MIRA
INFORM REPORT
|
Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIDDHIVINAYAK ENTERPRISES (LOGISTICS) |
|
|
|
|
Registered
Office : |
Office No.2,3 and 6, Ground Floor, Louis Creado
House, 14th Sutar Pakhadi,
Behind Rangoli Building, Near Air Cargo Complex, Sahar, Andheri (East),
Mumbai-400099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.04.1999 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 23.667 Millions |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Provide Logistics, Clearing and Forwarding Services |
|
|
|
|
No. of Employees
: |
150 (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 94000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietory
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.
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Bhushan Shivtarkar
|
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-42324605 |
|
Date : |
23.08.2012 |
LOCATIONS
|
Registered Office / Corporate Office : |
Office No.2,3 and 6, Ground Floor, Louis Creado
House, 14th Sutar Pakhadi,
Behind Rangoli Building, Near Air Cargo Complex, Sahar, Andheri (East),
Mumbai-400099, Maharashtra, India |
|
Tel. No.: |
91-22-42324600 to 4619 |
|
Fax No.: |
91-22-26817002 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Mumbai Regional Office : |
Office No.406, Rangoli Building, 4th
Floor, Near Sahar Cargo Complex, Andheri (East), Mumbai-400099, Maharashtra,
India |
|
Tel. No.: |
91-22-42292427 |
|
Fax No.: |
91-22-42292432 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Located At ·
Mumbai ·
Pune |
|
|
|
|
Branch Office : |
Located At ·
Nasik ·
Dubai ·
UAE |
SOLE PROPRIETOR
|
Name : |
Mr. Nitin Ramchandra
Sable |
|
Designation : |
Proprietor |
|
Address : |
Kandivali, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
16.06.1967 |
KEY EXECUTIVES
|
Name : |
Mr. Bhushan Shivtarkar
|
|
Designation : |
Accounts Executive |
BUSINESS DETAILS
|
Line of Business : |
Provide Logistics, Clearing and Forwarding Services |
GENERAL INFORMATION
|
Customers : |
Government Corporate ·
Sanafi India Limited ·
Ranbaxy Laboratories |
|
|
|
|
No. of Employees : |
150 (Approximately) |
|
|
|
|
Bankers : |
·
HDFC Bank Limited, Andheri,
Mumbai, Maharashtra, India ·
Apana Sahakari Bank, Kandivali, Mumbai, Maharashtra,
India ·
ICICI Bank, J P Nagar, Andheri, Mumbai, Maharashtra,
India ·
State bank of India, Andheri,
Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
Apana Sahakari Bank
Cash Credit Limit Rs. 15.000 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chirag Rathod and
Associates Chartered Accountant |
|
Address : |
Kandivali, Mumbai, Maharashtra,
India |
CAPITAL STRUCTURE
AS ON 31.03.2012
|
CAPITAL ACCOUNT |
|||
|
Particulars |
Rs. in Millions |
Particulars |
Rs. in Millions |
|
To Drawings |
1.193 |
By Balance B/d |
20.042 |
|
To S. A. Tax (Ay 2011-12) |
1.343 |
By Income Tax Refund (AY 11-12) |
0.001 |
|
To L.I.C |
0.156 |
By Rent Received from TTC |
0.500 |
|
To Loan – Bank of Maharashtra |
0.143 |
By Interest on PPF |
0.028 |
|
To Loan – State Bank of India |
0.017 |
By Dividend of Apna
Sahakari Bank |
0.037 |
|
To Society Maintenance – JB Nagar |
0.178 |
|
|
|
To Interest on Housing Loan – PNB |
1.396 |
By Net Profit from Profit and Loss A/C |
10.757 |
|
To Donation |
0.183 |
|
|
|
To Advance Tax (AY 2012-13) |
1.000 |
|
|
|
To TDS (AY 2012-13) |
2.089 |
|
|
|
|
|
|
|
|
To Balance C/d |
23.667 |
|
|
|
|
|
|
|
|
Total |
31.365 |
Total |
31.365 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
23.667 |
20.042 |
14.125 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.667 |
20.042 |
14.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.667 |
15.640 |
4.629 |
|
|
2] Unsecured Loans |
0.360 |
0.360 |
0.360 |
|
|
TOTAL BORROWING |
38.027 |
16.000 |
4.989 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.694 |
36.042 |
19.114 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
32.005 |
13.337 |
7.685 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.763 |
0.660 |
0.337 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
2.974
|
1.941 |
1.597 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
31.112
|
24.019 |
10.367 |
|
Total
Current Assets |
34.086
|
25.960 |
11.964 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
5.160
|
3.915 |
0.872 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
5.160
|
3.915 |
0.872 |
|
|
Net Current Assets |
28.926
|
22.045 |
11.092 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.694 |
36.042 |
19.114 |
|
%20-%20191290%2024-Aug-2012_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Clearing and Forwarding Charges |
37.126 |
23.781 |
23.633 |
|
|
|
Commission Received |
0.856 |
0.574 |
0.468 |
|
|
|
Exchange Rate Difference |
0.048 |
0.000 |
0.000 |
|
|
|
Miscellaneous Income |
0.000 |
0.002 |
0.000 |
|
|
|
TOTAL |
38.030 |
24.357 |
24.101 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Bank charges |
0.156 |
0.231 |
0.121 |
|
|
|
Business promotion |
0.177 |
0.073 |
0.442 |
|
|
|
Computer maintenance |
0.178 |
0.172 |
0.187 |
|
|
|
Conveyance expenses |
0.982 |
0.627 |
0.964 |
|
|
|
Commission expenses |
0.662 |
0.285 |
0.000 |
|
|
|
Electricity expenses |
0.406 |
0.315 |
0.260 |
|
|
|
Postage and courier charges |
0.124 |
0.142 |
0.112 |
|
|
|
Insurance premium |
0.052 |
0.037 |
0.021 |
|
|
|
Interest on car loan |
0.112 |
0.102 |
0.044 |
|
|
|
Interest on cc |
1.374 |
0.326 |
0.190 |
|
|
|
Interest on furniture loan |
0.073 |
0.105 |
0.132 |
|
|
|
Interest on office loan |
0.386 |
0.481 |
0.497 |
|
|
|
Interest on business loan |
0.623 |
0.567 |
-- |
|
|
|
Interest on truck loan |
0.049 |
-- |
-- |
|
|
|
Interest on term loan – wc |
0.690 |
-- |
-- |
|
|
|
Interest on service tax |
0.022 |
0.003 |
-- |
|
|
|
License charges |
0.002 |
0.029 |
-- |
|
|
|
Membership and subscription |
0.166 |
0.115 |
0.032 |
|
|
|
Office expenses |
0.544 |
0.379 |
0.381 |
|
|
|
Printing and stationery |
1.039 |
0.715 |
0.701 |
|
|
|
Legal and professional charges |
0.499 |
0.250 |
0.051 |
|
|
|
Rent |
0.224 |
0.242 |
0.109 |
|
|
|
Maintenance charges |
0.176 |
0.090 |
0.282 |
|
|
|
Salaries and bonus |
7.277 |
5.868 |
3.861 |
|
|
|
Staff welfare |
0.498 |
0.368 |
0.338 |
|
|
|
Site expenses |
6.257 |
-- |
-- |
|
|
|
Audit fees |
0.300 |
0.400 |
0.200 |
|
|
|
Telephone charges |
0.944 |
0.542 |
0.572 |
|
|
|
Travelling expenses |
0.303 |
0.191 |
0.165 |
|
|
|
Vehicle maintenance |
0.511 |
0.267 |
0.311 |
|
|
|
Property tax BMC |
0.040 |
-- |
-- |
|
|
|
Accounting charges |
-- |
0.150 |
0.150 |
|
|
|
Interest bike loan |
-- |
0.006 |
-- |
|
|
|
Discount |
-- |
-- |
0.018 |
|
|
|
Professional Charges |
-- |
0.079 |
-- |
|
|
|
Employer Professional Tac |
-- |
-- |
0.002 |
|
|
|
Loading / uploading charges |
-- |
-- |
3.271 |
|
|
|
Sub-contact charges |
-- |
-- |
0.746 |
|
|
|
Sundry expenses |
-- |
-- |
0.011 |
|
|
|
TOTAL |
24.846 |
13.157 |
14.171 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION |
13.184 |
11.200 |
9.930 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.427 |
2.180 |
1.194 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
10.757 |
9.020 |
8.736 |
|
Expected Sales (2012-2013) : Rs. 60.000
Millions
The above information has been parted by Mr. Bhushan.
Note : Sole Proprietory and
Partnership concerns are exempted from filing their financials with the
Government Authorities or Registry Records.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.82
|
0.99 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.61
|
6.63 |
13.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE
Sundry Creditors details are not available
TRADE REFERENCES
·
Sanafi India Limited
·
Ranbaxy Laboratories
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. 55.18 |
|
|
1 |
Rs. 87.65 |
|
Euro |
1 |
Rs. 69.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.