MIRA INFORM REPORT
|
Report No. : |
354211 |
|
Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VAILANKANNI AUTO |
|
|
|
|
Registered
Office : |
Behind Reliable Plaza, Chinchpada, Besides Girish Garage, Airoli, Navi Mumbai – 400708, Maharashtra |
|
Tel. No.: |
91-22-25795810 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
2013 |
|
|
|
|
Capital
Investment : |
Rs. 1.307 Million |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
ANRPP2527R |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
AC Installation for Passenger Vehicles. |
|
|
|
|
No. of Employees
: |
5 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new proprietorship concern established in the
year 2013. It has satisfactory track record. As per the available financial of the year 2015, the concern has
achieved significant revenue base along with decent profit margin, however
the sales turnover has declined over previous years. Further, it has reported
adequate capital structure along with slightly high debt level in the year
under consideration. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of overall decent financial condition in the limited span of
business operations, the concern can be considered for business dealings with
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 : |
Ms. Prabha Nikam |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-9920144333 |
|
Date : |
08.12.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Behind Reliable Plaza, Chinchpada, Besides Girish Garage, Airoli, Navi Mumbai – 400708, Maharashtra, India |
|
Tel. No.: |
91-22-25795810 |
|
Mobile No.: |
91-9920144333 [Ms. Prabha] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Unit No. GD-3, Ground Floor, Karmastambh Industrial
Estate, Opposite MTNL, LBS Marg, Vikroli (West), Mumbai, Maharashtra, India |
SOLE PROPRIETOR
|
Name : |
Mrs. Chrissie James Paul |
|
Designation : |
Proprietor |
|
PAN No.: |
ANRPP2527R |
KEY EXECUTIVES
|
Name : |
Ms. Prabha Nikam |
|
Designation : |
Accounts Department |
BUSINESS DETAILS
|
Line of Business : |
AC Installation for Passenger Vehicles. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
· Jingyi · Subros Limited · HWA Sung Thermo · Songz Automobile Air Conditioning Co. Limited |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
|
|
Products : |
AC Unit |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit [30 Days, 60 Days and 90 Days] |
|
|
|
|
Purchasing : |
Cash and Credit [30 Days, 60 Days and 90 Days] |
GENERAL INFORMATION
|
Suppliers : |
· Acrod Chemicals · Hisun Technologies · Trans ACNR Private Limited · Air Cool (India) · Balaji Automobiles · Ismath Fabricator · Pushpa Enterprises
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
End Users and OEMs · Shrinathjis Cuisines Private Limited · Sukriti Travel World · Sutlej Motors Limited · Vikas Travels
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
5 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Kaushik Ghatalia Chartered Accountant |
|
Address : |
Malad, Mumbai, Maharashtra, India
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
CAPITAL
ACCOUNT AS ON 31.03.2015
|
Particulars |
Amount in
Million |
Particulars |
Amount in
Million |
|
To Drawings |
0.245 |
By Balance b/d |
1.410 |
|
To School Fees |
0.048 |
By Net Profit |
0.721 |
|
To Interest on Housing Loan |
0.205 |
By RD Interest |
0.003 |
|
To Interest on ING Vysya Loan |
0.169 |
|
|
|
To LIC |
0.013 |
|
|
|
To Property Tax |
0.070 |
|
|
|
To Society Maintenance |
0.070 |
|
|
|
To TDS |
0.007 |
|
|
|
|
|
|
|
|
Balance c/d |
1.307 |
|
|
|
|
|
|
|
|
Total |
2.134 |
Total |
2.134 |
FINANCIAL DATA
[all figures are
in Rupees Million]
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] Proprietor Capital |
|
1.307 |
0.101 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.307 |
0.101 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3.221 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
4.738 |
|
|
TOTAL BORROWING |
|
3.221 |
4.738 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4.528 |
4.839 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.289 |
4.302 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.075 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.758 |
0.791 |
|
|
Sundry Debtors |
|
0.165 |
0.000 |
|
|
Cash & Bank Balances |
|
1.787 |
0.720 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.229 |
0.040 |
|
Total
Current Assets |
|
2.939 |
1.551 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1.691 |
0.857 |
|
|
Other Current Liabilities |
|
0.000 |
0.100 |
|
|
Provisions |
|
0.084 |
0.057 |
|
Total
Current Liabilities |
|
1.775 |
1.014 |
|
|
Net Current Assets |
|
1.164 |
0.537 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4.528 |
4.839 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
8.932 |
2.210 |
|
|
|
Other Income |
|
0.075 |
0.045 |
|
|
|
TOTAL |
|
9.007 |
2.255 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
|
6.929 |
1.531 |
|
|
|
Bank Charges |
|
0.001 |
0.000 |
|
|
|
Commission |
|
0.040 |
0.000 |
|
|
|
Conveyance |
|
0.031 |
0.007 |
|
|
|
Discount |
|
0.005 |
0.003 |
|
|
|
LBT Tax |
|
0.088 |
0.043 |
|
|
|
Office Maintenance |
|
0.007 |
0.000 |
|
|
|
Printing and Stationery |
|
0.005 |
0.001 |
|
|
|
Professional Fees |
|
0.048 |
0.004 |
|
|
|
Repairs and Maintenance |
|
0.022 |
0.000 |
|
|
|
Salary |
|
0.295 |
0.113 |
|
|
|
Sales Tax Paid |
|
0.776 |
0.176 |
|
|
|
Staff Welfare |
|
0.028 |
0.007 |
|
|
|
Telephone Charges |
|
0.009 |
0.002 |
|
|
|
TOTAL |
|
8.284 |
1.887 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
|
0.723 |
0.368 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.002 |
0.181 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
0.721 |
0.187 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
8.07 |
8.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
11.58 |
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.55 |
1.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.46 |
46.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.66 |
1.53 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Proprietor Capital |
0.101 |
1.307 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net
worth |
0.101 |
1.307 |
|
|
|
|
|
Secured Loans |
0.000 |
3.221 |
|
Unsecured Loans |
4.738 |
0.000 |
|
Total
borrowings |
4.738 |
3.221 |
|
Debt/Equity ratio |
46.911 |
2.464 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2.210 |
8.932 |
|
|
|
304.163 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2.210 |
8.932 |
|
Net Profit |
0.187 |
0.721 |
|
|
8.46% |
8.07% |
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 |
No |
|
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
29 |
Profitability for last two years |
No |
|
30 |
Major shareholders, if available |
Yes |
|
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 |
PROFILE
Subject install and maintain world class bus
Air-Conditioning systems. As well as they are into manufacturing of Drive set
for Bus Air Conditioning and Truct Refrigeration of all international and India
Model for more than 25 years and Bus Air- Conditioning for more than 15 years.
Subject is a company representing JINGYI, SUBROS LIMITED, HWA SUNG THERMO, SONGZ AUTOMOBILE AIR CONDITIONING CO. LIMITED in India and provides customers with a choice of owning competitively priced, fully imported bus, air-conditioning units and Truck refrigeration units with an end to end service back up. All installed units are ably backed by affordable, available and accessible after sales service that have been set in place over the years and has resulted in a customer base being used across India and Mumbai of various models.
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. 66.80 |
|
|
1 |
Rs. 100.49 |
|
Euro |
1 |
Rs. 72.52 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
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.