MIRA INFORM REPORT

 

 

Report No. :

345984

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ABHAY ISPAT (INDIA) PRIVATE LIMITED 

 

 

Registered Office :

308, Platinum, Jawahar Road, Ghatkopar (East), Mumbai – 400077, Maharashtra

Mob. No.:

91-22-42918888/ 55

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.04.2002

 

 

Com. Reg. No.:

11-135533

 

 

Capital Investment / Paid-up Capital :

Rs. 15.780 Million

 

 

CIN No.:

[Company Identification No.]

U27104MH2002PTC135533

 

 

IEC No.:

0305030213

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA38968G

 

 

 

PAN No.:

[Permanent Account No.]

AAJCA3057B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of Iron, Steel and Allied Products.

 

 

No. of Employees :

60 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

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 is an established company incorporated in the year 2002 having satisfactory track record.

 

Subject is engaged in the business as trader and importer of iron, steel and allied products.

 

The company possesses an above average financial risk profile marked by healthy net worth position and fair liquidity profile of the company.

 

The company has shown significant growth in its profit during FY 2014.  

 

However, this rating strength is partially offset by intensely competitive and fragmented steel trading business.

 

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

 

The company can be considered normal 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

 

Rating Agency Name

CRISIL

Rating

Long term rating = (BBB- )

Rating Explanation

Moderate degree of safety and carry moderate credit risk.

Date

27.08.2015

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Samir Mehta

Designation :

Business Head

Contact No.:

91-22-42918855

Date :

17.10.2015

 

 

LOCATIONS

 

Registered/ Head Office :

308, Platinum, Jawahar Road, Ghatkopar (East), Mumbai - 400077, Maharashtra, India 

Tel. No.:

91-22-42918888/ 55

Fax No.:

91-22-42918850

E-Mail :

admin@abhayispat.com

snm@abhayispat.com

Website :

www.abhayispat.com

 

 

Regional Offices/ Warehouse/ Sales Depot  :

Located at:

 

·         Ahmedabad

·         Jaipur

·         Indore

·         Hyderabad

·         Bangalore

·         Chennai  

·         Cochin

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Vinesh Tulsidas Mehta

Designation :

Director

Address :

Flat No. 1301, G Wing, Kukreja Palace, Vallabhai Lane, Ghatkopar, Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

01.04.1960

Qualification :

B.Com

Date of Appointment :

15.04.2002

PAN No.:

AAHPM3722C

DIN No.:

00376381

 

 

Name :

Mr. Navin Tulsidas Mehta

Designation :

Director

Address :

402, Kailash Residency, Plot No.53/54, 7th Road, Rajawadi, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

28.05.1953

Qualification :

B.Com

Date of Appointment :

15.04.2002

PAN No.:

AACPM6676N

DIN No.:

00422021

 

 

KEY EXECUTIVES

 

Name :

Mr. Samir Mehta

Designation :

Business Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Vinesh Tulsidas Mehta

356200

22.57

Navin Tulsidas Mehta

332000

21.04

Samir Navin Mehta

226500

14.35

Bhavana Chandresh Mehta

100801

6.39

Vinesh Tulsidas Mehta HUF

148000

9.38

Rajiv Vinesh Mehta

500

0.03

Virendra Nandlal Mehta

87000

5.51

Tanvi Samir Mehta

160000

10.14

Anai Rajiv Mehta

167000

10.58

 

 

 

Total

1578001

 

100.00

 

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of Directors

100.00

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of  Iron, Steel and Allied Products

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

Finished Goods

Countries :

China

 

 

Terms :

 

Selling :

Cash, Advance Payment  and Credit

 

 

Purchasing :

Cash, Advance Payment  and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

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

 

 

Customers :

Wholesalers and Retailers

 

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

 

 

No. of Employees :

60 (Approximately)

 

 

Bankers :

Bank Name:

Standard Chartered Bank

Branch:

SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, 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 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

 

·         The Saraswat Co-operative Bank Limited

SME Branch, Prabhat Bhavan, Block B, 1st Floor, 96, LBS Marg, Opposite Cipla, Vikroli (West), Mumbai – 400083, Maharashtra, India

 

·         The Kapol Co-Operative Bank Limited

Lokhand Jatha Branch, Steel Center, Ground Floor, Masjid Bunder East, Iron Market, Mumbai - 400009, Maharashtra, India

 

·         ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

·         ICICI Bank Limited

Vikroli Branch, Mumbai, Maharashtra, India

 

·         Union Bank of India

·         IDBI Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Rupee Term Loans From Banks

0.000

0.769

 

 

 

SHORT TERM BORROWINGS

 

 

Working Capital Loans from Banks

379.247

409.004

 

 

 

Total

 

379.247

409.773

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Shah and Taparia

Chartered Accountants

Address :

12, Navjeevan Modi Dhobi Talao, Next To Silk House Mumbai - 400002, Maharashtra, India

Tel. No.:

91-22-66319266/ 67/ 68

E-Mail :

info@shhatparia.com

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

ACAPN6343H

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2050000

Equity Shares

Rs. 10/- each

Rs. 20.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1578001

Equity Shares

Rs. 10/- each

Rs. 15.780 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

15.780

15.780

15.780

(b) Reserves & Surplus

356.446

295.882

255.701

(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)

372.226

311.662

271.481

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.769

1.613

(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)

0.000

0.769

1.613

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

478.811

474.054

311.961

(b) Trade payables

726.174

666.729

647.627

(c) Other current liabilities

24.409

20.578

102.322

(d) Short-term provisions

3.180

6.901

1.652

Total Current Liabilities (4)

1232.574

1168.262

1063.562

 

 

 

 

TOTAL

1604.800

1480.693

1336.656

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.177

9.066

8.739

(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

0.026

0.426

0.426

(c) Deferred tax assets (net)

0.656

0.453

0.233

(d)  Long-term Loan and Advances

2.188

2.768

5.542

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

10.047

12.713

14.940

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

858.298

860.580

643.738

(c) Trade receivables

472.178

386.666

422.885

(d) Cash and cash equivalents

177.440

173.719

125.197

(e) Short-term loans and advances

54.352

27.744

105.419

(f) Other current assets

32.485

19.271

24.477

Total Current Assets

1594.753

1467.980

1321.716

 

 

 

 

TOTAL

1604.800

1480.693

1336.656

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

5600.000

(Approx.)

5490.140

5148.396

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

5430.583

5101.413

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

90.961

59.557

46.983

 

 

 

 

 

Less

TAX                                                                 

30.397

19.376

15.542

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

60.564

40.181

31.441

 

 

 

 

 

 

Earnings Per Share (Rs.)

380.59

25.46

19.92

 

 

PARTICULARS

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

8750.000

 

 

 

 

 

Expected Sales (2015-2016): Rs. 10000.000 Million

 

The above information has been parted byMr. Samir Mehta (Business head)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.844

0.766

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

101.710

(66.360)

1.736,

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.67

4.02

3.52

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.24

0.19

0.17

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.29

1.53

1.16

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.29

1.26

1.24

 

 

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

15.780

15.780

15.780

Reserves & Surplus

255.701

295.882

356.446

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

271.481

311.662

372.226

 

 

 

 

Long-term borrowings

1.613

0.769

0.000

Short term borrowings

311.961

474.054

478.811

CURRENT MATURITIES OF LONG-TERM DEBTS

0.766

0.844

0.000

Total borrowings

314.340

475.667

478.811

Debt/Equity ratio

1.158

1.526

1.286

 

 

 

 

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

No

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 three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10532028

10/11/2014

50,000,000.00

THE SARASWAT CO-OPERATIVE BANK LTD.

SME-VIKHROLI BRANCH, PRABHAT BHAVAN, BLOCK 'B', 1ST FLOOR, 96, L.B.S.MARG, OPP.CIPLA, VIKHROLI(WEST), MUMBAI - 400083, MAHARASHTRA, INDIA

C34101188

2

10502268

16/05/2014

500,000,000.00

STATE BANK OF INDIA

SPI. SIB BRANCH, GHATKPOAR WEST, HOTEL ROA BLDG.,, 
LBS MARG, GHATKOPAR (WEST), MUMBAI - 400086, MAHARASHTRA , INDIA

C06237804

3

10399704

12/02/2015 *

325,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA

C47034335

4

10171885

31/03/2015 *

890,000,000.00

THE SARASWAT CO-OP. BANK LIMITED

SME VIKHROLI (WEST) BRANCH,PRABHAT BHAVAN,BLOCK B,, 1S 
T FLOOR, 96, L.B.S.MARG, OPP. CIPLA,VIKHROLI(WEST), 
MUMBAI - 400083, MAHARASHTRA, INDIA

C50192814

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand from others

99.564

65.050

 

 

 

Total

 

99.564

65.050

 

FIXED ASSETS:

 

Tangible Assets

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipment’s

·         Other Equipment’s

 

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.64.82

UK Pound

1

Rs.100.12

Euro

1

Rs.73.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

 

44

 

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.