Mail :

ashraf@faizcoy.com

office@faizcoy.com

lalit51joshi@rediffmail.com

Website :

www.faizcoy.com

Area :

1911 Sq. Ft

Location :

Rented

 

 

Godown :

181-1-2-3 and 190-1-2-3 situated on Ground floor Indian Corporation Complex, Mankodi Naka, dapode Road, opposite Indian Oil Petrol Pump, Bhiwandi, District Thane-421302, Maharashtra, India

Tel. No.:

91-252-2661972

Mobile No:

91-9323657343 (Jiva)

Fax No.:

91-252-2661972

E-Mail :

office@faizcoy.com

lalit51joshi@rediffmail.com

Area :

36000 Sq. Ft

Location :

Owned

 

 

 

 

SOLE PROPRIETOR

 

Name :

Mr. Abdul Humayu Abdul Ali

Designation :

Proprietor

Address :

Mumbai, Maharashtra, India

Date of Birth/Age :

50 Years

 

 

KEY EXECUTIVES

 

Name :

Mr. Lalit Joshi

Designation :

In Charge Banking Operations

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Importer and Exporter of Cobalt Scrap, Machine Tools, Hand Tools, Nickel Scrap and High Speed Steel.

 

 

Products/ Services :

·         Cobalt Scrap

·         Machine Tools

·         Hand Tools

·         Nickel Scrap, etc.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

HSS Products/ Bars-Scrap

Countries :

·         Turkey

·         Germany

·         UK

·         Japan

 

 

Imports :

 

Products :

HSS Products/ Bars-Scrap

Countries :

·         Australia

·         Brazil

·         Germany

·         Japan

·         Singapore

·         Canada

 

 

Terms :

 

Selling :

Credit (30 days and 120 days)

 

 

Purchasing :

L/C and Credit (30 days and 120 days)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         Miranda Tools Private Limited

·         Nicro Alloys Private Limited

·         Industrial Coil Services

·         Shwet Multimedia

·         International trade Corporation

 

 

Customers :

Wholesalers

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

 

 

·         Ajay Alloys Private Limited

·         Birla Precision Tech Limited

·         Addision and Company Limited

·         Awirath Ispat Private Limited

·         Facor Steel Limited

 

 

No. of Employees :

43 (Approximately) (In Office: 23) (In Godown: 20)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

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

Not Divulged

Account Operation:

Not Divulged

Remarks:  Not Divulged

 

·         Union Bank of India

M.S. Marg Branch, 66/80 Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India

Credit Limit: Rs. 498.000 Million

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

UBI Export Bill Discount

154.711

UBI Cash credit-16250

99.686

UBI Current Account-13659

(1.906)

UBI Foreign Currency Team Loan

0.000

UBI P.C.F.C. A/c 223

92.555

UBI Term Loan-3069

0.871

UBI-Auto Loan AA-8440

0.000

UBI-L/c

25.676

UBI-Buyer Credit-Overseas

67.007

Car Loan-8505

1.778

Car Loan-8506

1.312

Car Loan-8507

0.555

Total

442.245

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N R Agarwal and Company

Chartered Accountants

Address :

290/B Crystal Plaza, New Link Road, Andheri-West, Mumbai-400053, Maharashtra, India

Tel. No.:

91-22-66955551/ 2 / 3

E-Mail :

info@nragroup.in

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

PARTICULARS

AMOUNT IN MILLION

Capital Account

 

Balance as per last balance sheet

138.706

Add: Capital Introduced/ Withdrawn and drawings

16.839

 

155.545

Add/ Less: Profit/ (Loss) earned during the year

12.328

Total

167.873

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

SHAREHOLDERS FUNDS

 

 

 

1] Capital Account

167.873

138.706

133.958

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

167.873

138.706

133.958

LOAN FUNDS

 

 

 

1] Secured Loans

442.245

421.269

324.486

2] Unsecured Loans

12.987

12.034

1.000

TOTAL BORROWING

455.232

433.303

325.486

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

623.105

572.009

459.444

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

70.280

72.659

29.390

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

28.070

28.474

28.127

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
316.457

266.230

249.763

 

Sundry Debtors
185.058

178.098

200.950

 

Cash & Bank Balances
2.311

0.438

0.581

 

Other Current Assets
55.683

46.726

71.903

 

Loans & Advances
2.406

14.123

11.811

Total Current Assets
561.915

505.615

535.008

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
33.066

29.791

126.630

 

Other Current Liabilities
1.154

0.126

2.557

 

Provisions
2.940

4.822

3.894

Total Current Liabilities
37.160

34.739

133.081

Net Current Assets
524.755

470.876

401.927

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

623.105

572.009

459.444

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

581.976

588.002

548.325

 

 

Other Income

8.022

5.038

6.796

 

 

TOTAL                                    

589.998

593.040

555.121

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

463.034

482.461

456.463

 

 

Custom Duty

16.887

19.322

8.052

 

 

Cleaning and Forwarding

8.238

4.476

3.039

 

 

Quality Claim

0.366

0.000

0.069

 

 

Trading Expenses

11.176

11.173

8.904

 

 

Administrative Expense

26.005

25.123

29.298

 

 

Loss on Sale of Motor Car

0.892

0.000

0.000

 

 

Loss on Sale of Computer

0.000

0.003

0.000

 

 

Forward Contract Premium W/off

0.479

1.885

0.473

 

 

Foreign Exchange Loss

18.881

8.348

8.359

 

 

Miscellaneous Expenses

0.078

0.000

0.000

 

 

Sundry Bal/Bad Debts W/off

(0.171)

(0.160)

0.717

 

 

Loss on sale of Mutual Fund

0.000

0.000

0.006

 

 

Product Development Charges

0.000

0.000

0.127

 

 

TOTAL                                    

545.865

552.631

515.507

 

 

 

 

 

 

NET PROFIT / (LOSS)BEFORE INTEREST, DEPRECIATION AND AMORTISATION,

44.133

40.409

39.614

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

23.398

20.714

25.331

 

 

 

 

 

 

NET PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION

20.735

19.695

14.283

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

8.407

7.636

3.861

 

 

 

 

 

 

NET PROFIT / (LOSS)

12.328

12.059

10.422

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.12

2.05

1.90

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

7.58

6.87

7.22

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.95

2.09

1.85

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.09

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.71

3.12

2.43

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

15.12

14.55

4.02

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Capital Account

133.958

138.706

167.873

Reserves & Surplus

0.000

0.000

0.000

Net worth

133.958

138.706

167.873

 

 

 

 

Secured Loan

324.486

421.269

442.245

Unsecured Loan

1.000

12.034

12.987

Total borrowings

325.486

433.303

455.232

Debt/Equity ratio

2.430

3.124

2.712

 

 

 

 

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

548.325

588.002

581.976

 

 

7.236

(1.025)

 

 

 

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

548.325

588.002

581.976

Profit

10.422

12.059

12.328

 

1.90%

2.05%

2.12%

 

 

 

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

Yes

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

No

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 three 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

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

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

Chaturang Commercial Private Limited

(1.313)

Abdul Taiyeb Tambawala

4.100

Hasan bhai Tambawala

(0.450)

Rukaiya hassan Tambawala

0.650

Habib Futehally

10.000

Total

12.987

 

 

TRADE REFERENCES

 

Sr. No.

Company Name and Address

Contact Person

Office Tel. No.

Mobile no.

1.

Birla Precision Technologies Limited

(Indian Tools Manufacturers Div.) 62/63 MIDC, Industrial Area Satpur, Nashik-422007, Maharashtra, India

Mr. Mukund S Mankar

D.G.M.

Commerce and Finance

91-253-2350321

91-9960200255

2.

Miranda tools (Private) Limited

(Div. of PMP auto Component (Private) Limited

GIDC-Plot no. 903-904, Ankleshwar (Piramal Group)

Mr. Karuppiah

91-2646-221519

91-9377541068

3.

Agarshah Enterprises

Vyapar Bhavan, 3rd Floor, P.D. Mellow Road, Masjid, Mumbai-400009, Maharashtra, India

Mr. Jayesh Shah

91-22-23481212

91-9821015421

 

FIXED ASSETS:

 

·         Computers

·         Air Conditioners

·         Machinery

·         Furniture

·         Office Equipment

·         Office Premises

·         Motor Cars

 


 

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. 63.61

UK Pound

1

Rs. 99.79

Euro

1

Rs. 71.17

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.