MIRA INFORM REPORT
|
Report Date : |
26.04.2014 |
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 – 400 099, Maharashtra |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.04.1999 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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|
Legal Form : |
Sole Proprietary Concern |
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|
|
|
Line of Business
: |
Subject is engaged in the business of providing logistics, clearing
and forwarding services. |
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|
|
|
No. of Employees
: |
100 (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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
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Comments : |
Subject is an established proprietary concern having satisfactory
track record. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The concern can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 : |
25.04.2014 |
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 – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-42324600 to 4619 |
|
Fax No.: |
91-22-26817002 |
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E-Mail : |
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|
Website : |
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|
Area : |
500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Mumbai Regional Office 1 : |
Office No.406, Rangoli Building, 4th Floor, Near Sahar
Cargo Complex, Andheri (East), Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-42292427 |
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Fax No.: |
91-22-42292432 |
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E-Mail : |
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|
|
|
Mumbai Regional Office 2 : |
Joseph Creado Villa, CTS-131, Opposite Ambrose
Villa, Sutar
Pakadi, Sahar Village, Behind Rangoli Building, Near Air Cargo Complex, Andheri
(East), Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-42324600
(Board)/ 42324620/ 21 / 24/ 25/ 27 |
|
Fax No.: |
91-22-42324626 |
|
E-Mail : |
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|
|
|
|
Mumbai Regional Office 3 : |
Port
User Building, 2nd Floor, Table No.140, J.N.P.T., Navi Mumbai, Maharashtra,
India |
|
|
|
|
Pune Regional Office : |
Cabin No.5, Icd-Dighi, Taleranagar, Pune-Alandi Road, Pune
– 411 015, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Nashik Branch Office : |
C/O. Shiv Shakti
Nagar, Opposite Deshmukh Bhavan, Jail Road, Nashik Road, Dasak Taluka,
District Nashik – 422 101, Maharashtra, India |
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E-Mail : |
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Overseas Office : |
Located at: · Dubai · Sharjah |
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 : |
Subject is engaged in the business of providing logistics, clearing
and forwarding services. |
|
|
|
|
Products/ Services : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit |
|
|
|
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Government, Corporate ·
Sanofi India
Limited · Ranbaxy Laboratories Limited |
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
|
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|
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|
Facilities : |
Cash Credit Limit: Rs.15.000 millions (From Apna Sahakari Bank Limited) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chirag Rathod and Associates Chartered Accountants |
|
Address : |
Kandivali, Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Sales Turnover (Approximately) |
|
50.000 |
52.900 |
|
|
|
|
|
The above information has been parted by Mr. Bhushan Shivtarkar (Accounts Executive).
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
|
|
23.667 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
23.667 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
37.667 |
|
|
2] Unsecured Loans |
|
|
0.360 |
|
|
TOTAL BORROWING |
|
|
38.027 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
61.694 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
32.005 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.763 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
0.000
|
|
|
Cash & Bank Balances |
|
|
2.974
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
31.112
|
|
Total
Current Assets |
|
|
34.086 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
|
5.160
|
|
|
Net Current Assets |
|
|
28.926
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
61.694 |
|
%20-%20264831_MIRA%2026-Apr-2014_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Clearing and Forwarding Charges |
|
|
37.126 |
|
|
|
Commission Received |
|
|
0.856 |
|
|
|
Exchange Rate Difference |
|
|
0.048 |
|
|
|
TOTAL |
|
|
38.030 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Bank charges |
|
|
0.156 |
|
|
|
Business promotion |
|
|
0.177 |
|
|
|
Computer maintenance |
|
|
0.178 |
|
|
|
Conveyance expenses |
|
|
0.982 |
|
|
|
Commission expenses |
|
|
0.662 |
|
|
|
Electricity expenses |
|
|
0.406 |
|
|
|
Postage and courier charges |
|
|
0.124 |
|
|
|
Insurance premium |
|
|
0.052 |
|
|
|
Interest on car loan |
|
|
0.112 |
|
|
|
Interest on cc |
|
|
1.374 |
|
|
|
Interest on furniture loan |
|
|
0.073 |
|
|
|
Interest on office loan |
|
|
0.386 |
|
|
|
Interest on business loan |
|
|
0.623 |
|
|
|
Interest on truck loan |
|
|
0.049 |
|
|
|
Interest on term loan – wc |
|
|
0.690 |
|
|
|
Interest on service tax |
|
|
0.022 |
|
|
|
License charges |
|
|
0.002 |
|
|
|
Membership and subscription |
|
|
0.166 |
|
|
|
Office expenses |
|
|
0.544 |
|
|
|
Printing and stationery |
|
|
1.039 |
|
|
|
Legal and professional charges |
|
|
0.499 |
|
|
|
Rent |
|
|
0.224 |
|
|
|
Maintenance charges |
|
|
0.176 |
|
|
|
Salaries and bonus |
|
|
7.277 |
|
|
|
Staff welfare |
|
|
0.498 |
|
|
|
Site expenses |
|
|
6.257 |
|
|
|
Audit fees |
|
|
0.300 |
|
|
|
Telephone charges |
|
|
0.944 |
|
|
|
Travelling expenses |
|
|
0.303 |
|
|
|
Vehicle maintenance |
|
|
0.511 |
|
|
|
Property tax BMC |
|
|
0.040 |
|
|
|
TOTAL |
|
|
24.846 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION |
|
|
13.184 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
2.427 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
|
10.757 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
1.61
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
6.61
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Sales
Turnover (Approximately) |
|
52.900 |
50.000 |
|
|
|
|
(5.482) |
%20-%20264831_MIRA%2026-Apr-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 one year |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
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 |
Yes |
|
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 |
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 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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.