MIRA INFORM REPORT

 

 

Report No. :

348046

Report Date :

30.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PRADHVI MULTITRADE PRIVATE LIMITED

 

 

Registered Office :

Room No.12, Mata Ramdevi Niwas, N. S. Road, Mulund (West), Mumbai – 400080, Maharashtra

Mobile No.:

91-9987784523 (Ms. Dipeeka Patel)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

26.02.2011

 

 

Com. Reg. No.:

11-214077

 

 

Capital Investment / Paid-up Capital :

Rs.20.000 Million

 

 

CIN No.:

[Company Identification No.]

U51101MH2011PTC214077

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP33055B

 

 

PAN No.:

[Permanent Account No.]

AAGCP9967N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Cotton Fabrics.

 

 

No. of Employees :

11 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :                     

C (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Clear

 

 

Comments :

Subject is a private limited company established on 26th February, 2011 engaged in the trading of greige cloth. The company has commenced operations from December 2012. The company's administrative and. registered office is in Mulund, Mumbai and has two godowns in Bhiandi. It has moderate track record.

 

The rating takes into consideration relatively low reserves and low profitability of the company. Further, it also takes into consideration hefty debt level which leads to create risk to liquidity position of the company.

 

The rating also takes into consideration the delay in interest servicing on the cash credit facility due to the stretched working capital profile of the company.

 

However, business is active. Payment are reported to be slow and delayed.

 

The company can be considered for business dealings on safe and secured trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Fund Based Cash Credit: D

Rating Explanation

Instruments with this rating are in default or expected to be in default on maturity.

Date

March, 2015

 

 

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Ms. Dipeeka Patel

Designation :

Account Manager

Contact No.:

91-9987784523

Date :

30.10.2015

 

 

LOCATIONS

 

Registered Office :

Room No.12, Mata Ramdevi Niwas, N. S. Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-9594965614 (Mr. Sandeep Pol)

91-9987784523 (Ms. Dipeeka Patel)

Fax No.:

Not Available

E-Mail :

pradhvimultitradepvtltd@gmail.com

ashishkanodia@yahoo.co.in

Area:

1000 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Rajpal Singh Gurdayal Singh Daudhar

Designation :

Additional Director

Address :

Gurunanak Co-operative Housing Society Limited, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

Date of Birth/Age :

04.01.1968

Date of Appointment :

03.12.2012

DIN No.:

06448756

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51101MH2011PTC214077

Pradhvi Multitrade Private Limited

Additional director

3/12/2012

3/12/2012

-

Active

NO

2

U52334MH1995PTC090175

SMALD VENTURES PRIVATE LIMITED

Director

11/3/2013

11/3/2013

15/03/2013

Active

NO

3

U51109MH2011PTC213387

TANIRIKA MULTITRADING PRIVATE LIMITED

Additional director

21/03/2013

21/03/2013

28/08/2013

Active

NO

4

U74999MH2014PTC253065

DASHABAHU MULTITRADE PRIVATE LIMITED

Director

25/09/2014

25/09/2014

-

Active

NO

 

 

Name :

Ms. Anita Sandeep Shriya

Designation :

Director

Address :

17, Jaldarshan, 51, Nepeansea Road,, Mumbai, 400026, Maharashtra, India

Date of Appointment :

01.04.2015

DIN No.:

06992663

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

L24110MH1981PLC024742

Mangalam Organics Limited

Director

24/09/2015

9/10/2014

-

Active

NO

2

U51101MH2011PTC214077

Pradhvi Multitrade Private Limited

Director

1/4/2015

1/4/2015

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Dipeeka Patel

Designation :

Account Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Arti Kanodia

100500

Ashish Kanodia

100500

Ashish Kanodia (HUF)

100500

Deokinandan Kanodia (HUF)

100500

Green Financial Services Private Limited

100500

Rachit Ashish Kanodia

100500

Raghav Kanodia

100500

Rajpal Singh

1291500

Ravi Menon

5000

Total

2000000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Cotton Fabrics.

 

 

Products :

Cotton Fabrics

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Prachit International, Goregaon, Mumbai, Maharashtra, India

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Bombay Rayon Fashions Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

11 (Approximately)

 

 

Bankers :

Banker Name

Punjab National Bank

Branch Address

82/5, Jay Apartment, Linking Road, Santacruz, Mumbai – 400054, Maharashtra, India

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 Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWING

 

 

Term loans from banks

NA

99.724

 

 

 

Total

NA

99.724

 

Auditors :

 

Name :

Hari Kumar Agarwal

Chartered Accountants

Address :

8, Cosmos Tower, 1st Floor, Near Navneet Motors, L.B.S. Marg, Thane (West), Thane – 400607, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AARPA9128N

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs.20.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

20.000

20.000

20.000

(b) Reserves & Surplus

4.548

2.622

0.638

(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)

24.548

22.622

20.638

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.001

0.010

0.005

(c) Other long term liabilities

39.023

50.460

56.225

(d) long-term provisions

1.388

0.825

0.327

Total Non-current Liabilities (3)

40.412

51.295

56.557

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

99.787

99.724

100.079

(b) Trade payables

18.616

63.929

0.000

(c) Other current liabilities

0.886

1.047

0.030

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

119.289

164.700

100.109

 

 

 

 

TOTAL

184.249

238.617

177.304

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.036

0.087

0.101

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.006

0.008

0.011

Total Non-Current Assets

0.042

0.095

0.112

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

127.815

172.435

130.066

(c) Trade receivables

43.613

54.104

17.029

(d) Cash and cash equivalents

6.692

5.296

13.490

(e) Short-term loans and advances

6.000

6.582

16.557

(f) Other current assets

0.087

0.105

0.050

Total Current Assets

184.207

238.522

177.192

 

 

 

 

TOTAL

184.249

238.617

177.304

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

1318.844

2389.107

742.040

 

Other Income

0.457

0.575

0.000

 

TOTAL (A)

1319.301

2389.682

742.040

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1241.594

2391.410

869.628

 

Changes in inventory

44.619

(42.369)

(130.066)

 

Employees benefits expense

1.057

0.755

0.404

 

Other expenses

2.458

3.491

0.959

 

TOTAL (B)

1289.728

2353.287

740.925

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

29.573

36.395

1.115

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

26.597

33.482

0.134

 

 

 

 

 

 

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

2.976

2.913

0.981

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

0.051

0.041

0.011

 

 

 

 

 

 

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

2.925

2.872

0.970

 

 

 

 

 

Less

TAX (H)

1.000

0.887

0.332

 

 

 

 

 

 

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

1.925

1.985

0.638

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.96

0.99

0.32

 

 

Expected Sales (2015-2016) : Rs.1900.000 Million

 

The above information has been parted by Mr. Dipeeka Patel

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

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

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.15

0.08

0.09

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

2.24

1.52

0.15

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.59

1.20

0.55

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.13

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.06

4.41

4.85

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.54

1.45

1.77

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

20.000

20.000

20.000

Reserves & Surplus

0.638

2.622

4.548

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

20.638

22.622

24.548

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

100.079

99.724

99.787

Total borrowings

100.079

99.724

99.787

Debt/Equity ratio

4.849

4.408

4.065

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

742.040

2389.107

1318.844

 

 

221.965

-44.798

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

742.040

2389.107

1318.844

Profit

0.638

1.985

1.925

 

0.09%

0.08%

0.15%

 

 

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

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 thee 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

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE:

 

Registered office of the company has been shifted from 304-Bhagirathi Cottage, M V Road, Andheri (East), Mumbai – 400069, Maharashtra, India to the present address w.e.f. 22.02.2013

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10428322

30/03/2013

100,000,000.00

PUNJAB NATIONAL BANK

82/5, JAY APARTMENT, LINKING ROAD, SANTACRUZ, MUM
BAI, MAHARASHTRA - 400054, INDIA

B75952952

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixture

·         Computer

·         Office Equipment

·         Vehicle

·         Computer Software

 

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.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

11

 

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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.