MIRA
INFORM REPORT
|
Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
B-107, Shreyas Industrial Estate, Off W E Highway, Near Jay Coach,
Goregaon (East), Mumbai – 400063, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.12.1995 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.0.130 million (as on 31.03.2010) |
|
|
|
|
IEC No.: |
0704025019 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGFS4944K |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Diamond Polishing and Cutting Machine and
Bruting Machine. |
|
|
|
|
No. of
Employees: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 45000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Godwin S. Soans |
|
Designation : |
Partner |
|
Contact No.: |
91-22-26855064 |
|
Date : |
09.11.2011 |
LOCATIONS
|
Registered Office : |
B-107, Shreyas Industrial Estate, Off W E Highway, Near Jay Coach,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-26855064 / 26854061 |
|
Fax No.: |
91-22-26854177 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
600 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
Shop No. 117, 118, Rajhans Point, Varachha
Main Road, Surat-395006, India |
|
Tel. No.: |
91-261-3236060 |
|
Email : |
surat@stanleyengg.in |
|
Area : |
550 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office 2 : |
C-393, Kiadb, Baikampady, Mangalore –
575011 |
|
Tel No.: |
91-824-2406110 |
|
Fax No.: |
91-824-2406110 |
|
Email : |
|
|
Area : |
43545 sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Godwin S. Soans |
|
Designation : |
Partner |
|
Address : |
H. No. 6, Crystal Palace, Link Road, Kach Pada, Malad (West), Mumbai –
400064, Maharashtra, India |
|
Date of Birth/Age : |
50 years |
|
Qualification : |
B. Com |
|
|
|
|
Name : |
Mrs. Jessie G. Soand |
|
Designation : |
Partner |
|
Address : |
H. No. 6, Crystal Palace, Link Road, Kach Pada, Malad (West), Mumbai –
400064, Maharashtra, India |
|
Date of Birth/Age : |
38 years |
|
Qualification : |
B. Com |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamond Polishing and Cutting Machine and
Bruting Machine. |
|
|
|
|
Products : |
·
Diamond Bruter ·
Bottom Coning Machine ·
Top Coning Machine ·
Revolution Disc ·
Compact Revolution Disc ·
Classic Top Dop Diamond Cutting Mahcine ·
Classic Bottom Dop Diamond Cutting Machine ·
Diamond Cutting Machine ·
Diamond Polisher ·
Artisan Girdle Faceter ·
Excellent Gridle ·
Groover Fancy / Round ·
Pre-Bruting Machine |
|
|
|
|
Exports : |
|
|
Products : |
Diamond Plishing Machine |
|
Countries : |
·
Canada ·
Sri Lanka |
|
|
|
|
Imports : |
|
|
Products : |
·
Motors ·
IC |
|
Countries : |
·
China ·
USA |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pre Bruting Machine |
|
-- |
-- |
27.200 |
|
Cone Bruting Machine |
|
-- |
-- |
30.675 |
|
Compac Revolution Disc |
|
-- |
-- |
142.500 |
|
Gridle Disc |
|
-- |
-- |
4.900 |
GENERAL INFORMATION
|
Suppliers : |
·
Lilliput Optoelectronics Technology Limited ·
Sharp Vision ·
Shenzhen Maxvideo Electronic Company Limited ·
Newmb Technology Company Limited ·
Deuro Electronica Systems ·
Freyaa Enterprises ·
J S Engineers ·
Kumar Engineering Works ·
Marshal Trading Company ·
Neha Tube Tools Company ·
Nutan Electronics Corporation ·
Protecto Industries ·
Riten Sales Corporation ·
Shree Enterprises ·
Shree Samarath Industries ·
Super Stahi India Private Limited ·
Vinay Industries ·
Yash Enterprises |
|
|
|
|
Customers : |
·
Alok Impex Private Limited ·
Dharmanandan Diamonds ·
D. Nithin and Company ·
Pioneer Industries ·
Blue Diamond ·
Yoly Company Limited ·
Arora Diamond ·
Jim Nichols ·
Akarsh Exports ·
Dhamaliya Brothers ·
Kirtan Gems Private Limited ·
Sanghavi Exports ·
Shrenuj Company Limited |
|
|
|
|
Type of Customers : |
·
Wholesalers ·
Retailers |
|
|
|
|
No. of Employees : |
35 (Approximately) |
|
|
|
|
Bankers : |
Corporation Bank, Sarkat Palace, Amboli Branch, S. V. Road, Andheri
(West), Mumbai – 400058, |
|
|
|
|
Facilities : |
Term Loan – Rs.1.400 millions Cash Credit – Rs.5.000 millions |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. Krishnamoorthy Chartered Accountant |
|
Address : |
|
|
Tel. No.: |
91-8242-437516 |
|
|
|
|
Associates/Subsidiaries : |
·
R.S. Engineering Works Address: Plot No.
92/A, Canacona Industrial Estate , Shrithtal, Cro A- 403702. Line of Business
: Manufacturer of Dimond Polishing Machine ·
Stanley Industries Address: C-22,
Shreyash Industrial Estate, Goregaon (East), Mumbai Line of
Business : Manufacturer of Dimond Polishing Machine |
CAPITAL STRUCTURE
PARTNERS CAPITAL
AND CURRENT ACCOUNT
(Rs. In Millions)
|
PARTICULARS |
31.03.2009 |
|
|
PARTNERS CAPITAL ACCOUNT |
|
|
|
|
|
|
|
MR. GODWIN S. SOANS |
|
|
|
|
|
|
|
Opening Balance (Cr) |
|
0.130 |
|
Closing Balance (Cr) |
|
0.130 |
|
|
|
|
|
PARTNERS CURRENT ACCOUNT |
|
|
|
|
|
|
|
1. MR. GODWIN S. SOANS |
|
|
|
|
|
|
|
Opening Balance as on 01.04.2008 (Cr) |
|
1.317 |
|
|
|
|
|
Add: Additions: |
|
|
|
Additional
Capital Introduced |
|
2.117 |
|
|
(Cr) |
3.434 |
|
Less: Share of Loss @ 50% |
|
0.469 |
|
|
|
|
|
Drawings: |
|
2.964 |
|
Share of Firm’s Income Tax (A. Y. 08-09) |
0.077 |
|
|
Share of Firm’s FBT (A. Y. 08-09) |
0.037 |
|
|
Share of Firm’s Income Tax (A. Y. 06-07) |
0.028 |
|
|
Cash/ Cheque |
1.961 |
2.102 |
|
|
|
|
|
Closing Balance (Cr) |
|
0.862 |
|
|
|
|
|
2. MR. JASSIE G. SOANS |
|
|
|
|
|
|
|
Opening Balance as on 01.04.2008 (Cr) |
|
0.402 |
|
|
|
|
|
Add: Additions: |
|
|
|
Additional
Capital Introduced |
|
0.950 |
|
|
(Cr) |
1.352 |
|
Less: Share of Loss @ 50% |
|
0.469 |
|
|
|
|
|
Drawings: |
|
|
|
Share of Firm’s Income Tax (A. Y. 08-09) |
0.077 |
|
|
Share of Firm’s FBT (A. Y. 08-09) |
0.037 |
|
|
Share of Firm’s Income Tax (A. Y. 06-07) |
0.028 |
|
|
Cash/ Cheque |
0.679 |
0.820 |
|
|
|
|
|
Closing Balance (Cr) |
|
0.063 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
85.000 |
Expected Sales (2011-2012) : Rs.90.000 millions
The above information has been parted by Mr. Godwin S. Soans.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
0.130 |
0.130 |
0.130 |
|
|
2] Partners Current Account |
11.281 |
0.924 |
1.717 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.411 |
1.054 |
1.847 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.879 |
7.950 |
4.822 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.879 |
7.950 |
4.822 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.290 |
9.004 |
6.669 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.571 |
10.826 |
6.244 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.058
|
8.095 |
4.745 |
|
|
Sundry Debtors |
21.602
|
3.734 |
9.486 |
|
|
Cash & Bank Balances |
1.018
|
0.359 |
2.419 |
|
|
Other Current Assets |
0.665
|
1.135 |
0.843 |
|
|
Loans & Advances |
2.005
|
2.032 |
2.851 |
|
Total
Current Assets |
29.348
|
15.355 |
20.344 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.891
|
10.089 |
14.013 |
|
|
Other Current Liabilities |
4.738
|
7.090 |
5.907 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
23.629
|
17.179 |
19.920 |
|
|
Net Current Assets |
5.719
|
(1.824) |
(0.424) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
19.290 |
9.004 |
669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
73.818 |
17.130 |
59.117 |
|
|
|
Other Income |
9.599 |
3.216 |
10.312 |
|
|
|
TOTAL (A) |
83.417 |
20.346 |
69.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of production |
62.773 |
15.245 |
52.563 |
|
|
|
Stock of finished goods |
(0.750) |
(0.565) |
(1.435) |
|
|
|
Transport expenses |
1.890 |
0.000 |
1.087 |
|
|
|
Salary |
1.848 |
1.703 |
1.166 |
|
|
|
KVAT |
1.270 |
0.000 |
0.000 |
|
|
|
Excise Duty |
6.197 |
2.233 |
7.243 |
|
|
|
GVAT |
0.770 |
0.001 |
0.048 |
|
|
|
Loading and Unloading Expenses |
0.112 |
0.000 |
0.000 |
|
|
|
Other Expenses |
3.468 |
2.454 |
6.734 |
|
|
|
TOTAL (B) |
77.578 |
21.071 |
68.090 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.839 |
(0.725) |
1.339 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.103 |
0.073 |
0.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.736 |
(0.798) |
1.222 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.141 |
0.140 |
0.165 |
|
|
|
|
|
|
|
|
|
|
NET
PROFIT/LOSS (E-F) (G) |
5.595 |
(0.938) |
1.057 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
14.150 |
1.049 |
NA |
|
|
TOTAL EARNINGS |
14.150 |
1.049 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
6.71
|
(4.61) |
1.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.58
|
(5.47) |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.03
|
(3.58) |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
(0.89) |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.76
|
23.84 |
13.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
0.89 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
|
3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
Background |
--------- |
|
8) No. of
Employees |
Yes |
|
9) Name of
person contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last two year |
Yes |
|
12)
Profitability for last three years |
---------- |
|
13) Reasons for
variations <> 20% |
---------- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
Sister concern |
Yes |
|
17) Major
Suppliers |
Yes |
|
18) Major
Customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
Information |
--------- |
|
22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
--------- |
|
25) Conduct of
the banking account |
--------- |
|
26) Buyer visit
details |
--------- |
|
27) Financials,
if provided |
No |
|
28)
Incorporation details, if applicable |
---------- |
|
29) Last account
field at ROC |
---------- |
|
30) Major
Shareholders, if available |
---------- |
TRADE REFERENCES:
- Jim Nichols
- Akarsh Exports
- J S Engineers
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 |
Rs.50.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
|
TOTAL |
|
46 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.