MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	485880
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	SMARNIYA TRADING PRIVATE LIMITED

Registered Office :	6th Floor, Navkar Plaza, Bajaj Road, Vile Parle West, Mumbai – 400056, Maharashtra
Mobile No.:	91-9820519252 (Ms. Bharti Jagjivandas Thakkar)

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	09.08.1999

Com. Reg. No.:	11-121193

Capital Investment / Paid-up Capital :	INR 8.866 Million

CIN No.: [Company Identification No.]	U51900MH1999PTC121193

IEC No.:	0309087406

GSTIN/UIN:	27AAICS0044D1ZQ

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAICS0044D

Legal Form :	Private Limited Liability Company

Line of Business :	Trader, Exporter and Importer of chemicals. [Registered activity and also confirmed by management]

No. of Employees :	4 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1999. It is engaged as trader, exporter and importer of chemicals. Management has not filed its financials for the year 2017 with the Registrar of Companies. For the financial year 2016, the company has witnessed sharp decline in its revenue as compared to its previous year and has incurred operational losses during the year. The company possesses moderate financial risk profile marked by average net worth base along with high inventory level maintained by the company. Rating further gets constrained by non-availability of latest financials along with the company’s presence amongst other players and unorganized sector marked by profit margins exposed to fluctuations in the input prices. However, theses rating weakness gets partially offset by its long track record of its business operations. Payments are reported to slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution.

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 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 12.01.2018

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 :	Ms. Bharti Jagjivandas Thakkar
Designation :	Director
Contact No.:	91-9820519252
Date :	12.01.2018

LOCATIONS

Registered Office :	6th Floor, Navkar Plaza, Bajaj Road, Vile Parle West, Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-67879700(100 Lines)
Mobile No.:	91-9820519252 (Ms. Bharti Jagjivandas Thakkar)
Fax No.:	91-22-66793257
E-Mail :	bhartithakker@hotmail.com smarniyat@yahoo.com
Location :	Rented
Locality :	Commercial

Warehouse :	Bhiwandi, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Prasant Natwarlal Agarwal
Designation :	Director
Address :	3A/3B, 3rd Floor, Sonal Building, 64 Vallabh Nagar, Bhakti Vedant Swami Marg, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Appointment :	15.12.1999
DIN No.:	00074416

Name :	Ms. Bharti Jagjivandas Thakkar
Designation :	Director
Address :	18,Vandana Cooperative Housing Scoeity, Hira Baug, Agra Road, Kalyan -421301, Maharashtra, India
Date of Birth/Age :	05.11.1959
Date of Appointment :	22.12.1999
DIN No.:	02636147

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Names of Shareholders		No. of Shares
Bharti Jagjivandas Thakkar		402309
Prasant Natwarlal Agarwal		400
Aanchal Agarwal		120000
Prashant Silk Mills Private Limited, India		313000
Natwarlal Agarwal		25000
Forram Restaurant		25900
Total		886609

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2016

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	61.78
Promoters- Body corporate	38.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of chemicals. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Wholesale of chemicals	46691

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Chemicals

Countries :

Bangladesh
Sri Lanka

Imports :

Products :

Raw material

Countries :

China

Terms :

Selling :

L/C, Cheque and Credit (60 Days) (Bank Transfer)

Purchasing :

L/C, Cheque and Credit (60 Days) (Bank Transfer)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

N.K Enterprises
Dongying HiTech Spring Chemical ind Co Limited
Rishi Kiran Logistics Private Limited
Dinesh s Agarwal and Associates
Hindustan Logistics Private Limited
Trade Craft Enterprisers Private Limited
Rishi Kiran Roadlines
Three Rose Service
Turakhiya Traders

Reference :	Sahastraa Exports Private Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End Users and Dealer

Bharat Chemicals Products
Karan Monomers Private Limited
Magma Industries Limited
Rajdoot Organics Private Limited
Tirupati Inks Limited
Shakti Sio Science Limited
Unibios Laboratories Limited

Reference :	Amber Chemicals
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

4 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Vile Parle (West), Mumbai – 400056, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	91-22-61606161 (Ringing)
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 :	--

State Bank of India, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Tel No.: 91-22-26233778 (Ringing)

Facilities :

(INR In Million)

PARTICULARS	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Godown Deposit
Sahastraa Exports Private Limited	9.500	9.500
Urban Arch Sysfab Private Limited	0.210	0.000
Other loans and advances
Standard Chartered Bank Loan	3.358	0.279
Bajaj Finance Limited	0.000	3.300
Tata Capital Financial Services Limited	1.253	1.825
Magma Fincorp Limited	1.056	1.500
HDFC Bank Business Loan	0.000	0.138
SHORT TERM BORROWING
Cash Credit Facility from Dhanlaxmi Bank (Hypothecation of stock and book debts and secured against EM of the industrial godown on ground floor and office of the building situated on Plot bearing No.D-303, Turbhe MlDC, TIC Industrial Area, Vashi with Personal guarantee of Ms. Bharti Thakkar)	0.092	15.000
Cash Credit Facility from Dhanlaxmi Bank	0.000	2.305
Total	15.469	33.847

Auditors :
Name :	Dinesh S Agarwal and Associates Chartered Accountants
Address :	608,609 and 610-B, Manglarambh, Kora Kendra Road, Borivali(West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28987061
Fax No.:	91-22-28987062
E-Mail :	Sagarwal_dinesh@hotmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD8338A

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

886609	Equity Shares	INR 10/- each	INR 8.866 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.866	8.866	8.866
(b) Reserves & Surplus	4.590	14.237	12.442
(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)	13.456	23.103	21.308

(3) Non-Current Liabilities
(a) long-term borrowings	15.377	16.541	13.597
(b) Deferred tax liabilities (Net)	0.433	0.400	0.366
(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)	15.810	16.941	13.963

(4) Current Liabilities
(a) Short term borrowings	0.392	18.176	14.346
(b) Trade payables	66.279	48.653	28.565
(c) Other current liabilities	0.255	0.184	0.791
(d) Short-term provisions	0.000	0.736	0.810
Total Current Liabilities (4)	66.926	67.749	44.512

TOTAL	96.192	107.793	79.783

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.269	13.689	14.160
(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	0.155	0.155	0.155
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.320	0.346	0.808
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13.744	14.190	15.123

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.673	9.907	25.258
(c) Trade receivables	37.645	75.476	33.686
(d) Cash and cash equivalents	30.101	5.923	5.675
(e) Short-term loans and advances	1.029	2.297	0.041
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	82.448	93.603	64.660

TOTAL	96.192	107.793	79.783

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	113.109	329.548	308.037
	Other Income	1.795	1.236	0.974
	TOTAL	114.904	330.784	309.011

Less	EXPENSES
	Purchases of Stock-in-Trade	111.546	304.348	307.482
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.766)	15.350	(10.978)
	Employees benefits expense	0.681	0.640	0.555
	Other expenses	11.738	3.797	4.507
	TOTAL	120.199	324.135	301.566

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(5.295)	6.649	7.445

Less	FINANCIAL EXPENSES	3.697	3.109	2.938

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(8.992)	3.540	4.507

Less/ Add	DEPRECIATION/ AMORTISATION	0.419	0.487	0.382

	PROFIT/ (LOSS) BEFORE TAX	(9.411)	3.053	4.125

Less	TAX	0.236	1.259	2.112

	PROFIT/ (LOSS) AFTER TAX	(9.647)	1.794	2.013

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	19.804	8.189	0.000
	TOTAL EARNINGS	19.804	8.189	0.000

	IMPORTS
	Traded goods	28.787	14.790	10.200
	TOTAL IMPORTS	28.787	14.790	10.200

	Earnings / (Loss) Per Share (INR)	(10.88)	2.02	2.60

Particulars

31.03.2017

Sales Turnover (Approximately)

100.000

The above information has been parted by Mr. Bharti Jagjivandas Thakkar (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	44.798	(3.937)	(5.169)

Net cash flows from (used in) operations	44.562	(5.196)	(1.163)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income 365 Days)*	121.48	83.60	39.92

Account Receivables Turnover (Income / Sundry Debtors)	3.00	4.37	9.14

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	216.88	58.35	33.91

Inventory Turnover (Operating Income / Inventories)	(0.39)	0.67	0.29

Asset Turnover (Operating Income / Net Fixed Assets)	(0.40)	0.49	0.53

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.86	0.78	0.73

Debt Equity Ratio (Total Liability / Networth)	1.17	1.50	1.31

Current Liabilities to Networth (Current Liabilities / Net Worth)	4.97	2.93	2.09

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.99	0.59	0.66

Interest Coverage Ratio (PBIT / Financial Charges)	(1.43)	2.14	2.53

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) 100)*	%	(8.53)	0.54	0.65

Return on Total Assets ((PAT / Total Assets) 100)*	%	(10.03)	1.66	2.52

Return on Investment (ROI) ((PAT / Networth) 100)*	%	(71.69)	7.77	9.45

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.23	1.38	1.45

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.03	1.24	0.89

G-Score Ratio Financial (Networth / Total Assets)	0.14	0.21	0.27

G-Score Ratio Debt (Debts / Equity Capital)	1.78	3.92	3.15

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.23	1.38	1.45

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	8.866	8.866	8.866
Reserves & Surplus	12.442	14.237	4.590
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.308	23.103	13.456

Long Term borrowings	13.597	16.541	15.377
Short Term borrowings	14.346	18.176	0.392
Total borrowings	27.943	34.717	15.769
Debt/Equity ratio	1.311	1.503	1.172

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	308.037	329.548	113.109
		6.983	(65.678)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	308.037	329.548	113.109
Profit/(Loss)	2.013	1.794	(9.647)
	0.65%	0.54%	(8.53%)

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)	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 four 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	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

NOTE: Registered office of the company has been shifted from 18, New Vandana Co-operative Housing Society, 3^rd Floor, Agra Road, Hira Baug, Kalyan [West], Thane 421301, Maharashtra, India to the present address w.e.f. 05.03.2012

SUMMARY OF OPERATION

During the year, the revenue from operations of the company decreased from INR 329.548 million to INR 113.109 Million. For FY 2016, the company’s profit after tax stood at INR (9.647) million vis-à-vis INR 1.794 million in the previous year, registering a decline in growth of the company.

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	B73514135	10338952	DHANLAXMI BANK LIMITED	30/01/2012	28/03/2013	40000000.0	BELLA VISTA,S. V ROAD ,BANDRA TALAOBANDRA (WEST),MUMBAIMH400050IN

FIXED ASSETS:

Land
Building
Electrical Installation
Mobile Phone

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 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14

INFORMATION DETAILS

Information Gathered by :	PNM

Analysis Done by :	NIS

Report Prepared by :	KVT

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	YES
--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.