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|
MIRA INFORM REPORT
|
Report No. : |
510871 |
|
Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LOK ENTERPRISES |
|
|
|
|
Registered
Office : |
204, Green House, 2nd Floor, Green Street, Fort, Mumbai -
400023, Maharashtra |
|
Tel. No.: |
91-22-22665926 |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
Not Available |
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|
|
|
Date of
Establishment : |
17.09.2002 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 43.107 Million [As On 31.03.2016] |
|
|
|
|
IEC No.: |
0302000259 |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABFL6640G |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Trader and Importer of Pulses. (Confirmed by Management) |
|
|
|
|
No. of Employees
: |
08 (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 partnership FIRM established in 2002. The firm is a
trading house Engaged in the business of trading of various forms of pulses and
beans into the domestic market. Rating continues to reflect thin profit margins due to the low value
additive nature of the business which in turn limits financial flexibility. Rating is further constrained by the high competitive intensity in the
business, and susceptibility of the margins to exchange rate risks as well as
any adverse fluctuations in commodity prices, which are in turn dependent on
agro climatic factors. The firm is partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby the gearing levels. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the partnership firm 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
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = D (Issuer Non-Cooperative) |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
19.09.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = D (Issuer Non-Cooperative) |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery |
|
Date |
19.09.2017 |
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
31-03-2018.
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 23.05.2018.
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. Surendra Bajaj |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9967020855 |
|
Date : |
22.05.2018 |
LOCATIONS
|
Registered Office : |
204, Green House, 2nd Floor, Green Street, Fort, Mumbai - 400023,
Maharashtra, India |
|
Tel. No.: |
91-22-22665926 |
|
Mobile No.: |
91-9967020855 (Mr. Surendra Bajaj) |
|
Fax No.: |
91-22-22664607 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 Sq. Ft. |
|
Location : |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Marketing Office : |
Room No. 404, Fortune Plaza, APMC Market, Vashi, Navi Mumbai,
Maharashtra, India |
|
|
|
|
Branch Office : |
Plot No.15, Gut 430, Gulab Talegaon, Egatpuri District, Nashik -
422403, Maharashtra, India |
PARTNERS
|
Name : |
Mr. Prakash Goenka |
|
Designation : |
Partner |
|
Address: |
76, Hatkesh Society, 9th N.S. Road, J.V.P.D Scheme, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth / Age : |
64 Years |
|
|
|
|
Name : |
Mr. Tasbeen Goenka |
|
Designation : |
Partner |
Note: As claimed by Mr. Surendra Bajaj (Accounts Manager) that the
partner (Mr. Lokesh Goenka) has resigned the concern from 1st April,
2016 and now (Mr. Tasneem Goenka) has appointed as a new partner.
KEY EXECUTIVES
|
Name : |
Mr. Surendra Bajaj |
|
Designation : |
Accounts Manager |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Pulses. (Confirmed by Management) |
|
|
|
|
Products/ Services : |
Pulses |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
|
|
Products : |
Pulses |
|
Countries : |
· United States of America · Canada · Singapore · Dubai · South African Countries |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit (30/ 60 /90 Days) |
|
|
|
|
Purchasing : |
Cash, L/C and Credit (30/ 60 /90 Days) |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
|
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||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
08 (Approximately) |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
S Chandulal and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
Membership no.: |
37266 |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Membership : |
Not Available |
|
|
|
|
Sister Concern : |
Goenka Sons Private limited |
CAPITAL STRUCTURE
AS ON 31.03.2016
|
Current Account : |
Amount |
|
Sriprakash Goenka |
37.265 |
|
Lokesh Goenka |
5.842 |
|
Total |
43.107 |
FINANCIAL DATA
[all figures are
INR Million]
|
Particulars |
|
31.03.2018 |
31.03.2017 |
|
Sales Turnover (Approximately) |
|
Not Divulged |
450.000 |
|
|
|
|
|
The above information has been parted by Mr. Surendra Bajaj (Accounts
Manager)
Note: Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2016 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
|
|
43.107 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
43.107 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
47.058 |
|
|
2] Unsecured Loans |
|
|
2.730 |
|
|
TOTAL
BORROWING |
|
|
49.788 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
92.895 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
33.162 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
38.604 |
|
|
Sundry Debtors |
|
|
96.823 |
|
|
Cash & Bank Balances |
|
|
0.856 |
|
|
Loans, Advances & Deposits |
|
|
17.713 |
|
Total Current Assets |
|
|
153.996 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
92.937 |
|
|
Other Current Liabilities & Provisions |
|
|
1.326 |
|
Total Current Liabilities |
|
|
94.263 |
|
|
Net Current
Assets |
|
|
59.733 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
92.895 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
437.054 |
|
|
Claims and Compensation |
|
|
1.718 |
|
|
Other Income |
|
|
4.239 |
|
|
TOTAL |
|
|
443.011 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Goods Sold |
|
|
401.791 |
|
|
Exchange Diff. Loss |
|
|
10.298 |
|
|
Bank Buyers Credit Exp. |
|
|
1.747 |
|
|
Bank Guarantee Charges |
|
|
2.427 |
|
|
D.S. Amend, Swift and
INT. Charges |
|
|
0.133 |
|
|
Shipping Freight,
Clearing & Forwarding Charges |
|
|
2.842 |
|
|
Loading and Unloading |
|
|
0.614 |
|
|
transport charges |
|
|
0.787 |
|
|
Staff Expenses |
|
|
2.103 |
|
|
Annual Maintenance
charges |
|
|
0.010 |
|
|
Audit Fees |
|
|
0.025 |
|
|
Bank Charges and
Commission |
|
|
1.534 |
|
|
Bank Charges on LC Limit
Renival |
|
|
0.213 |
|
|
Bank Charges on working
Capital |
|
|
0.175 |
|
|
Books and Periodicals |
|
|
0.001 |
|
|
Brokerage and Commission |
|
|
0.463 |
|
|
Business Promotion |
|
|
0.596 |
|
|
Conveyance Charges |
|
|
0.029 |
|
|
donation |
|
|
0.263 |
|
|
electricity Charges |
|
|
0.279 |
|
|
Insurance Charges |
|
|
0.229 |
|
|
Interest On Loan UNSEC |
|
|
1.814 |
|
|
Interest on Term Loans |
|
|
1.804 |
|
|
Mahanagar Gas Limited |
|
|
0.006 |
|
|
Medical Expenses |
|
|
0.347 |
|
|
Membership and
subscription |
|
|
0.049 |
|
|
Moto Car Expenses |
|
|
0.200 |
|
|
Office and General
Expenses |
|
|
0.145 |
|
|
Packaging and Forwarding
Charges |
|
|
0.058 |
|
|
Postage and Courier |
|
|
0.021 |
|
|
Printing and Stationery |
|
|
0.005 |
|
|
Processing Fees |
|
|
0.216 |
|
|
Professional Fees |
|
|
0.185 |
|
|
Rates and Taxes |
|
|
0.203 |
|
|
Rent and Warehouse
Charges |
|
|
1.180 |
|
|
Repairs and Maintenance |
|
|
1.014 |
|
|
Service Tax on Foreign
Bank Charges |
|
|
0.335 |
|
|
Staff Welfare |
|
|
0.009 |
|
|
Telephone and Websight
Charges |
|
|
0.150 |
|
|
Advertisement Expenses |
|
|
0.000 |
|
|
Interest Paid |
|
|
0.000 |
|
|
Salary, Bonus and
Allowances |
|
|
0.000 |
|
|
Travelling Expenses |
|
|
0.000 |
|
|
TOTAL |
|
|
434.300 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION |
|
|
8.711 |
|
|
|
|
|
|
|
Less |
DEPRECIATION |
|
|
4.067 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
4.644 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
1.150 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
|
3.494 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
|
|
80.86 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
|
|
4.51 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
|
|
84.43 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
|
|
0.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
|
|
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
|
|
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
|
|
1.15 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
|
|
2.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
|
|
0.77 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
|
|
2.14 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2017 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
|
|
0.80 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
|
|
1.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
|
|
8.11 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
|
1.59 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
|
|
1.19 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
|
0.23 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
|
1.15 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
|
|
1.59 |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
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 |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Unsecured Loan |
|
31.03.2016 INR In Million |
|
Keeta Kari |
|
0.300 |
|
Naina Goenka |
|
0.426 |
|
Rupesh Jivanbhai Kataria |
|
2.000 |
|
Sushila Goenka |
|
0.004 |
|
Anamika V Rathi |
|
0.000 |
|
Banwarilal Goenka |
|
0.000 |
|
Harsha Mundra |
|
0.000 |
|
Kantadevi Pananlal Rathi |
|
0.000 |
|
Manita P. Rathi |
|
0.000 |
|
Pannalal J Rathi |
|
0.000 |
|
Pannalal J Rathi HUF |
|
0.000 |
|
Sunita P. Rathi |
|
0.000 |
|
Vijay P. Rathi |
|
0.000 |
|
Total |
|
2.730 |
Fixed Assets
- Office Equipment
- Air Conditioner
- Computers
- Motor Car
- Refrigerator
- Office Char
- Office furniture
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 68.21 |
|
UK Pound |
1 |
INR 91.43 |
|
Euro |
1 |
INR 80.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
VIV |
|
|
|
|
Analysis Done by
: |
RUB |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
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 |
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.