MIRA INFORM REPORT

 

 

Report No. :

335062

Report Date :

04.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SUNRISE METAL INDUSTRIES  

 

 

Registered Office :

Shatrunjay Apartment 1st Floor, 28 Sidhi Lane, Nanubhai Desai Road, Mumbai – 400004, Maharashtra

Tel. No.:

91-22-66134500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Year of Establishment :

1991

 

 

Capital Investment :

Rs. 162.265 Million

 

 

PAN No.:

[Permanent Account No.]

AFKPK2696F

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader of Ferrous and Non Ferrous Metal

 

 

No. of Employees :

03 (Approximately)

 

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

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 was established on 1991 as a proprietorship concern and is having moderate track record.

 

Mr. Partik Khadye, Accounts Manager of the concern has provided the information to us. It is engaged into trading of ferrous and nonferrous metal.

 

Rating constrained on concern dip declined into sales turnover during FY-2014 due to market fluctuations.

 

Trade relations are fair. Business is active. Payments terms are reported to be slow but correct.

 

The concern can be considered for the business dealings with some cautions.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pratik Khadye

Designation :

AccountS Manager

Contact No.:

91-22-66134500

Date :

03.08.2015

 

 

LOCATIONS

 

Registered Office :

Shatrunjay Apartment 1st Floor, 28 Sidhi Lane, Nanubhai Desai Road, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-66134500

Mobile No.:

91-9820403489 (Mr. Pratik Khadye)

Fax No.:

Not Available

E-Mail :

pratik@prakashsteelage.com

Area :

500 Sq. ft.

Location :

Owned

Locality :

Commercial

 

 

Warehouse :

Located at :

 

·         Kalamboli

 

 

SOLE PROPRIETOR

 

Name :

Mr. Prakash Kanugu

Designation :

Proprietor

Date of Birth/Age :

60 Years

Qualification :

SSC

Experience :

30 Years

 

 

KEY EXECUTIVES

 

Name :

Mr. Pratik Khadye

Designation :

Account Manager

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Ferrous and Non Ferrous Metal.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Advance Payment

 

 

Purchasing :

Cash and Advance Payment

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Wholesalers and Retailers

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

03 (Approximately)

 

 

Bankers :

Bank Name:

Bank of Baroda

Branch:

Gulalwadi, Mumbai, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks: Not Divulged

 

 

 

Auditors :

 

Name :

DC Bothra and Company

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Prakash Steelage Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Capital Investment :

 

Owned :

Rs. 162.265 Million

Borrowed :

--

Total :

Rs. 162.265 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

SHAREHOLDERS FUNDS

 

 

 

1] Capital Account

162.265

109.415

131.754

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

162.265

109.415

131.754

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

82.603

85.747

62.044

TOTAL BORROWING

82.603

85.747

62.044

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

244.868

195.162

193.798

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.010

0.011

0.013

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

 

 

 

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
34.965

16.983

11.140

 

Sundry Debtors
197.843

43.545

46.372

 

Cash & Bank Balances
1.591

1.018

1.320

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
401.736

164.186

196.074

Total Current Assets
636.135

225.732

254.906

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
356.730

27.234

41.121

 

Other Current Liabilities
1.047

3.347

20.000

 

Provisions
33.500

0.000

0.000

Total Current Liabilities
391.277

30.581

61.121

Net Current Assets
244.868

195.162

193.798

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL
244.868

195.162

193.798

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

650.180

155.109

64.215

 

 

Other Income

0.000

0.000

0.000

 

 

TOTAL                                    

650.180

155.109

64.215

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Sales and Services

644.300

149.459

59.796

 

 

Operating and Administrative Expenses

2.744

2.556

2.388

 

 

TOTAL                                    

647.044

152.015

62.184

 

 

 

 

 

 

PROFIT/ (LOSS)  DEPRECIATION AND AMORTISATION

3.136

3.094

2.031

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.002

0.002

0.002

 

 

 

 

 

 

NET PROFIT TRANSFERRED TO PROPRIETOR’S CAPITAL ACCOUNT

3.134

3.092

2.029

 

 

PARTICULARS

 

31.03.2015

Sales Turnover (Approximately)

100.000

 

(Market Fluctuation)

 

Expected Sales (2015-2016) : Rs. 150.000 Million

 

The above information has been parted by Mr. Pratik Khadte (Account Manager).

 

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

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.48

1.99

3.16

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.49

1.37

0.80

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

0.03

0.02

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.51

0.78

0.47

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.34

1.94

2.07

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Capital Account

131.754

109.415

162.265

Reserves & Surplus

0.000

0.000

0.000

Net worth

131.754

109.415

162.265

 

 

 

 

Secured Loans

0.000

0.000

0.000

Unsecured Loans

62.044

85.747

82.603

Total borrowings

62.044

85.747

82.603

Debt/Equity ratio

0.471

0.784

0.509

 

 

 

 

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)

Income

64.215

155.109

650.180

 

 

141.546

319.176

 

 

 

 

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

64.215

155.109

650.180

Profit

2.029

3.092

3.134

 

3.16%

1.99%

0.48%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

Yes

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

No

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.96

UK Pound

1

Rs.99.93

Euro

1

Rs.70.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ARC

 

 

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

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

28

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.