|
|
|
MIRA INFORM REPORT
|
Report No. : |
495922 |
|
Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHAH BROTHERS ISPAT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5A/5B, Trust House, Dr. E. Broges Road, Opposite, Shirodkar High School, Parel (East), Mumbai – 400012, Maharashtra |
|
Tel. No.: |
91-22-40555444 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2016 |
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|
|
|
Date of
Incorporation : |
04.08.2004 |
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|
|
|
Com. Reg. No.: |
11-147842 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 14.805 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U27101MH2004PTC147842 |
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|
|
|
IEC No.: |
0388167475 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAKCS2766A |
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|
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GST No.: |
27AAKCS2766A2ZC |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Trader, Exporter, Importer and Distributing of Boiler Quality Steel Plates, Mild Steel Plates, Hot Rolled Coils, Non-Alloy Steels. [Registered activity and also confirmed by management] |
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|
|
|
No. of Employees
: |
56 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
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|
|
|
Payment Behaviour : |
Slow |
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|
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Litigation : |
Clear |
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|
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|
Comments : |
Subject was incorporated in the year 2004 and is a trader, exporter distributor and importer of mild steel plates, boiler plates, non-alloy steels, etc.
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 08.03.2018
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. Atmaram M |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-40555444 |
|
Date: |
07.03.2018 |
LOCATIONS
|
Registered Office /Warehouse: |
5A/5B, Trust House, Dr. E. Broges Road, Opposite, Shirodkar High School, Parel (East), Mumbai – 400012, Maharashtra, India |
|
Tel. No.: |
91-22-40555444 |
|
Mobile No.: |
91-8049189924 (Mr. Rajesh Chinubhai Shah) |
|
Fax No.: |
91-22-40555454 |
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E-Mail : |
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|
Website: |
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|
Location: |
Rented |
|
Locality: |
Commercial |
|
|
|
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Branch Office 1: |
A 21 and 22, Meghna Complex, 1st Floor, Room No 207, Opposite Andra Bank, Balanagar, Hyderabad – 500 037, Telangana, India |
|
Tel No.: |
91-40- 6691453 /23777942 |
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|
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Branch Office 2: |
1006, Anand Mangal, 3, Complex, Opposite Doctor House, Near Appolo Hospital, Parimal Garden Ambawadi, Ahmedabad – 380 006, Gujarat, India |
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|
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Branch Office 3: |
Aishwarya Flats, Flat No. 1, Plot No. 25, Purananuru Street, Mehta Nagar Selaiyur, Chennai – 600 073, Tamilnadu, India |
|
Tel No.: |
91-44-42073445 /22271549 |
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Branch Office 4: |
Shop No.7, 8/7, 1st Floor, Loha Mandi, B. S. Road, Industrial Area, Ghaziabad – 201 009, Uttar Pradesh, India |
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|
|
Warehouses: |
Located at:
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajesh Chinubhai Shah |
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|
Designation : |
Director |
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Address : |
31, Anupam, 11, Manav Mandir Road, Mumbai - 400006, Maharashtra, India |
||||||||||||||||
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Date of Birth/Age : |
10.07.1965 |
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Date of Appointment : |
04.08.2004 |
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PAN No.: |
AACPS4394M |
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DIN No.: |
00022645 |
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Other Directorship:
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|
|||||||||||||||||
|
Name : |
Mr. Chinubhai Himatlal Shah |
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|
Designation : |
Director |
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Address : |
13/3, Anupam, Manav Mandir Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
||||||||||||||||
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Date of Birth/Age : |
13.03.1936 |
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Date of Appointment : |
04.08.2006 |
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PAN No.: |
ANVPS8248Q |
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DIN No.: |
00022747 |
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Other Directorship:
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|
||||||||||||||||
|
Name : |
Mr. Sanjiv Pravin Mehta |
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Designation : |
Director |
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Address : |
15, Nirmal Mahal, Bomanji Petit Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
14.12.1963 |
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Date of Appointment : |
04.08.2004 |
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PAN No.: |
AACPM6814E |
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DIN No.: |
00022691 |
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Other Directorship:
|
|||||||||||||||||
KEY
EXECUTIVE
|
Name : |
Mr. Atmaram M |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Chinubhai
Himatlal Shah Jt. Manjuben C Shah Jt. Dharmesh C Shah |
|
72000 |
|
Chinubhai
Himatlal Shah Jt. Manjuben C Shah Jt. Rajesh C Shah |
|
72000 |
|
Pravin
Pranlal Mehta Jt. Ranjanbala Mehta Jt. Sanjiv Mehta |
|
215250 |
|
Sanjiv
Pravin Mehta Jt. Heena Mehta |
|
257000 |
|
Dharmesh
Chinubhai Shah Jt. Sangeeta Shah |
|
243950 |
|
Rajesh
Chinubhai Shah Jt. Minal Shah |
|
243950 |
|
Ranjanbala
Pravin Mehta Jt. Pravin P Mehta Jt. Sanjiv P Mehta |
|
87576 |
|
Heena
Sanjiv Mehta Jt. Sanjiv P Mehta |
|
143500 |
|
Pravin
P Mehta HUF through its Karta Pravin P Mehta |
|
10000 |
|
Ranjanbala
P. Mehta Jt. Pravin P. Mehta |
|
11750 |
|
Chinubhai
H. Shah Jt. Manjula C. Shah |
|
85600 |
|
Chinubhai
H Shah HUF |
|
12121 |
|
Sangeeta
Shah |
|
5303 |
|
Minal
R Shah |
|
5303 |
|
Keshavi
S Mehta |
|
15152 |
|
Total |
|
1480455 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Trader, Exporter, Importer and Distributing of Boiler Quality Steel Plates, Mild Steel Plates, Hot Rolled Coils, Non-Alloy Steels. [Registered activity and also confirmed by management] |
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Products/Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
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Countries : |
United Arab Emirates |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
56 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
H.M. Mody and Company Chartered Accountants |
|
Address : |
12 Indus Court, A Road,
Churchgate, Mumbai – 400020, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AGBPM4701B |
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
|
CAPITAL STRUCTURE
AS ON 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
INR 10/- each |
INR 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1480455 |
Equity Shares |
INR 10/- each |
INR 14.805 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
14.805 |
14.805 |
14.350 |
|
(b) Reserves and Surplus |
1239.448 |
1218.028 |
1089.921 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
30.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1254.253 |
1232.833 |
1134.271 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
159.691 |
204.592 |
221.275 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
3.532 |
3.040 |
2.020 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
163.223 |
207.632 |
223.295 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
340.462 |
351.413 |
354.999 |
|
(b) Trade
payables |
3209.345 |
2972.637 |
3442.003 |
|
(c) Other
current liabilities |
18.386 |
8.023 |
18.564 |
|
(d) Short-term
provisions |
19.617 |
14.705 |
1.114 |
|
Total Current
Liabilities (4) |
3587.810 |
3346.778 |
3816.680 |
|
|
|
|
|
|
TOTAL |
5005.286 |
4787.243 |
5174.246 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
533.671 |
539.755 |
511.467 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
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 |
1.987 |
1.987 |
|
(c) Deferred tax assets (net) |
100.260 |
101.984 |
82.284 |
|
(d)
Long-term loans and advances |
80.332 |
6.453 |
69.888 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
714.263 |
650.179 |
665.626 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1150.300 |
1053.174 |
1021.053 |
|
(c) Trade
receivables |
2569.086 |
2416.724 |
2900.900 |
|
(d) Cash and
bank balances |
298.778 |
349.729 |
354.033 |
|
(e)
Short-term loans and advances |
149.833 |
157.138 |
100.674 |
|
(f) Other
current assets |
123.026 |
160.299 |
131.960 |
|
Total
Current Assets |
4291.023 |
4137.064 |
4508.620 |
|
|
|
|
|
|
TOTAL |
5005.286 |
4787.243 |
5174.246 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
7448.712 |
6922.283 |
6948.663 |
|
|
Other Income |
123.987 |
165.593 |
195.398 |
|
|
TOTAL |
7572.699 |
7087.876 |
7144.061 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
7120.650 |
6577.136 |
5995.811 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(97.126) |
(32.121) |
642.110 |
|
|
Employee benefit expense |
32.915 |
29.516 |
22.619 |
|
|
Other expenses |
238.185 |
178.648 |
181.155 |
|
|
TOTAL |
7294.624 |
6753.179 |
6841.695 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
278.075 |
334.697 |
302.366 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
233.755 |
286.007 |
258.207 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.320 |
48.690 |
44.159 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.179 |
12.691 |
4.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
43.141 |
35.999 |
39.859 |
|
|
|
|
|
|
|
Less |
TAX |
11.032 |
(54.687) |
(54.392) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
32.109 |
90.686 |
94.251 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
1.436 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
1.436 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
1052.086 |
|
|
Components and spare
parts |
892.165 |
1842.602 |
0.000 |
|
|
TOTAL IMPORTS |
892.165 |
1842.602 |
1052.086 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
21.69 |
61.26 |
63.66 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
134.770 |
(107.147) |
266.904 |
|
Net cash flows from (used in) operating activities |
123.738 |
(72.159) |
87.960 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
125.89 |
127.43 |
152.38 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.90 |
2.86 |
2.40 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
164.51 |
164.97 |
209.53 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.24 |
0.32 |
0.30 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.52 |
0.62 |
0.59 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.75 |
0.74 |
0.78 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.40 |
0.45 |
0.51 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.86 |
2.71 |
3.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.43 |
0.44 |
0.45 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.19 |
1.17 |
1.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.43 |
1.31 |
1.36 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.64 |
1.89 |
1.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
2.56 |
7.36 |
8.31 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.20 |
1.24 |
1.18 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.88 |
0.92 |
0.91 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.25 |
0.26 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
33.78 |
37.56 |
40.16 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.20 |
1.24 |
1.18 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
14.350 |
14.805 |
14.805 |
|
Reserves & Surplus |
1089.921 |
1218.028 |
1239.448 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
30.000 |
0.000 |
0.000 |
|
Net
worth |
1134.271 |
1232.833 |
1254.253 |
|
|
|
|
|
|
Long-term borrowings |
221.275 |
204.592 |
159.691 |
|
Short term borrowings |
354.999 |
351.413 |
340.462 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
576.274 |
556.005 |
500.153 |
|
Debt/Equity
ratio |
0.508 |
0.451 |
0.399 |
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 |
6948.663 |
6922.283 |
7448.712 |
|
|
|
(0.380) |
7.605 |
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 |
6948.663 |
6922.283 |
7448.712 |
|
Profit/ (Loss) |
94.251 |
90.686 |
32.109 |
|
|
1.36% |
1.31% |
0.43% |
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 |
Yes |
|
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 |
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 |
No |
|
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 four years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
-- |
|
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 “406, Giriraj S T Road, Mumbai – 400009, Maharashtra, India ” to the present address w.e.f. 23.03.2012
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from others |
159.077 |
177.726 |
|
Total |
159.077 |
177.726 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
B43296045 |
10364745 |
18/06/2012 |
- |
226000000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, MUMBAI-400023, MAHARASHTRA, INDIA |
|
2 |
B43296375 |
10364746 |
18/06/2012 |
- |
120000000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, MUMBAI-400023, MAHARASHTRA, INDIA |
|
3 |
B27083369 |
10321501 |
24/10/2011 |
- |
700000000.0 |
COMMERCIAL BRANCH,1548/ASADASHIV PETH,TILAK ROAD, PUNE-411030, MAHARASHTRA, INDIA |
|
4 |
A53083986 |
10134345 |
24/11/2008 |
- |
300000000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, MUMBAI-400023, MAHARASHTRA, INDIA |
|
5 |
A16339202 |
10054510 |
18/04/2007 |
- |
150000000.0 |
VEER NARIMAN ROAD BRANCH, RAJ MAHAL,VEER NARIMAN ROAD, CHURCHGATE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
6 |
A13088869 |
10048052 |
20/03/2007 |
- |
500000000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, MUMBAI-400023, MAHARASHTRA, INDIA |
|
7 |
A09042284 |
10110101 |
03/11/2006 |
- |
143000000.0 |
CUFFE PARADE BRANCH, G. D. SOMANI SCHOOL BUILDING,G. D. SOMANI SCHOOL MARG, CUFFE PARADE,MUMBAI-400005, MAHARASHTRA, INDIA |
|
8 |
B42069112 |
10008546 |
17/06/2006 |
16/03/2012 |
5196400000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, MUMBAI-400023, MAHARASHTRA, INDIA |
|
9 |
B42068221 |
80007073 |
17/06/2006 |
04/04/2012 |
5196400000.0 |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, MUMBAI-400023, MAHARASHTRA, INDIA |
|
10 |
A01341924 |
10006349 |
29/05/2006 |
- |
674400000.0 |
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2016 INR in Million |
|
Letters of Credit Issued by Bankers |
2644.300 |
|
Less : Margin Money |
(306.858) |
|
|
2337.442 |
|
- In view of the insufficient information from the suppliers regarding their status as SSI units, amount overdue to such undertakings cannot be ascertained. - Previous year's figures have been re-grouped and re-arranged where necessary. |
|
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicle
- Motor vehicle
NEWS / PRESS RELEASE
WEBSITE DETAILS
Date :04.03.2018
GST Fraud: Sanjiv Pravin, Vinaykumar D Arya arrested for availing ‘ineligible credit’
The first arrests under the Goods and Services Tax regime have been made. Under the Central GST, the directors of two companies have been arrested for allegedly availing the tax credit in a deceitful manner. Mr. Sanjiv Pravin Mehta who is the director of Shah Brothers Ispat Pvt Ltd and Vinaykumar D Arya who is the director of VN industries have both been arrested by the CGST Mumbai Central Commissionerate due to them availing ‘ineligible credit’ of INR 52.000 milion and INR 20.300 Crore as was stated by the Commissionerate in his statement.
This suspected offence committed by the Shah Brothers Ispat cannot even get them any bail while the one committed by the VN industries is bailable since the amount of the fraud is below INR 50.000 million. It was also stated in the statement that a similar fraud had been committed in numerous other companies. The companies were exchanging invoices only for the so-called sale and purchase. It was also mentioned in the statement that there was movement of only paper and invoice but there no actual sell or purchase of any goods. After further investigation it came into notice that all these exchanges were done with a malafide intention in order to defraud the exchequer by opening the letter of credit on the transactions of fake purchases as was mentioned in the statement.
Date: 01.03.2018
TWO HELD IN MUMBAI IN
FIRST ARREST UNDER CENTRAL GST ACT
Two people were arrested for allegedly exchanging paper invoices without any movement of goods and claiming false input tax credit
New Delhi: Signalling strong enforcement action under the goods and services tax (GST) regime, the Mumbai division of the central government’s indirect tax arm said on Wednesday it has made the first arrests under the Central GST Act for alleged fraud.
Two people were arrested by the Mumbai commissionerate of the Central Board of Excise and Customs (soon to be renamed the Central Board of Indirect Taxes and Customs) for allegedly exchanging paper invoices without any movement of goods and claiming false input tax credit.
The arrests are significant as they indicate stricter enforcement by the government under the new tax regime that came into force on 1 July last year.
The two accused are Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt. Ltd, and Vinay Kumar Arya, director of V.N. Industries Pvt. Ltd, said a statement.
While the input tax credit claimed by Mehta amounted to INR 52.000 million, it was INR 20.300 million in the case of Arya.
As per the provisions of the CGST law, issuance of an invoice or bill without a corresponding supply of goods and wrongful availment or utilization of input tax credit can lead to arrest.
Evasion of over Rs5 crore in tax is a non-bailable offence under the CGST law.
Emails and phone calls to Shah Brothers Ispat remained unanswered at the time of going to press. Emails sent to V.N Industries also drew no response.
The centre and state governments suspect massive tax evasion under GST due to the lax implementation. A delay in the implementation of the e-way bill system and the invoice matching system has worsened the situation.
Invoice matching is key to checking fraud as the law is framed in a manner wherein relevant input tax credit for purchase of goods will only be available if the details of inward supply by the buyer in the tax return form matches the details of outward supplies in the return filed by the supplier.
Implementation of the e-way bill system—an electronic documentation system tracking the movement of goods and preventing underreporting and evasion of taxes—will be rolled out from 1 April after technological glitches forced the GST Council to defer the roll out initially scheduled for 1 February.
“Eight months have passed since GST was introduced. A lot of outreach programmes have been held. It is now time to take enforcement action to improve compliance,” said a person with knowledge of the thinking in the GST Council who did not wish to be identified. This person said anti-evasion measures will be taken by both central and state-level officers.
Finance minister Arun Jaitley had on Tuesday lamented the non-compliance levels in industry saying that the next round of rationalisation in the GST structure, involving the merger of the two standard rates of 12% and 18%, will have to wait until compliance improves.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.10 |
|
|
1 |
INR 79.59 |
|
Euro |
1 |
INR 90.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.