MIRA INFORM REPORT

 

 

Report No. :

509475

Report Date :

22.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FINE STEEL SCRAP

 

 

Registered Office :

206/B, Vibrant Industrial Park, Moti Talav Road, Bhavnagar-364006, Gujarat

Mobile No.:

91-9879207676 (Mr. Afzal  )

91-9879568056 (Mr. Nadeem)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2018 (Provisional)

 

 

Year of Establishment :

January 2017

 

 

Capital Investment / Paid-up Capital :

INR 0.050 million (Provisional)

 

 

IEC No.:

[Import-Export Code No.]

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

 

 

TIN No.:

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

Not Divulged

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader of Steel and Iron Scrap. (Confirmed by management)

 

 

No. of Employees :

02 (Approximately)

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

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 is a relatively new proprietary concern started in January 2017 having moderate track record. It is a trader of steel scrap and iron.


Mr. Nadeem (Proprietor) provided general information and also claimed that concern has commenced its commercial operation from same month of establishment.


As per available provisional financials of 2018, the concern has achieved decent operational revenue of INR 29.841 million and reported profit margin at 0.27% (approx.)


Rating remains constrained on account concern limited track record of business operation.


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


The concern can be considered for business dealings with some caution.


Note:


Site visit was conducted at the address which you have provided. Our executive has successfully traced the concern at the given address.


At the premises, our executive met Mr. Afzal (Manager) who provided with contact details (09879207676/09879568056).


As per our executive observation, it is a shed type premises. Locality of the premises appears to be industrial and area seems to be neutral.


Name board of the concern was sighted at the given premises. Landmark of the area is e “VIP Park” and 02 (approx.) employees were sighted at the premises.

 

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 31-03-2018.

 

 

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 22.05.2018

 

 

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. Nadeem R. Ghoghabori

Designation :

Proprietor

Contact No.:

91-9879568056

Date :

18.05.2018

 

 

LOCATIONS

 

Registered Office :

206/B, Vibrant Industrial Park, Moti Talav Road, Bhavnagar-364006, Gujarat, India

Tel. No.:

Not Available

Mobile No.:

91-9879207676/ 9725933490 (Mr. Afzal Dholia)

91-9879568056 (Mr. Nadeem R. Ghoghabori)

Fax No.:

Not Available

E-Mail :

finesteelscrap@gmail.com

Location :

Owned

Locality :

Industrial

 

 

SOLE PROPRIETOR

 

Name :

Mr. Nadeem R. Ghoghabori

Designation :

Proprietor

Date of Birth/Age :

39 Years

Qualification :

B.Com

Experience :

2 Years

 

 

KEY EXECUTIVES

 

Name :

Mr. Afzal Dholia

Designation :

Manager

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Steel and Iron Scrap. (Confirmed by management)

 

 

Products :

Steel Scrap and Iron

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

L/C and RTGS

 

 

Purchasing :

L/C and RTGS

 

 

GENERAL INFORMATION

 

Suppliers :
  • Arsh Alloys and Metals Private Limited
  • Asim Ampex
  • Kumar Steel, India
  • New Bharat Roadlines

 

 

Customers :

Wholesalers and Retailers

 

  • Viraj Profiles Limited

 

 

 

No. of Employees :

02 (Approximately)

 

 

Bankers :

Banker Name :

IDBI Bank Limited

Branch :

-

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 :

Mighnesh Shah

Chartered Accountant

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Sister Concern :

--

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2018 (PROVISIONAL)

 

Capital Investment :

 

Owned :

INR 0.050 million

Borrowed :

 

Total :

INR 0.050 million

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

PROVISIONAL BALANCE SHEET

 

 

SOURCES OF FUNDS

 

 

 

31.03.2018

EQUITY AND LIABILITIES

 

 

 

1] Proprietor Capital

 

 

0.050

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.081

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

0.131

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

2.500

TOTAL BORROWING

 

 

2.500

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

2.631

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

0.000

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
2.923

 

Sundry Debtors
 
 
15.286

 

Cash & Bank Balances
 
 
0.409

 

Other Current Assets
 
 
0.000

 

Loans & Advances
 
 
0.000

Total Current Assets
 
 
18.618

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors
 
 
16.524

 

Other Current Liabilities
 
 
(0.535)

 

Provisions
 
 
(0.002)

Total Current Liabilities
 
 
15.987

Net Current Assets
 
 
2.631

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

2.631

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2018

(PROVISIONAL)

 

SALES

 

 

 

 

Income

 

 

29.841

 

Other Income

 

 

0.000

 

TOTAL

 

 

29.841

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Goods Sold

 

 

29.321

 

Electric Expenses

 

 

0.001

 

Freight on Metrical Inward

 

 

0.027

 

Freight on Metrical Outward

 

 

0.403

 

Legal and Professional Charges

 

 

0.005

 

Stationery

 

 

0.003

 

TOTAL

 

 

29.760

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST

 

 

0.081

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

 

0.000

 

 

 

 

 

 

NOT PROFIT

 

 

0.081

 

The above information has been parted by Mr. Nadeem (Proprietor)

 

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2018

Average Collection Days

(Sundry Debtors / Income * 365 Days)
 

 

186.97

 
 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)
 

 

1.95

 
 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)
 

 

205.70

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

 

31.03.2018

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)
 

 

0.99

 
 

 

 

Debt Equity Ratio

(Total Liability / Networth)
 

 

19.08

 
 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)
 

 

141.12

 
 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)
 

 

0.00

 
 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)
 

 

0.00

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2018

Net Profit Margin

((PAT / Sales) * 100)

%
 

 

0.27

 

 
 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%
 

 

0.44

 

 
 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%
 

 

61.83

 

SOLVENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2018

Current Ratio

(Current Assets / Current Liabilities)
 

 

1.01

 
 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)
 

 

0.85

 
 

 

 

G-Score Ratio Financial

(Networth / Total Assets)
 

 

0.01

 
 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)
 

 

50.00

 
 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)
 

 

1.01

 

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

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

Yes

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/ Age of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

No

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 one year

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last one year

Yes

30

Major shareholders, if available

No

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

 

 

UNSECURED LOAN

 

PARTICULARS

 

31.03.2018

(INR in Million)

Hotel Apollo

 

0.700

Hotel White Rose

 

0.400

Krishnabahadur Ajbar Thapa

 

0.250

Manoj B. Rajput

 

0.300

Rubanaben N. Ghoghabori

 

0.550

Shailesh K. Sodia

 

0.300

Total

 

2.500

 

 

OBSERVATION POINTS

 

Name of Company :

FINE STEEL SCRAP

 

 

Address :

206/B, Vibrant Industrial Park, Moti Talav Road, Bhavnagar-364006, Gujarat, India

 

 

Mobile No.:

91-9879207676

 

 

Person to whom we met:

Mr. Afzal  Designation : Manager

 

 

Name Board :

Sighted

 

 

Location:

Easy

 

 

Landmark :

VIP Park

 

 

Total Floors of the building:

Shed Type Premises

 

 

Locality:

Industrial

 

 

Area :

Neutral

 

 

No. of employees seen at premises:

02 (Approximately)

 

 

Proof of visit:

Photograph/ Visiting Card  

 

 

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 68.09

UK Pound

1

INR 91.41

Euro

1

INR 79.93

 

 

INFORMATION DETAILS

 

Information Gathered by :

SLK

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MTN

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO 

--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.