MIRA INFORM REPORT
|
Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
K. SEVANTILAL AND COMPANY |
|
|
|
|
Registered
Office : |
74/83, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Year of
Establishment : |
1947 |
|
|
|
|
Capital
Investment : |
Rs. 253.336 Millions |
|
|
|
|
IEC No.: |
0388172169 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFK3064C |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Dealer, Distributor and Importer of Pharmaceutical Bulk Drugs. |
|
|
|
|
No. of Employees
: |
25 (Approximately) (In Office) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 720000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old an established partnership concern having satisfactory
track record. Trade relations are fair. Business is active. Payment terms reported
to be usually correct. The concern can be considered for business dealing 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ravindra S. Shah |
|
Designation : |
Partner |
|
Contact No.: |
91-22-22080680 |
|
Date : |
23.12.2014 |
|
|
|
|
Name : |
Mr. Santosh |
|
Designation : |
Account Head |
|
Contact No.: |
91-22-22080680 |
|
Date : |
23.12.2014 |
LOCATIONS
|
Registered Office : |
74/83, Dwarkadas Building no.1, 2nd Floor, Mangaldas Road,
Mumbai- 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22061218 |
|
Fax No.: |
91-22-22067806 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. ft. Carpet (Approx.) |
|
Location : |
Owned |
|
|
|
|
Branch : |
Gala No. L2, L3, Ground Floor, Shree Munisuvrat Complex, Bhiwandi,
District Thane, |
|
Area : |
17500 Sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Ravindra S Shah |
|
Designation : |
Partner |
|
Date of Birth/ Age : |
58 Years |
|
Qualification : |
B. Com |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. Sharad S Shah |
|
Designation : |
Partner |
|
Date of Birth/ Age : |
57 Years |
|
Qualification : |
M. Sc. |
|
Experience : |
28 Years |
|
|
|
|
Name : |
Jesal K. Shah |
|
Designation : |
Partner |
|
Date of Birth/ Age : |
38 Years |
|
Qualification : |
Chemical Engg. |
|
Experience : |
15 Years |
KEY EXECUTIVES
|
Name : |
Mr. Santosh |
|
Designation : |
Account Head |
BUSINESS DETAILS
|
Line of Business : |
Dealer, Distributor and Importer of Pharmaceutical Bulk Drugs. |
|
|
|
|
Agencies Held : |
· DSM Nutritional Products · Emerald Performance Materials, LLC · Particle Dynamics International LLC · Jiangsu Thope Pharmaceutical Co. Limited · Hubei Huaroang Pharmaceutical Co. Limited |
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|
Exports : |
-- |
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|
|
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Imports : |
|
|
Products : |
· Bulk Drugs · Vitamins · Pharmaceutical · Aroma Chemical · Feed Supplements, etc. |
|
Countries : |
·
·
·
·
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|
|
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Terms : |
|
|
Selling : |
Credit (60 Days and 90 Days) |
|
|
|
|
Purchasing : |
Credit (90 Days and 120 Days) |
GENERAL INFORMATION
|
Suppliers : |
· DSM Nutritional Products · Emerald Performance Materials, LLC · Particle Dynamics International LLC · Jiangsu Thope Pharmaceutical Co. Limited ·
Hubei Huaroang Pharmaceutical Co. Limited |
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Customers : |
· Wholesalers |
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No. of Employees : |
25 (Approximately) (In Office) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Nagindas and Manelal Chartered Accountants |
|
Address : |
101/2, Dalamal Chambers, Sir Vitaldas Thackersey Marg, 29, New Marine
Lines, Mumbai – 400020, |
|
Tel. No.: |
91-22-22001460 |
|
Fax No.: |
91-22007848 |
|
E-Mail : |
|
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|
|
|
Sister Concerns: |
Sevantilal and
Sons Address: 74/83, Line of Business: Importer and Supplier of Pharmaceutical Chemical,
Drugs, Aroma Chemicals and Feed Suppliments Riddhi
Enterprises Address: 74/83, Line of Business: Importer of Supplier of Bulk Drugs, Cosmetic Raw
Material, etc. |
CAPITAL STRUCTURE
As on 31.03.2014
|
Capital Investment : |
|
|
Owned : |
Rs. 253.336 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 253.336 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
|
253.336 |
273.802 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Profit and Loss |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
253.336 |
273.802 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
100.704 |
125.011 |
|
|
2] Unsecured Loans |
|
50.083 |
7.799 |
|
|
TOTAL BORROWING |
|
150.787 |
132.810 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
404.123 |
406.612 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
7.605 |
8.517 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4.052 |
2.052 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
118.911 |
102.815 |
|
|
Sundry Debtors |
|
232.985 |
198.561 |
|
|
Cash & Bank Balances |
|
25.257 |
75.145 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
75.736 |
79.398 |
|
Total
Current Assets |
|
452.889 |
455.919 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
42.071 |
50.553 |
|
|
Other Current Liabilities |
|
2.152 |
2.123 |
|
|
Provisions |
|
16.200 |
7.200 |
|
Total
Current Liabilities |
|
60.423 |
59.876 |
|
|
Net Current Assets |
|
392.466 |
396.043 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
404.123 |
406.612 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
722.413 |
718.864 |
|
|
|
Other Income |
|
28.026 |
5.766 |
|
|
|
TOTAL |
|
750.439 |
724.630 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
677.881 |
673.629 |
|
|
|
Advertisement Expenses |
|
0.350 |
0.299 |
|
|
|
Analytical Charges |
|
0.105 |
0.029 |
|
|
|
Bad Debts |
|
1.001 |
0.000 |
|
|
|
Bank Commission/ Interest |
|
11.309 |
9.702 |
|
|
|
Books and Periodical |
|
0.003 |
0.002 |
|
|
|
Brokerage and Commission |
|
1.684 |
1.017 |
|
|
|
Conveyance Expenses |
|
0.079 |
0.104 |
|
|
|
Donation Expenses |
|
0.628 |
0.605 |
|
|
|
Electric Expenses |
|
0.360 |
0.362 |
|
|
|
Exhibition Expenses |
|
0.590 |
0.820 |
|
|
|
Freight, Majuri and Octroi Charges |
|
0.628 |
0.737 |
|
|
|
Income Tax Provision for A.Y. 2014-15 |
|
9.000 |
2.200 |
|
|
|
Insurance Expenses |
|
1.364 |
1.409 |
|
|
|
Salaries and Bonus |
|
2.718 |
2.549 |
|
|
|
Travelling Expenses |
|
0.055 |
1.013 |
|
|
|
Other Expenses |
|
21.602 |
24.507 |
|
|
|
TOTAL |
|
729.357 |
718.984 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
21.082 |
5.646 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.220 |
1.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
19.862 |
4.456 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
2.75 |
0.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.31
|
0.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.60
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
7.50
|
7.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
273.802 |
253.336 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net
worth |
273.802 |
253.336 |
|
|
|
|
|
Secured Loans |
125.011 |
100.704 |
|
Unsecured Loans |
7.799 |
50.083 |
|
Total
borrowings |
132.810 |
150.787 |
|
Debt/Equity
ratio |
0.485 |
0.595 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
718.864 |
722.413 |
|
|
|
0.494 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
718.864 |
722.413 |
|
Profit |
4.456 |
19.862 |
|
|
0.62% |
2.75% |
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 |
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
three years |
No |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Unsecured Loan |
50.083 |
7.799 |
|
Total |
50.083 |
7.799 |
TRADE REFERENCE
·
Softesule
Private Limited
Contact Person: Mr. Nitin Thakkar
Tel. No.: 91-22-61482222
·
Anglo
French Drugs and Ind. Limited
Contact Person: Mrs. Veena
Mob. No.: 91-9900229972
·
Dilipkumar
and Company
Contact Person: Dilip Zaveri
Tel. No.: 91-22-66382514
·
Harshada
Corporation
Contact Person: Mr. Kaushik
Tel. No.: 91-22-22077042
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.63.45 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.