MIRA INFORM REPORT

 

 

Report No. :

352390

Report Date :

07.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SHAH TOOLS CENTRE

 

 

Registered Office :

17/21, Navjivan Society, Mumbai – 400066, Maharashtra

Tel. No.:

91-22-23442328/ 66040700

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Establishment :

24.10.1984

 

 

Capital Investment :

Rs. 19.953 Million

 

 

IEC No.:

0306087405

 

 

PAN No.:

[Permanent Account No.]

AAAFS4505J

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Trader and Importer of Hardware and Industrial Items such as Nuts, Bolts, etc. (From Confirmed by Management)

 

 

No. of Employees :

25 (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

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old established partnership concern started in the year 1984 having satisfactory track.

 

Mr. Jignesh Joshi (Accounts Executive) has provided information of the subject.

 

The concern has decent financial position with sales turnover of Rs. 153.560 Million along with net profit of Rs. 2.000 Million recorded during the year 2015. Further, low borrowings are recorded in the books.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

The concern can be considered for business dealings at usual trade terms and conditions.

 

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 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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Jignesh Joshi

Designation :

Accounts Executive

Contact No.:

91-9920159875

Date :

30.12.2015

 

 

LOCATIONS

 

Registered Office :

17/21, Navjivan Society, Mumbai – 400008, Maharashtra, India

Tel. No.:

91-22-23442328/ 66040700

Mobile No.:

91-9920159875 (Mr. Jignesh Joshi)

Fax No.:

91-22-23471979

E-Mail :

shahtoolscentre@gmail.com

Area:

600 Sq. Ft.

Location:

Owned

Locality:

Residential

 

 

Warehouse :

89, Nagdevi Street, Mumbai – 400003, Maharashtra, India

Area:

800 Sq. Ft.

Location:

Owned

 

 

PARTNERS

 

Name :

Mr. Pushpakant Shah

Designation :

Partner

 

 

Name :

Mr. Tejas Shah

Designation :

Partner

Experience :

 

 

 

Name :

Mr. Vishal Shah

Designation :

Partner

 

 

Name :

Mrs. Kokilaben Shah

Designation :

Partner

 

 

KEY EXECUTIVES

 

Name :

Mr. Jignesh Joshi

Designation :

Accounts Executive

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of Hardware and Industrial Items such as Nuts, Bolts, etc. (From Confirmed by Management)

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

 

Products :

Finished Goods

Countries :

·         US

·         UK

 

 

Terms :

 

Selling :

Cash and Advance Payment 

 

 

Purchasing :

Cash and Advance Payment 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Caparo Engineering India Private Limited

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:

Crompton Greaves Limited

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 :

25 (Approximately)

 

 

Bankers :

Bank Name:

Bank of India

Branch:

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 :

N. N. Jambusaria and Company

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Capital Investment :

 

Owned :

Rs. 19.953 Million

Borrowed :

--

Total :

Rs. 19.953 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

Expected Sales (2015-2016) : Rs. 180.000 Million

 

The above information has been parted by Mr. Jignesh Joshi (Account 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

 

 

31.03.2015

31.03.2014

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

 

19.953

19.158

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

19.953

19.158

LOAN FUNDS

 

 

 

1] Secured Loans

 

2.998

4.334

2] Unsecured Loans

 

16.633

20.168

TOTAL BORROWING

 

19.631

24.502

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

39.584

43.660

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.308

0.280

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.015

0.022

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.556

2.925

 

Sundry Debtors
 

68.660

68.571

 

Cash & Bank Balances
 

0.806

3.681

 

Other Current Assets
 

0.024

0.081

 

Loans & Advances
 

0.982

1.661

Total Current Assets
 

71.028

76.919

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

31.207

32.962

 

Other Current Liabilities
 

0.030

0.142

 

Provisions
 

0.530

0.457

Total Current Liabilities
 

31.767

33.561

Net Current Assets
 

39.261

43.358

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

39.584

43.660

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

 

SALES

 

 

 

 

 

Sales

 

153.565

142.113

 

 

Exchange rate difference (Import)

 

0.004

0.057

 

 

Other Income

 

0.523

1.215

 

 

TOTAL                                    

 

154.092

143.385

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

 

 

136.927

127.712

 

 

Clearing and forwarding charges

 

0.286

0.234

 

 

Custom duty on imports

 

0.581

0.452

 

 

Octroi charges

 

0.377

0.378

 

 

Octroi charges on imports

 

0.216

0.234

 

 

Commission paid

 

2.002

1.471

 

 

Debtors W/off

 

0.000

0.119

 

 

Freight and transportation charges

 

1.525

1.298

 

 

Hamali charges

 

0.393

0.360

 

 

Interest on capital

 

2.164

1.587

 

 

Interest on loan

 

1.917

2.257

 

 

Interest on O/D a/c with bank of India

 

0.134

0.050

 

 

Labour charges

 

0.256

0.178

 

 

Packing charges

 

0.139

0.083

 

 

Packing and forwarding

 

0.215

0.178

 

 

Partners remuneration

 

1.080

0.900

 

 

Rent A/C

 

0.283

0.265

 

 

Salary paid

 

1.261

0.848

 

 

Sales promotion

 

0.129

0.119

 

 

Telephone Expenses

 

0.267

0.240

 

 

Travelling and accommodation expenses

 

0.251

0.232

 

 

Other expenses

 

1.160

1.750

 

 

TOTAL                                    

 

151.563

140.945

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE DEPRECIATION AND AMORTISATION

 

2.529

2.440

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

0.072

0.071

 

 

 

 

 

 

NET PROFIT/ (LOSS) 

 

2.457

2.369

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2015

31.03.2014

Net Profit Margin

(PAT / Sales)

(%)
 

1.60

1.67

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

3.44

3.07

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.12

0.12

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
 

0.98

1.28

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.47

1.43

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Partner’s Capital

19.158

19.953

Reserves & Surplus

0.000

0.000

Net worth

19.158

19.953

 

 

 

Secured Loans

4.334

2.998

Unsecured Loans

20.168

16.633

Total borrowings

24.502

19.631

Debt/Equity ratio

1.279

0.984

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

142.113

153.565

 

 

8.058

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

142.113

153.565

Profit

2.369

2.457

 

1.67%

1.60%

 

 

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

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 two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last two 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 records 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.66.84

UK Pound

1

Rs.101.04

Euro

1

Rs.73.05

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

ARC

 

 

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

--PROFITABILITY

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

 

--

 

 

 

 

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.