MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
JANHAVI IMPEX |
|
|
|
|
Registered
Office : |
A-203, Ruchi Apartment Behind Raghunath Tower, Devidaslane Borivali
(West), Mumbai – 400103, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Year of
Establishment : |
2006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.431 Million |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer, Trader and Importer of Diamond |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietary concern having moderate track. The concern possesses a moderate financial profile marked by
fluctuating total capital base as well as high other liabilities to networth
ratio owing to lack of working capital management. Management has witnessed a better increase in its sales volume as well
as net profitability along with minimal margins during FY14. Trade relations seem to be fair. Business is active. Payment terms are
reported as slow but correct. In view of some concerns over liquidity, the entity can be considered
for business dealings with caution. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly on talks over coal supply contracts, uncertainty over cancellation of
blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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. Pravin Dudhat |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9820149369 |
|
Date : |
05.11.2014 |
LOCATIONS
|
Registered Office : |
A-203, Ruchi Apartment Behind Raghunath Tower, Devidaslane Borivali (West),
Mumbai – 400103, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9820149369 (Mr. Pravin Dudhat) |
|
Fax No.: |
Not Available |
|
|
|
|
Factory : |
Dahisar, Maharashtra, India |
|
Tel. No.: |
91-9769684213 (Mr. Saurabh) |
SOLE PROPRIETOR
|
Name : |
Mr. Pravin Dudhat |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Importer of Diamond |
|
|
|
|
Imports : |
|
|
Products : |
Diamond |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit (90 Days) |
|
|
|
|
Purchasing : |
Credit (90 Days) |
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.J. Salot and Company Chartered Accountants |
|
Tel No: |
91-9892232024 |
CAPITAL STRUCTURE
As on: 31.03.2014
|
Particular |
Amount |
Particular |
Amount |
|
To Balance B/F |
0.992 |
By Capital Introduced |
0.075 |
|
To Advance Tax |
1.200 |
By Transfer From SB A/c |
2.950 |
|
To Bhartiben For Purchase plot in Surat |
1.233 |
By Sale of Plot |
0.158 |
|
To Cash Withdrawal |
0.065 |
By Net Profit |
4.013 |
|
To Drawing |
0.320 |
|
|
|
To Home Loan Processing Charges |
0.035 |
|
|
|
To Interest For Home Loan |
0.224 |
|
|
|
To LIC Premium |
0.253 |
|
|
|
To Mahindra Holidays |
0.179 |
|
|
|
To Mediclaim |
0.021 |
|
|
|
To Office Premises |
0.184 |
|
|
|
To Repayment Of Home Loan |
0.078 |
|
|
|
To Stamp Duty For Home Loan |
0.020 |
|
|
|
To Transfer To SB A/C |
1.961 |
|
|
|
|
|
|
|
|
To Balance C/F |
0.431 |
|
|
|
|
|
|
|
|
Total |
7.196 |
|
7.196 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.-431 |
(0.992) |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.431 |
(0.992) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
6.680 |
6.075 |
|
|
TOTAL BORROWING |
|
6.680 |
6.075 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.111 |
5.083 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.719 |
0.966 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
60.282
|
13.390 |
|
|
Sundry Debtors |
|
46.841
|
44.727 |
|
|
Cash & Bank Balances |
|
0.393
|
0.075 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.343
|
0.027 |
|
Total
Current Assets |
|
107.859
|
58.219 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
99.495
|
47.322 |
|
|
Other Current Liabilities |
|
1.972
|
6.780 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
101.467
|
54.102 |
|
|
Net Current Assets |
|
6.392
|
4.117 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.111 |
5.083 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
284.949 |
110.142 |
|
|
|
Other Income |
|
0.000 |
0.054 |
|
|
|
TOTAL |
|
284.949 |
110.196 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods Sold |
|
256.443 |
98.594 |
|
|
|
Import Expenses |
|
0.186 |
0.075 |
|
|
|
Labour Charges |
|
15.268 |
7.668 |
|
|
|
Exchange Rate Difference |
|
6.033 |
-1.246 |
|
|
|
Audit Fees |
|
0.030 |
0.020 |
|
|
|
Bank Commission |
|
0.090 |
0.085 |
|
|
|
conveyance |
|
0.010 |
0.015 |
|
|
|
Derivative losses |
|
0.000 |
0.171 |
|
|
|
Interest |
|
0.361 |
0.707 |
|
|
|
Interest on car Loan |
|
0.000 |
0.014 |
|
|
|
Motor car expenses |
|
0.007 |
0.015 |
|
|
|
Motor Car Insurance |
|
0.035 |
0.017 |
|
|
|
Office Expenses |
|
0.031 |
0.029 |
|
|
|
Professional Fees |
|
0.030 |
0.010 |
|
|
|
Professional Tax |
|
0.018 |
0.027 |
|
|
|
Salary |
|
0.960 |
0.955 |
|
|
|
Telephone Expenses |
|
0.000 |
0.004 |
|
|
|
Travelling Expenses |
|
0.274 |
0.205 |
|
|
|
Interest on TDS |
|
0.005 |
0.001 |
|
|
|
Interest on Professional Tax |
|
0.009 |
0.000 |
|
|
|
Office Rent |
|
0.049 |
0.000 |
|
|
|
Penalty (TDS) |
|
0.005 |
0.000 |
|
|
|
Subscription |
|
0.057 |
0.000 |
|
|
|
Sundry Expenses |
|
0.017 |
0.000 |
|
|
|
TDS Written off |
|
0.027 |
0.000 |
|
|
|
|
|
0.869 |
|
|
|
|
TOTAL |
|
280.814 |
107.366 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4.135 |
2.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.122 |
0.158 |
|
|
|
|
|
|
|
|
|
|
Net Profit |
|
4.013 |
2.672 |
|
The above information has been parted by Mr. Pravin (Proprietor)
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
|
1.41 |
2.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.71 |
4.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
9.35 |
(2.72) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
15.50 |
(6.12) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.06 |
1.08 |
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 |
(0.992) |
0.431 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net worth |
(0.992) |
0.431 |
|
|
|
|
|
Unsecured Loan |
6.075 |
6.680 |
|
Secured Loan |
0.000 |
0.000 |
|
Total borrowings |
6.075 |
6.680 |
|
Debt/Equity ratio |
(6.124) |
15.499 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
110.142 |
284.949 |
|
|
|
158.711 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
110.142 |
284.949 |
|
Profit |
2.672 |
4.013 |
|
|
2.43% |
1.41% |
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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.61.38 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.