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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

505512

Report Date :

21.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ROHIT AND COMPANY

 

 

Registered Office :

22, Strand Road, 1st Floor, Kolkata – 700001, West Bengal

Tel. No.:

91-33-24883034

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Year of Establishment :

1971

 

 

Capital Investment / Paid-up Capital :

INR 193.494 Million (As on 31.03.2017)

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TIN No.:

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AADFR3190D1ZJ

19AADFR3190D1ZA

 

 

PAN No.:

[Permanent Account No.]

AADFR3190D

 

 

Legal Form :

Partnership Concern with an unlimited liability of the partners

 

 

Line of Business :

Trader and Importer of iron and steel products like H.R. Coils and Sheets, Ferro Chrome, Ferro Manganese and Silicon Manganese. (Confirmed by Management)

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 553000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a partnership concern established in the year 1971. It is a part of Bihani Group.


It is a trader, importer and distributor of iron and steel products such as H R coils and sheets, ferro chrome, ferro maganese and silicon maganese.


Mr. Bhavik (Accountant) provided information about the subject to us.


For the financial year 2017, the concern achieved revenue growth of 9.32% as compared to the previous year but has reported a low profit margin of 0.49%.


The satisfactory financial risk profile of the concern is marked by sufficient capital base along with slightly high debt balance sheet. 


The rating continues to derive strength from strong experience of promoters in steel trading and distribution business, strong group profile (Bihani group), growing operations of the group and diversified client base.


Rating is constrained on account of subject’s working capital intensive nature of operations, volatility in steel prices as well as competitive and fragmented nature of steel trading business.


Payment seems to be slow but correct.


In view of aforesaid, the 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.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term borrowing : BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

06.04.2018

 

 

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 31-03-2018.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 21.04.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION PARTED BY

 

Name :

Mr. Bhavik

Designation :

Accountant

Contact No.:

91-79-26563312

 

 

LOCATIONS

 

Registered Office/ Warehouse :

22, Strand Road, 1st Floor, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-24883034

Mobile No.:

91-9327010192 (Mr. Ajay Damani)

91-9574004917 (Mr. Romil Saxena)

Fax No.:

Not Available

E-Mail :

accounts@rohitandco.com

Website :

http://www.rohitandco.com

Location:

Leased

Locality:

Commercial

 

 

Corporate Office :

128-A, New Alipore, Block ‘G’, 4th Floor, Kolkata – 700053, West Bengal, India

Area :

800 Sq. Ft.

Location :

Owned

 

 

Branch Office 1 :

B/605, Nirman Building, Behind Navarangpura Bus Stand, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26563312/ 26430880/ 30024570

Fax No.:

91-79-66060057

Location :

Owned

 

 

Branch Office 2 :

301, Abhay Steel House, Baroda Street, Carnac Bunder, Masjid, Mumbai – 400009, Maharashtra, India

Tel. No.:

91-22-23710230

Location :

Owned

 

 

Branch Office 3 :

B2/1003, Marathon Innova, Opposite Penninsula Corporate Park, Off. Ganapatrao Kadam Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

 

 

 

 

PARTNERS

 

Name :

Mr. Raghav Bihani

Designation :

Partner

 

 

Name :

Mr. Rohit Bihani

Designation :

Partner

 

 

Name :

Mr. Shree Narayan Bihani

Designation :

Partner

 

 

KEY EXECUTIVES

 

Name :

Mr. Bhavik

Designation :

Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of iron and steel products like H.R. Coils and Sheets, Ferro Chrome, Ferro Manganese and Silicon Manganese. (Confirmed by Management)

 

 

Products/ Services :

·         Iron and Steel Products

·         H.R. Coils and Sheets

·         Ferro Chrome

·         Ferro Manganese

·         Silicon Manganese

 

 

Brand Names :

Not Available

 

 

Agencies Held :

‘’Tata Steel Limited’’

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

·         Raw Material

Countries :

·         Dubai

 

 

Terms :

 

Selling :

Cash, Cheque and Credit

 

 

Purchasing :

Cash, Cheque and Credit

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

·         ABB Limited

·         Unimark Remedies Limited

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

End Users, OEM’s

 

Reference :

·         Batliboi Limited

·         Jakson Engineers Limited

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Banker Name :

Indian Bank

Branch :

Mandvi Branch, Carnac Bunder, Mumbai, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

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

--

Account Operation :

--

Remark :

--

 

Auditors :

 

Name :

R.L. Mundra and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

Membership No.:

011659

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Sister Concerns :

(As  Confirmed by management)

·         Proctor Marketing Limited

Address: Andheri, Mumbai, Maharashtra, India

·         Wrinkle Distributors Private Limited

·         Vision Prokon Private Limited

·         Darpan Vinimay Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Capital Investment :

 

Owned :

INR 193.494 million

Borrowed :

--

Total :

INR 193.494 million

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2017

31.03.2016

EQUITY AND LIABILITIES

 

 

 

1] Proprietors Capital

 

193.494

135.993

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

193.494

135.993

LOAN FUNDS

 

 

 

1] Secured Loans

 

649.506

802.432

2] Unsecured Loans

 

1095.250

797.974

TOTAL BORROWING

 

1744.756

1600.406

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

1938.250

1736.399

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

96.750

74.426

Capital work-in-progress

 

0.000

27.649

 

 

 

 

INVESTMENT

 

0.001

0.001

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
963.864
976.029

 

Sundry Debtors
 
1077.167
871.312

 

Cash & Bank Balances
 
103.214
60.835

 

Other Current Assets
 
0.000
0.000

 

Loans & Advances
 
106.170
81.541

Total Current Assets
 
2250.415
1989.717

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors
 

 

Other Current Liabilities
 
 
 

 

Provisions
 
 
 

Total Current Liabilities
 
408.916
355.394

Net Current Assets
 
1841.499
1634.323

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

1938.250

1736.399

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

7515.069

6874.681

 

Other Income

 

11.233

13.780

 

TOTAL

 

7526.302

6888.461

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases

 

6963.457

6441.700

 

Changes in Stock

 

12.164

(41.688)

 

Trading and operating expenses

 

190.377

167.334

 

Payment and provision for employee

 

30.954

22.691

 

Administration and Other Overheads

 

100.303

131.355

 

Interest on partners’ capital

 

6.182

4.980

 

Remuneration paid to partners

 

5.400

0.000

 

TOTAL

 

7308.837

6726.372

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, DEPRECIATION AND AMORTISATION

 

217.465

162.089

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

170.834

134.902

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION

 

46.631

27.187

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

9.563

5.479

 

 

 

 

 

 

NET PROFIT/ (LOSS)

 

37.068

21.708

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

6500.000

 

The above information has been parted by Mr. Bhavik (Accountant)

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

Average Collection Days

(Sundry Debtors / Income * 365 Days)
 

52.32

46.26

 
 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)
 

6.98

7.89

 
 

 

 

Inventory Turnover

(Operating Income / Inventories)
 

0.23

0.17

 
 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)
 

2.25

1.59

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

 

0.92

0.93

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

 

9.02

11.77

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

 

7.77

8.48

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

 

0.50

0.75

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

 

1.27

1.20

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

31.03.2016

Net Profit Margin

 ((PAT / Sales) * 100)

%

 

0.49

0.32

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

 

1.58

1.04

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

 

19.16

15.96

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

Current Ratio

(Current Assets / Current Liabilities)

 

1.50

1.73

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

 

0.86

0.88

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

 

0.08

0.07

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

 

9.02

11.77

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

 

1.50

1.73

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2016

31.03.2017

 

INR In Million

INR In Million

Share Capital

135.993

193.494

Reserves & Surplus

0.000

0.000

Net worth

135.993

193.494

 

 

 

Secured Loans

802.432

649.506

Unsecured Loans

797.974

1095.250

Total borrowings

1600.406

1744.756

Debt/Equity ratio

11.768

9.017

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

6500.000

(Approximately)

6874.681

7515.069

 

 

5.764

9.315

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2016

31.03.2017

 

INR In Million

INR In Million

Sales

6874.681

7515.069

Profit

21.708

37.068

 

0.32%

0.49%

 

 

 

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

No

10

Date of Birth of Proprietor / Partners / Directors

No

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

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

No

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 two years

Yes

30

Major shareholders, if available

No

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

 

 

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 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

INR

US Dollar

1

INR 66.02

UK Pound

1

INR 92.73

Euro

1

INR 81.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHW

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

JYTK

 

 

SCORE FACTORS

 

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

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

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.
 
 

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