MIRA
INFORM REPORT
|
Report No. : |
307769 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPARSHA FRESH FRUITS AND VEGETABLES AGRO PRIVATE LIMITED |
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Registered
Office : |
Shop No. B17, Shree Siddhivinayak CHS Limited, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.06.2011 |
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Com. Reg. No.: |
11-218338 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U01134MH2011PTC218338 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of Fresh Food and Vegetables. |
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No. of Employees
: |
5 (Approximately) |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating constrained on account of company’s moderate financial risk
profile marked by low profitability margins and huge external borrowing taken
by company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 PARTED BY
|
Name : |
Mr. Vikas Durlabhdas Doshi |
|
Designation : |
Director |
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Contact No.: |
91-9004077555 |
|
Date : |
14.02.2015 |
LOCATIONS
|
Registered Office / Warehouse : |
Shop No. B17, Shree Siddhivinayak CHS Limited, Tank Road, Orlem, Malad West, Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-2807633 / 28076330 |
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Mobile No.: |
91-9004077555 (Mr. Vikas Durlabhdas Doshi) |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Vikas Durlabhdas Doshi |
|
Designation : |
Director |
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Address : |
B/106, Gowardhan Nagar, Opposite Poisar Gymkhana, Borsa Pada,
Kandivali (West), Mumbai - 400067, Maharashtra, India |
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Date of Birth/Age : |
14.03.1970 |
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Date of Appointment : |
06.06.2011 |
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DIN No.: |
03514735 |
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Name : |
Mr. Balakrishna Lingappa Shetty |
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Designation : |
Director |
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Address : |
Building No. VI, Ground Floor, Flat No. 1 Krishna Sadan, New Evershine
Garden CHSL, Krishna Township, Ambadi Road, Vasai - 401202, Maharashtra,
India |
|
Date of Appointment : |
27.07.2014 |
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DIN No.: |
06936840 |
MAJOR SHAREHOLDERS
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Satish Vitthal Shetty |
|
6000 |
|
Vikas Durlabhdas Doshi |
|
4000 |
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Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Fresh Food and Vegetables. |
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Products : |
Fresh Food and Vegetables |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
European Countries ·
London ·
Dubai ·
Gulf Countries
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Dubai ·
Italy |
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Terms : |
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Selling : |
Cash, Advance Payment and Cheque |
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Purchasing : |
Cash, Advance Payment and Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Auditors : |
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Name : |
S K Shetty and Company Chartered Accountants |
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Address : |
101/102, E - Wing, Chincholi Apartments, Chincholi Bunder Road, Malad
(West), Mumbai – 400064, Maharashtra, India |
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Tel. No.: |
91-22-28752121 / 28758866 / 28771077 |
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PAN No.: |
AAFPS2768G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.5.000
Millions
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
5.000 |
3.859 |
0.100 |
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(b) Reserves & Surplus |
0.231 |
0.203 |
0.034 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
5.231 |
4.062 |
0.134 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
20.889 |
6.050 |
3.319 |
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(b) Deferred tax liabilities (Net) |
0.006 |
0.007 |
0.001 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
20.895 |
6.057 |
3.320 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.121 |
5.924 |
0.000 |
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(b) Trade payables |
70.639 |
34.654 |
13.346 |
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(c) Other current
liabilities |
0.334 |
1.447 |
0.027 |
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(d) Short-term provisions |
0.634 |
0.030 |
0.450 |
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Total Current Liabilities (4) |
71.728 |
42.055 |
13.823 |
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TOTAL |
97.854 |
52.174 |
17.277 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
0.083 |
0.111 |
0.041 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
0.083 |
0.111 |
0.041 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
8.210 |
4.663 |
0.000 |
|
(c) Trade receivables |
88.347 |
46.137 |
16.847 |
|
(d) Cash and cash
equivalents |
0.047 |
0.801 |
0.165 |
|
(e) Short-term loans and
advances |
1.167 |
0.462 |
0.224 |
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(f) Other current assets |
0.000 |
0.000 |
0.000 |
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Total Current Assets |
97.771 |
52.063 |
17.236 |
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|
|
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TOTAL |
97.854 |
52.174 |
17.277 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
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|
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Income |
83.852 |
98.493 |
45.868 |
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Other Income |
1.969 |
0.512 |
0.016 |
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TOTAL (A) |
85.821 |
99.005 |
45.884 |
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Less |
EXPENSES |
|
|
|
|
|
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Cost of Materials Consumed |
72.669 |
78.433 |
31.767 |
|
|
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Employee Benefits Expenses |
0.816 |
0.887 |
0.450 |
|
|
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Other Expenses |
11.025 |
18.996 |
13.489 |
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TOTAL (B) |
84.510 |
98.316 |
45.706 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.311 |
0.689 |
0.178 |
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|
Less |
FINANCIAL
EXPENSES (D) |
1.239 |
0.411 |
0.107 |
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
0.072 |
0.278 |
0.071 |
|
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|
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|
Less |
DEPRECIATION/
AMORTISATION (F) |
0.028 |
0.022 |
0.009 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
0.044 |
0.256 |
0.062 |
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|
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|
Less |
TAX (H) |
0.016 |
0.087 |
0.028 |
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|
PROFIT/(LOSS) AFTER
TAX (G-H) (I) |
0.028 |
0.169 |
0.034 |
|
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|
Earnings /
(Loss) Per Share (Rs.) |
0.07 |
0.44 |
3.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.03 |
0.17 |
0.07 |
|
|
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|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.56 |
0.70 |
0.39 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04 |
0.49 |
0.36 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.06 |
0.46 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.02 |
2.95 |
24.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.24 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.100 |
3.859 |
5.000 |
|
Reserves & Surplus |
0.034 |
0.203 |
0.231 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.134 |
4.062 |
5.231 |
|
|
|
|
|
|
Long Term borrowings |
3.319 |
6.050 |
20.889 |
|
Short Term borrowings |
0.000 |
5.924 |
0.121 |
|
Total
borrowings |
3.319 |
11.974 |
21.010 |
|
Debt/Equity
ratio |
24.769 |
2.948 |
4.016 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
45.868 |
98.493 |
83.852 |
|
|
|
114.731 |
(14.865) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
45.868 |
98.493 |
83.852 |
|
Profit |
0.034 |
0.169 |
0.028 |
|
|
0.07% |
0.17% |
0.03% |
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 |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10410279 |
12/02/2013 |
15,000,000.00 |
Bank of India |
Goregaon (W) Branch, Creado House, Near Municipal School, Station Road, Goregaon (W), Mumbai, Maharashtra - 400062, India |
B70253109 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.14 |
|
UK Pound |
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
2 |
|
--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 |
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 |
|
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.