MIRA INFORM REPORT
|
Report No. : |
318471 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIT TIGHT FASTENERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1458/1459,
Opposite Sky Max, Metoda GIDC, Taluka Lodhika, District Rajkot – 360021,
Gujarat |
|
Tel. No.: |
91-2827-287486 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.01.2012 |
|
|
|
|
Com. Reg. No.: |
04-068536 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28991GJ2012PTC068536 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTF00294A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF8734E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Screw Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
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 |
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|
|
Comments : |
Subject is an established company having moderate track record. Company sales turnover has increased to Rs.32.234 Million from Rs.25.044
Million in previous year but profitability margins of the company remains
low. Further, reserves position of the company is low and company has taken
huge external borrowing which acts as threatening to the liquidity profile of
the company. However, trade relations are reported as fair. Payments are reported
to be slow but correct. In view of moderate financial profile, the company can be considered
for business dealing with some 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
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 DENIED BY
|
Name : |
Mr. Vipin |
|
Designation : |
Director |
|
Contact No.: |
91-22-28865533 |
|
Date : |
21.04.2015 |
LOCATIONS
|
Registered Office : |
Plot No. 1458/1459,
Opposite Sky Max, Metoda GIDC, Taluka Lodhika, District Rajkot – 360021,
Gujarat, India |
|
Tel. No.: |
91-2827-287486/ 287484 |
|
Fax No.: |
91-2827-287484 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
D-138, Bonanza Industrial Estate, Ashok Nagar, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
|
Tel. No.: |
91-22-28865533/ 28866146 |
|
Fax No.: |
91-22-28866146 |
|
|
|
|
Factory : |
A-14/15 and B-1/2/3, Shreenath Industrial Estate, Vapi-Silvassa Main
Road, Near Dadra Check Post, Dadra – 396230, Dadra and Nagar Haveli, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Umesh Ranchhodbhai Marviya |
|
Designation : |
Director |
|
Address : |
Nandi Park, Street No. 6, Behind IOC Quarter Kalawad Road, Rajkot –
360005, Gujarat, India |
|
Date of Birth/Age : |
10.06.1980 |
|
Date of Appointment : |
10.01.2012 |
|
DIN No.: |
03541770 |
|
|
|
|
Name : |
Mr. Vipul Ranchhodbhai Maraviya |
|
Designation : |
Director |
|
Address : |
3, Nikava-1, Kalavad, Jamnagar – 361162, Gujarat, India |
|
Date of Birth/Age : |
20.08.1976 |
|
Date of Appointment : |
10.01.2012 |
|
DIN No.: |
03541772 |
|
|
|
|
Name : |
Mrs. Hetalben Umeshbhai Marviya |
|
Designation : |
Director |
|
Address : |
Street No. 6, Nanadi Park, Opposite 3, Jyoti Nagar, Kalawad Road,
Rajkot – 360005, Gujarat, India |
|
Date of Birth/Age : |
12.02.1979 |
|
Date of Appointment : |
16.07.2012 |
|
DIN No.: |
05321755 |
|
|
|
|
Name : |
Mrs. Sarojben Vipul Marviya |
|
Designation : |
Director |
|
Address : |
At Nikawa, Near Union Bank, Taluka Kalawad, Nikava, District Jamnagar
– 360003, Gujarat, India |
|
Date of Birth/Age : |
08.10.1982 |
|
Date of Appointment : |
16.07.2012 |
|
DIN No.: |
05321762 |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Umesh Ranchhodbhai Marviya |
94000 |
31.33 |
|
Vipul Ranchhodbhai Maraviya |
94000 |
31.33 |
|
Ranchhodbhai Maraviya |
10000 |
3.33 |
|
Suresh Shingala |
1000 |
0.33 |
|
Sarojben Vipul Marviya |
50000 |
16.67 |
|
Hetalben Umeshbhai Marviya |
50000 |
16.67 |
|
Alpeshkumar Dhirubhai Hirpara |
1000 |
0.33 |
|
|
|
|
|
Total |
300000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Screw Products. |
|
|
|
|
Products : |
Screw Products |
|
|
|
|
Brand Names : |
Not Divulged |
|
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
H B Hirapara and Company Chartered Accountants |
|
Address : |
209-210, Lotus Arcade, Opposite Bajaj Automotive, Gondal Road, Rajkot
– 360002, Gujarat, India |
|
PAN No.: |
AAYPH0768G |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3.000 |
3.000 |
0.700 |
|
(b) Reserves & Surplus |
0.351 |
0.261 |
0.034 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3.351 |
3.261 |
0.734 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18.346 |
12.843 |
13.054 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.011 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
18.346 |
12.854 |
13.054 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4.262 |
2.986 |
0.000 |
|
(b) Trade
payables |
1.615 |
2.448 |
0.615 |
|
(c) Other
current liabilities |
0.712 |
1.950 |
1.940 |
|
(d) Short-term
provisions |
0.178 |
0.154 |
0.045 |
|
Total Current
Liabilities (4) |
6.767 |
7.538 |
2.600 |
|
|
|
|
|
|
TOTAL |
28.464 |
23.653 |
16.388 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
9.533 |
7.921 |
2.871 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.025 |
0.000 |
0.001 |
|
(d) Long-term Loan and Advances |
0.218 |
0.379 |
0.254 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9.776 |
8.300 |
3.126 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5.578 |
6.091 |
3.625 |
|
(c) Trade
receivables |
11.452 |
7.826 |
8.855 |
|
(d) Cash
and cash equivalents |
0.567 |
0.197 |
0.139 |
|
(e) Short-term
loans and advances |
0.011 |
0.291 |
0.000 |
|
(f) Other
current assets |
1.080 |
0.948 |
0.643 |
|
Total
Current Assets |
18.688 |
15.353 |
13.262 |
|
|
|
|
|
|
TOTAL |
28.464 |
23.653 |
16.388 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
32.234 |
25.044 |
6.453 |
|
|
|
Other Income |
NA |
NA |
0.444 |
|
|
|
TOTAL |
NA |
NA |
6.897 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
6.771 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.271 |
1.294 |
0.126 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.138 |
0.961 |
0.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.133 |
0.333 |
0.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.043 |
0.106 |
0.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.090 |
0.227 |
0.034 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
0.261 |
0.034 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.351 |
0.261 |
0.034 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.30 |
0.76 |
0.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
0.28 |
0.91 |
0.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
0.47 |
1.41 |
0.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.10 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.75 |
4.85 |
17.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76 |
2.04 |
5.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
0.700 |
3.000 |
3.000 |
|
Reserves & Surplus |
0.034 |
0.261 |
0.351 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.734 |
3.261 |
3.351 |
|
|
|
|
|
|
long-term borrowings |
13.054 |
12.843 |
18.346 |
|
Short term borrowings |
0.000 |
2.986 |
4.262 |
|
Total
borrowings |
13.054 |
15.829 |
22.608 |
|
Debt/Equity
ratio |
17.785 |
4.854 |
6.747 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
6.453 |
25.044 |
32.234 |
|
|
|
288.099 |
28.709 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
6.453 |
25.044 |
32.234 |
|
Profit |
0.034 |
0.227 |
0.090 |
|
|
0.53% |
0.91% |
0.28% |
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 |
No |
|
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 |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
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:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
From
shareholders, directors and their relatives |
17.673 |
11.797 |
|
|
|
|
|
Total |
17.673 |
11.797 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10385768 |
23/10/2012 * |
6,000,000.00 |
CENTRAL BANK OF INDIA |
GIDC METODA BRANCH, RAJKOT, GUJARAT - 360021, INDIA |
B62135017 |
*Date of modification Charges
FIXED ASSETS:
· Air Conditioner
· Borewell
· Vehicles
· Computer
· Electric Fittings
· Furniture and Fixture
· Buildings
· Machinery
· Plot
· Scale
· Telephone
· Tools
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 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.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
26 |
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.