MIRA INFORM REPORT

 

 

Report No. :

511290

Report Date :

28.05.2018

 

IDENTIFICATION DETAILS

 

Name :

BALAJI STONE SOLUTIONS

 

 

Registered Office :

Opposite Dairy Complex, Mayur Vihar, Street No 3, Chotti Haibowal, Ludhiana -141007, Punjab

Mobile No.:

91-9417400049 (Mr. Manish Wadhwa)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Year of Establishment :

2012

 

 

Capital Investment / Paid-up Capital :

INR 6.886 Million

 

 

IEC No.:

[Import-Export Code No.]

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

 

 

PAN No.:

[Permanent Account No.]

AAVPW4094K

 

 

GSTN :

[Goods & Service Tax Registration No.]

03AAVPW4094K1ZV

 

 

TIN No.:

Not Divulged

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader of granite and kota stone. (Confirmed by management)

 

 

No. of Employees :

4 (Approximately)

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Balaji Stone Solution is a trader of granite and kota stone. The concern was started in the year 2012 and is based in Ludhiana, Punjab. It is an established proprietary concern having satisfactory track record.


For the financial year ended 2017, the concern has achieved decent revenue and has reported  fair profit margin at 4.74% (approx.)


The concern possesses an acceptable financial profile marked by adequate net worth base along with negligible debt level of the concern.


Further, rating considers positive feedback received from its customer (Greentek Contracts Private Limited) for satisfactory product quality and supplier (Aggarwal Marble Industries) for good payment behaviour and market goodwill

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


The concern can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

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 28.05.2018

 

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. Manish Wadhwa

Designation :

Proprietor

Contact No.:

91-9417400049

Date :

24.05.2018

 

 

LOCATIONS

 

Registered Office/Warehouse :

Opposite Dairy Complex, Mayur Vihar, Street No 3, Chotti Haibowal, Ludhiana -141007, Punjab, India  

Tel. No.:

Not Available

Mobile No.:

91-9417400049 (Mr. Manish Wadhwa)

Fax No.:

Not Available

E-Mail :

munishwadhwa@gmail.com

 

 

SOLE PROPRIETOR

 

Name :

Mr. Manish Wadhwa

Designation :

Proprietor

PAN No.:

AAVPW4094K

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of granite and kota stone. (Confirmed by management)

 

 

Products :

 Granite and Kota Stone

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

L/C, Advance Payment, Cash, Cheque and Credit (30 Days)

 

 

Purchasing :

L/C, Advance Payment, Cash, Cheque and Credit (30 Days)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Aggarwal Marble Industries

Name of the Person :

Mr. Dinesh Aggarwal (Proprietor)

Contact No.:

91-9829060051

Since How Long Known :

6 Years

Maximum Limit Dealt :

-

Experience :

Payment Behaviour

Market Goodwill

Overall

Good

Good

Good

Remark:

As claimed by Mr. Dinesh (Proprietor) that they are satisfied with the subject companies transaction.

 

Reference :

GR Granites, Bangalore

 

Name of the Person :

Mr. Raman Sodha

Contact No.:

91-7411297064 (Number Continuously ringing)

Since How Long Known :

--

Maximum Limit Dealt :

-

Experience :

Payment Behaviour

Market Goodwill

Overall

--

--

--

Remark:

--

 

  • Deepak Granite (Mr. Aman Bansal, Mobile No.:91-9700000951)
  • Balaji Grani Marmo, Udaiour (Mr. Mukesh Sinha, Mobile No.:9829026078)
  • Ratan Lal Kumawat, Chittorgarh (Mr. Ratan Lal, Mobile No.91-9829661606)

 

 

Customers :

Wholesalers, Retailers, others (Corporates)

 

Reference :

Greentek Contracts Private Limited

Name of the Person :

Mr. Manoj (Project Manager)

Contact No.:

91-9911704767

Since How Long Known :

2 Years

Maximum Limit Dealt :

--

Experience :

Product Quality

Delivery Behaviour

Overall

Good

Good

Good

Remark:

As claimed by Mr. Manoj (Project manager) that they are satisfied with the subject company transaction.

 

 

Reference :

I B Enterprises,

Name of the Person :

Mr. Karan Bhardwaj (Partner) 91-98-11-366691

Contact No.:

91-9811366691

 

Since How Long Known :

4 Years

Maximum Limit Dealt :

--

Experience :

Product Quality

Delivery Behaviour

Overall

Good

Good

Good

Remark:

As claimed by Mr. Karan (Partner) that they are satisfied with the subject company transaction. 

 

  • A S Enterprises Manali, Chandigarh  (Mr. Rathore Ji - 91 8628-924027)
  • Crystal marble, Ludhiana  (Mr. Karan Arora  91-9501800086)
  • Oswal Woolen Mills Limited (Mr. Parveen Sharma (Purchase Head) 91-9781400179)
  • Malhotra Land Developers Private Limited (Mr. Manu Sharma  91-9780600214)

 

 

No. of Employees :

4 (Approximately)

 

 

Bankers :

Banker Name :

Punjab and Sind Bank

Branch :

Khalsa College For Women, Civil Lines, Ludhiana-141001, Punjab, India

Person Name (With Designation) :

Mr. Jaspal Singh (Relationship Manager)

Contact Number :

91-9815756287 (Continuously ringing)

IFSC Code :

PSIB0000692 

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 :

We had tried serval times on this number but its continuously ringing 

 

Facilities :

Secured Loan

 

31.03.2017

(INR in Million)

Punjab and Sind Bank C/C 64221

 

0.176

 

 

 

Total

 

0.176

 

 

Auditors :

 

Name :

Verma Deepak and Associates 

Chartered Accountants

Address :

Ludhiana, Punjab, India

Membership No. :

524109

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Sister Concern :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Capital Account

31.03.2017

INR in million

Opening Balance

4.609

Add: Additions

1.549

Net Profit

0.728

 

 

Less:

 

Net Withdrawal

--

Closing Balance

6.886

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

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

 

 

 

31.03.2017

EQUITY AND LIABILITIES

 

 

 

1] Share Capital

 

 

6.886

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

6.886

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.176

2] Unsecured Loans

 

 

1.170

TOTAL BORROWING

 

 

1.346

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

8.232

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

0.032

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERRED TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
4.442

 

Sundry Debtors
 
 
4.947

 

Cash & Bank Balances
 
 
0.676

 

Other Current Assets
 
 
0.051

 

Loans & Advances
 
 
0.000

Total Current Assets
 
 
10.116

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors
 
 
1.772

 

Other Current Liabilities
 
 
0.144

 

Provisions
 
 
0.000

Total Current Liabilities
 
 
1.916

Net Current Assets
 
 
8.200

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

8.232

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2017

 

SALES

 

 

 

 

Income

 

 

15.322

 

Other Income

 

 

0.020

 

TOTAL

 

 

15.342

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

 

9.305

 

Electricity Expenses

 

 

0.048

 

Wages

 

 

1.043

 

Frieght

 

 

1.524

 

Accountancy Charges

 

 

0.030

 

Bonus

 

 

0.280

 

Commission

 

 

0.745

 

Diwali Expenses

 

 

0.009

 

Freight On Outside Dispatch

 

 

0.413

 

Legal and Professional Exp.

 

 

0.019

 

Misc. Exp.

 

 

0.006

 

Staff & Labour Welfare

 

 

0.087

 

Rent

 

 

0.144

 

Mobile Exp.

 

 

0.019

 

Travelling Charges

 

 

0.162

 

Repair and Maint. General

 

 

0.022

 

Petrol Exp.

 

 

0.057

 

Salary

 

 

0.669

 

TOTAL

 

 

14.582

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, DEPRECIATION AND AMORTISATION

 

 

0.760

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

 

0.028

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION

 

 

0.732

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

 

0.005

 

 

 

 

 

 

NET PROFIT/ (LOSS) 

 

 

0.727

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Average Collection Days

(Sundry Debtors / Income * 365 Days)
 

 

117.85

 
 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)
 

 

3.10

 
 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)
 

 

69.51

 
 

 

 

Inventory Turnover

(Operating Income / Inventories)
 

 

0.17

 
 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)
 

 

23.75

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)
 

 

0.32

 
 

 

 

Debt Equity Ratio

(Total Liability / Networth)
 

 

0.20

 
 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)
 

 

0.45

 
 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)
 

 

0.00

 
 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)
 

 

27.14

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2017

Net Profit Margin

((PAT / Sales) * 100)

%
 

 

4.74

 

 
 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%
 

 

7.16

 

 
 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%
 

 

10.56

 

SOLVENCY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

Current Ratio

(Current Assets / Current Liabilities)
 

 

3.28

 
 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)
 

 

1.84

 
 

 

 

G-Score Ratio Financial

(Networth / Total Assets)
 

 

0.68

 
 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)
 

 

0.20

 
 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)
 

 

3.28

 

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

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

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)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

Yes

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

 

UNSECURE LOAN

 

PARTICULAR

 

31.03.2017

(INR in Million)

 

 

 

Ashok Wadhva

 

0.900

Chander Shekar Sharma

 

0.270

Total

 

1.170

 

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 67.52

UK Pound

1

INR 91.48

Euro

1

INR 80.52

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHI

 

 

Analysis Done by :

DIV

 

 

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

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.