MIRA INFORM REPORT

 

 

Report No. :

354975

Report Date :

18.12.2015

 

IDENTIFICATION DETAILS

 

Name :

S.K. EXPORTS

 

 

Registered Office :

104, Auto Commerce Candy Breej, Opposite Jyoti Studio Compound, Nana Chowk, Opera House, Mumbai - 400007, Maharashtra

Tel. No.:

91-22-23870444

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Year of Establishment :

December 2009

 

 

Capital Investment :

Rs. 1.609 Million

 

 

IEC No.:

0310025354

 

 

PAN No.:

[Permanent Account No.]

AGAPB0651J

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Processor and Trader of Diamonds. (Processing through Job work). [Confirmed by Management]

 

 

No. of Employees :

4 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

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 a proprietary concern established in the year 2009. It deals into processing and trading of diamond (through job work).

 

For the financial year ended 2015, the concern has shown healthy operational activity and steady growth in its sales turnover. However, it has very thin profitability margin 0.017%.

 

The concern has sound financial base with zero debt balance sheet profile. It has adequate cash accrual which gives strength to its liquidity profile.

 

Further, the proprietor has healthy market relations and concern has good business scale.

 

Trade relations are fair. Business is active. Payments are 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. Sampat Raj Barola

Designation :

Proprietor

Contact No.:

91-9930832244

Date :

17.12.2015

 

 

LOCATIONS

 

Registered Office :

104, Auto Commerce Candy Breej, Opposite Jyoti Studio Compound, Nana Chowk, Opera House, Mumbai - 400007, Maharashtra, India

Tel. No.:

91-22-23870444

Mobile No.:

91-9930832244 (Mr. Sampat Raj Barola)

Fax No.:

91-22-23639118

E-Mail :

skexports10@gmail.com

Area :

200 Sq. ft.

Location :

Rented

Locality :

Commercial

 

 

Branch Office :

6/2132, 3rd Floor, Limbu Sheri Front Side, Cabin No. C, Mahidharpura, Surat – 395007, Gujarat, India

 

 

SOLE PROPRIETOR

 

Name :

Mr. Sampat Raj Barola

Designation :

Proprietor

Date of Birth/Age :

50 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Processor and Trader of Diamonds. (Processing through Job work). [Confirmed by Management]

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Diamonds

Countries :

·         Belgium

·         Hong Kong

 

 

Imports :

 

Products :

Diamonds

Countries :

Belgium

 

 

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 :

Reference:

Mittal Gems

Name of the Person (Designation):

Mr. Ketan Kalsariya (Accountant)

Contact Number:

91-7874303467

Since how long known:

3 Years

Maximum limit dealt:

Rs. 20.000 Million [within 5 Months]

Experience:

Payment Behaviour = Good

Market Goodwill = Good

Overall = Good

Remark

They are happy with payment and market goodwill. No complaints as such.

 

 

Reference:

Neha Impex

Name of the Person (Designation):

Mr. Chandu Prajapati (Chief Executive Officer)

Contact Number:

91-9825903217

Since how long known:

5 Years

Maximum limit dealt:

Rs. 10.000 Million [p.m.]

Experience:

Payment Behaviour = Excellent

Market Goodwill = Excellent

Overall = Excellent

Remark

No complaints. They are satisfied with payment behaviour.

 

·         Asian Diamond BVBA

·         Gem Blue BVBA

·         Gitanjali Gems Limited

·         Pooja Diamonds

·         R.S. Diamonds

·         Zen International

·         Varsha Corporation Limited 

 

 

Customers :

End Users and OEMs

 

Reference:

Sujjal Diamond

Name of the Person (Designation):

Mr. Sujjal (Proprietor)

Contact Number:

91-9819046149

Since how long known:

6 Years

Maximum limit dealt:

Not Divulged

Experience:

Product Quality = Excellent

Delivery Behaviour = Excellent

Overall = Excellent 

Remark

They are satisfied with product quality and delivery behaviour. No complaints.

 

 

Reference:

Aari

Name of the Person (Designation):

Mr. Mahesh

Contact Number:

91-9819917707

Since how long known:

4 Years

Maximum limit dealt:

Not Divulged

Experience:

Product Quality = Excellent

Delivery Behaviour = Excellent

Overall = Excellent 

Remark

No complaints regarding product and delivery. They are satisfied with the party.

 

·         B.B. Diamonds

·         Blue Jewels

·         Diamond Star

·         Jainam Gems

·         L.K. Exports

·         Lodha Exports

·         N.S. Exports

·         Nimish Engineering

 

 

No. of Employees :

4 (Approximately)

 

 

Bankers :

Bank Name:

IndusInd Bank

Branch:

Opera House, Mumbai, Maharashtra, India

Person Name (with Designation):

Mr. Dilip Samal (Relationship Manager)

Contact Number:

91-9833565294

Name of Account Holder:

S.K. Exports

Account Number:

200000223508

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

4 Years

Average Balance Maintained (Optional):

Not Divulged

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

No Facilities

Account Operation:

Current Account

Remarks:

No Complaints, satisfactory mode of payment.

 

·         Kotak Mahindra Bank Limited

·         Ratnakar Bank Limited

 

 

Facilities :

--

 

 

 

Auditors :

 

Name :

VVA and Company

Chartered Accountants

Address :

3044, Jash Textile Market, Near Sahara Darwaja, Ring Road, Surat - 395002, Gujarat, India

Tel. No.:

91-261-2302296

E-Mail :

info@vva.co.in

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

CAPITAL ACCOUNT AS ON 31.03.2015

 

PARTICULARS

AMOUNT IN MILLION

 

 

Net Profit

0.533

Sampat Raj Barola (Capital)

1.610

Withdrawals

(0.534)

 

 

TOTAL

 

1.609

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

Expected Sales (2015-2016) : Rs.3600.000 Million

 

The above information has been parted by Mr. Sampat Raj Barola (Proprietor)

 

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

31.03.2013

SHAREHOLDERS FUNDS

 

 

 

1] Capital Account

1.609

1.610

1.338

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

1.609

1.610

1.338

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1.609

1.610

1.338

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.000

0.000

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.020

0.020

0.020

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
34.443

61.985

0.000

 

Sundry Debtors
726.349

26.256

124.474

 

Cash & Bank Balances
47.499

5.794

0.567

 

Other Current Assets
0.627

0.136

0.003

 

Loans & Advances
99.254

50.649

44.074

Total Current Assets
908.172

144.820

169.118

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
906.274

 

Other Current Liabilities
0.309

 

 

 

Provisions
0.000

 

 

Total Current Liabilities
906.583

143.230

167.800

Net Current Assets
1.589

1.590

1.318

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1.609

1.610

1.338

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Sales

3107.848

469.260

2112.341

 

 

Other Income

7.690

1.457

2.205

 

 

TOTAL                                    

3115.538

470.717

2114.546

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods sold

3085.412

467.816

2111.265

 

 

Custom Duty

13.718

0.000

0.000

 

 

Stamp Duty

0.526

0.000

0.000

 

 

Assortment Charges

0.992

0.420

0.939

 

 

Bank Charges

0.286

0.000

0.000

 

 

Brokerage and Commission Expenses

0.737

0.135

0.415

 

 

Exchange Difference

10.124

1.048

0.625

 

 

Foreign Tours and Travels

1.463

0.306

0.110

 

 

Import Expenses

1.020

0.093

0.013

 

 

Office Expenses

0.113

0.106

0.140

 

 

Salary

0.378

0.216

0.386

 

 

Other Expenses

0.231

0.234

0.380

 

 

TOTAL                                    

3115.000

470.374

2114.273

 

 

 

 

 

 

PROFIT BEFORE INTEREST

0.538

0.343

0.273

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

0.005

0.071

0.003

 

 

 

 

 

 

NET PROFIT

0.533

0.272

0.270

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)
0.02

0.06

0.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.06

0.19

0.16

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.33

0.17

0.20

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.00

0.00

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.00

1.01

1.01

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Capital Account

1.338

1.610

1.609

Reserves & Surplus

0.000

0.000

0.000

Net worth

1.338

1.610

1.609

 

 

 

 

Secured Loans

0.000

0.000

0.000

Unsecured Loans

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2112.341

469.260

3107.848

 

 

-77.785

562.287

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2112.341

469.260

3107.848

Net Profit

0.270

0.272

0.533

 

0.01%

0.06%

0.02%

 

 

 

 

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

No

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

No

22

Conduct of the banking account

Yes

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%

--

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. 66.65

UK Pound

1

Rs. 99.61

Euro

1

Rs. 72.33

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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.