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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492722

Report Date :

19.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

VASUKI TRADE LINK PRIVATE LIMITED

 

 

Registered Office :

Nakshatra Heights Office No. 501, Opposite Telephone Exchange, 150ft Road, Rajkot – 360007, Gujarat

Tel. No.:

91-281-2577298

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

15.11.2016

 

 

Com. Reg. No.:

04-094381

 

 

Capital Investment / Paid-up Capital :

INR 5.000 Million

 

 

CIN No.:

[Company Identification No.]

U51909GJ2016PTC094381

 

 

IEC No.:

Not Applicable (As informed by the management that firm does not have export and import)

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCV6687A

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AAFCV6687A1Z9

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

  • Mining and Trading of Coal, Coke.

 

(Confirmed by management)

 

  • Wholesaler of coal and coal product.

 

  • Subject is primarily engaged in the trading of various categories of coal, fly ash, and other products/ by products and variants of the same.

 

(Registered Activity)

 

 

No. of Employees :

40 (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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 2011 as a partnership concern with the name “Sri Sai Enterprises” and later during November, 2016. It got converted into private limited company with the present name. It is having satisfactory track record.

 

For the financial year ended 2017, the company has achieved decent revenue and has reported profit margin at 0.31% (approximately).

 

The company possesses sound financial profile marked by healthy networth base along with negligible debt recorded and favourable gap between trade payables to its trade receivables.

 

However, the rating strength is partially offset by low profit margin of the company.

 

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

 

In view of the aforesaid, the company 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 Bank Facilities= (BB-)

Rating Explanation

Moderate risk of default.

Date

30.10.2017

 

 

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 31-03-2016.

 

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 19.02.2018

 

 

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. Sunil Talsaniya

Designation :

Accounts Finance Manager

Contact No.:

91-9687452288

Date :

17.02.2018

 

 

LOCATIONS

 

Registered Office/ Head Office/ Factory :

Nakshatra Heights Office No. 501, Opposite Telephone Exchange, 150ft Road, Rajkot – 360007, Gujarat, India

Tel. No.:

91-281-2577298

Mobile No.:

91-9687452288 (Mr. Sunil Talsaniya)

Fax No.:

Not Available

E-Mail :

vasukitradelink@yahoo.com

Website :

www.vasukitradelink.in

 

 

Stock Yard :

Survey No.47, Plot No.17-18, Hadamtala GIDC, Opposite Sem Chemical, NH 8A, Rajkot, Gujarat, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Bankim Kantilal Mehta

Designation :

Director

Address :

Nalanda Banglow, Bunglow No. 5, 6 - Pragati Society, Raiya Road, Rajkot – 360007, Gujarat, India

Date of Appointment :

15.11.2016

DIN No.:

05186840

 

 

Name :

Ms. Harshma B Mehta

Designation :

Director

Address :

5, Nalanda Bunglows, 6 Pragati Society, Raiya Road, Saurashtra University Area, Rajkot – 360005, Gujarat, India

Date of Appointment :

08.05.2017

DIN No.:

07815822

 

 

KEY EXECUTIVES

 

Name :

Mr. Sunil Talsaniya

Designation :

Accounts Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2017

 

Names of Shareholders

No. of Shares

%age

Bankim Kantilal Mehta

250000

50.00

Vijaybhai Jagdishbhai Mehta

75000

15.00

Harshma B. Mehata

100000

20.00

Kushumben Joshi

50000

10.00

Meghna J. Mehata

25000

5.00

Total

500000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 07.09.2017

 

Category

Percentage

Promoters (Individual/Hindu Undivided Family-Indian)

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

  • Mining and Trading of Coal, Coke.

 

(Confirmed by management)

 

  • Wholesaler of coal and coal product.

 

  • Subject is primarily engaged in the trading of various categories of coal, fly ash, and other products/ by products and variants of the same.

 

(Registered Activity)

 

 

Products/ Services :

Item Code No.

Product/ Services Description

27030090

Wholesale of coal and coal product

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash, L/C and Credit (30/ 60 Days)

 

 

Purchasing :

Cash, L/C and Credit (30/ 60 Days)

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

  • Adi Tradelink
  • Electrotherm (India) Limited
  • HJM Fuels Private Limited
  • Hi Bond (Cement) India Private Limited
  • Neelkanth Chem Industries
  • Ravi Fuel Co.
  • Shyam Coal Corporation
  • United Corporation
  • Vasuki Enterprise
  • Vertigo Impex Private Limited

 

 

Customers :

Wholesalers, Retailers and End Users

 

  • Adi Logistics
  • ASR Multimetals Private Limited
  • Mono Steel India Limited
  • Amul Print
  • Dharam Associates
  • Dhaval Industrial Corporation
  • Ekta Enterprise
  • M G M Exports
  • Omexo Tiles
  • R S Trading Co.

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

Bank Name

The Karur Vysya Bank Limited

Branch

P.B. No.342, RGC Complex, Trikon Baug, Rajkot – 360001, Rajkot, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

  • The Karur Vysya Bank Limited, Rajkot Gymkhana Complex, Trikon Baug, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India

 

  • HDFC Bank Limited

 

 

 

Auditors :

 

Name :

Samir Virani and Company

Chartered Accountants

Address :

209, Royal Square Complex, Near Shilp Tower, Tagore Road, Rajkot – 360002, Gujarat, India

Tel. No.:

91-281-3010106

Mobile No.:

91-9898496840/ 8866623918

E-Mail :

samirvirani.ca@gmail.com

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

AEOPV4745H

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Divulged

 

 

 

CAPITAL STRUCTURE

 

As on 07.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

INR 10/- each

INR 5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

INR 10/- each

INR 5.000 Million

 

 

 

 

 

 

 


 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2017

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

5.000

(b) Reserves & Surplus

 

 

25.284

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

30.284

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

9.475

(b) Deferred tax liabilities (Net)

 

 

0.000

(c) Other long term liabilities

 

 

0.000

(d) Long-term provisions

 

 

0.000

Total Non-current Liabilities (3)

 

 

9.475

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

51.184

(c) Other current liabilities

 

 

3.508

(d) Short-term provisions

 

 

0.376

Total Current Liabilities (4)

 

 

55.068

 

 

 

 

TOTAL

 

 

94.827

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

0.000

(ii) Intangible Assets

 

 

0.000

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d) Long-term Loan and Advances

 

 

0.000

(e) Other Non-current assets

 

 

0.125

Total Non-Current Assets

 

 

0.125

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

25.796

(c) Trade receivables

 

 

64.011

(d) Cash and cash equivalents

 

 

1.367

(e) Short-term loans and advances

 

 

0.000

(f) Other current assets

 

 

3.528

Total Current Assets

 

 

94.702

 

 

 

 

TOTAL

 

 

94.827

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2017

 

SALES

 

 

 

 

Income

 

 

247.628

 

Other Income

 

 

0.025

 

TOTAL

 

 

247.653

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

 

0.000

 

Purchases of Stock-in-Trade

 

 

259.250

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

 

(25.796)

 

Employees benefits expense

 

 

0.138

 

Other expenses

 

 

12.892

 

TOTAL

 

 

246.484

 

 

 

 

 

 

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

 

 

1.169

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

 

0.008

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

 

1.161

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

 

0.026

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

 

1.135

 

 

 

 

 

Less

TAX

 

 

0.351

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

 

0.784

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

1.57

 

Expected Sales (2017-2018) : INR 250.000 Million

 

The above information has been parted by Mr. Sunil Talsaniya (Accounts Finance Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

 

31.03.2017

Current Maturities of Long term debt

 

 

0.000

Cash generated from operations

 

 

(37.150)

Net cash flow from operating activity

 

 

(37.501)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Average Collection Days

(Sundry Debtors / Income * 365 Days)

 

 

94.35

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

 

 

3.87

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

 

 

72.06

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

 

 

0.05

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

 

 

0.00

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

 

 

0.68

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

 

 

0.31

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

 

 

1.82

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

 

 

0.00

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

 

 

146.12

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2017

Net Profit Margin

[(PAT / Sales) * 100]

%

 

 

0.32

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

 

 

0.83

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

 

 

2.59

 

SOLVENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Current Ratio

(Current Assets / Current Liabilities)

 

 

1.72

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

 

 

1.25

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

 

 

0.32

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

 

 

1.90

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

 

 

1.72

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

 

 

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

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)

No

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 about five months

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last about five months

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

 

 

CORPORATE INFORMATION

 

The company was incorporated recently and is primarily engaged in the trading of various categories of coal, fly ash, and other products/ by products and variants of the same

 

STATEMENT OF COMPANY’S AFFAIRS:

 

The reporting period of the company is the very first year of the company which starts from the date of incorporated of the company i.e. 15/11/2016 and ended on 31/03/2017. During the reporting period the company has earned revenue including other income of INR 247.628 Million and occurred expenditure of INR 246.518 Million. The company has noted net profit of INR 0.784 Million and achieves EPS of INR 1.57. The board of directors is very positive about the progress of company for upcoming years.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

Long-term Borrowings

 

Loans and advances from related parties

 

From Directors and Shareholders

9.475

 

 

Total

9.475

 

 

INDEX OF CHARGES

 

Charges Registered

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Amount

Address

1

G51498061

100118433

THE KARUR VYSYA BANK LIMITED

31/07/2017

200000000.0

RAJKOT GYMKHANA COMPLEX, TRIKON BAUG,DR. YAGNIK ROAD, RAJKOT RAJKOT GUJARAT 360001 INDIA

2

G47629944

100107503

THE KARUR VYSYA BANK LIMITED

05/06/2017

250000000.0

RAJKOT GYMKHANA COMPLEX, TRIKON BAUG,DR. YAGNIK ROAD, RAJKOT RAJKOT GUJARAT 360001 INDIA

 

 


 

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

INR

US Dollar

1

INR 63.90

UK Pound

1

INR 90.31

Euro

1

INR 80.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUD

 


 

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

NO

--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.