MIRA INFORM REPORT

 

 

Report No. :

321720

Report Date :

09.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ADVANCED FITTINGS PRIVATE LIMITED

 

 

Registered Office :

401, Ankush Building, 4th Floor, 10th Khetwadi, Girgaon, Mumbai – 400004, Maharashtra

Tel. No.:

91-22-61303333 / 61303349 / 61303316

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.02.2010

 

 

Com. Reg. No.:

11-200157

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U28133MH2010PTC200157

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer, Exporter and Importer of Bends, Buttweld Pipe Fittings, Forged Fittings, Outlets, Flanges.

 

 

No. of Employees :

35 (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

 

Maximum Credit Limit :

USD 20000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

General financial position of the company seems to be sound and healthy. Profitability of the company is fair.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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

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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vijay Mohite

Designation :

Accountant

Contact No.:

91-22-61303349

Date :

07.05.2015

 

LOCATIONS

 

Registered Office :

401, Ankush Building, 4th Floor, 10th Khetwadi, Girgaon, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-61303333 / 61303349 / 61303316

Fax No.:

91-22-23861122

E-Mail :

sales@ibrpipefittings.com

accounts@adfitindia.com

Website :

www.ibrpipefittings.com

 

 

Factory 1 :

Parmar Industrial Estate, Phase II, Unit No.38, Palghar, Village, Near Vasai Fata, Western Express Highway, N.H.-8 Vasai (East), Mumbai-400004, Maharashtra, India

 

 

Factory 2 :

Wada, Thane, Mumbai, Maharashtra, India

 

 

DIRECTORS

 

As on 30.09.2013

 

Name :

Mr. Dilip Pukhraj Sanghvi

Designation :

Director

Address :

401, Ankush Building, 4th Floor, 10th Khetwadi Lane, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

25.10.1974

Date of Appointment :

17.02.2010

DIN No.:

01403484

Other Directorship :

S.

No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51420MH2005PTC154680

NEXUS Alloys AND Steels Private Limited

Director

11/07/2005

11/07/2005

-

Active

NO

2

U28133MH2010PTC200157

ADVANCED FITTINGS PRIVATE LIMITED

Director

17/02/2010

17/02/2010

-

Active

NO

 

 

Name :

Mr. Hareshkumar Pukhraj Sanghvi

Designation :

Director

Address :

401, Ankush Building, 4th Floor, 10th Khetwadi Lane, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

07.01.1977

Date of Appointment :

17.02.2010

DIN No.:

02903218

 

 

KEY EXECUTIVES

 

Name :

Mr. Vijay Mohite

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2013

 

Names of Shareholders

No. of Shares

Percentage of Holding

Dilip Pukhraj Sanghvi

5000

50.00

Hareshkumar Pukhraj Sanghvi

5000

50.00

Total

10000

100.00

 

 

As on 30.09.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Bends, Buttweld Pipe Fittings, Forged Fittings, Outlets, Flanges

 

 

Products :

  • IBR Elbow
  • IBR End Cap
  • IBR Pipe Nipple
  • IBR Reducer
  • IBR Return Bend
  • IBR Tee
  • IBR Blind Flanges
  • IBR Customized
  • IBR Forged Flanges

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :

  • Europe
  • Middle east countries
  • Srilanka
  • South Africa

 

 

Imports :

 

Products :

Raw Material

Countries :

  • Europe
  • Japan

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Nexus Alloys and Steel Private Limited

Name of the Person :

Mr. Jitendra Sanghvi (Director)

Contact No.:

91-22-61172222 / 66518629

Since How Long Known :

6 Years

Maximum Limit Dealt :

20.000 to 30.000 Million (Approximately) (Yearly)

Experience :

Payment Behaviour

Market Goodwill

Overall

Excellent

Excellent

Excellent

Remark :

They gave us positive response about the subject company they are satisfied with their payment behavior.

 

 

Customers :

Reference :

Emerson Process Management Chennai Limited

Name of the Person :

Mr. Logesh S

Contact No.:

44-49034300 / 9003009649

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

35 (Approximately)

 

 

Bankers :

Banker Name

Indusind Bank Limited

Branch Address

ACME Plaza, C.T.S. No. 32, Opposite Sangam Talkies, Andheri-Kurla Road, Andheri, Mumbai – 400059, 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 Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Ratan Mehta and Company

Chartered Accountants

Address :

11/12, Rajmudra Building, 119/121, Bhandari Street, Near Gol Deval Temple, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-23820711

Mobile No.:

91-9820513222

Fax No.:

91-22-23852934

PAN No.:

AAGPM4139M

E-Mail :

ratanmehtaco@yahoo.com

 

 

Memberships :

---

 

 

Collaborators :

---

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/-each

Rs.1.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/-each

Rs.0.100 Million

 

 

FINANCIAL DATA

[All figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.100

0.100

0.100

(b) Reserves & Surplus

7.944

4.917

1.782

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

8.044

5.017

1.882

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7.427

0.000

0.000

(b) Deferred tax liabilities (Net)

0.047

0.092

0.071

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

7.474

0.092

0.071

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

22.510

6.821

4.315

(b) Trade payables

31.689

19.883

18.858

(c) Other current liabilities

3.754

1.986

3.620

(d) Short-term provisions

1.401

1.398

0.702

Total Current Liabilities (4)

59.354

30.088

27.495

 

 

 

 

TOTAL

74.872

35.197

29.448

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5.143

3.652

2.657

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.681

0.019

0.029

Total Non-Current Assets

5.824

3.671

2.686

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

27.038

11.005

13.740

(c) Trade receivables

13.466

8.478

4.662

(d) Cash and cash equivalents

5.251

0.764

2.749

(e) Short-term loans and advances

23.293

11.279

5.611

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

69.048

31.526

26.762

 

 

 

 

TOTAL

74.872

35.197

29.448

 

                                                                          

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

121.969

130.827

74.638

 

Other Income

1.353

0.721

0.773

 

TOTAL

123.322

131.548

75.411

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

0.000

0.000

0.000

 

Purchases of Stock-in-Trade

104.513

109.503

69.693

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(2.884)

4.609

(6.513)

 

Employees benefits expense

2.786

2.314

1.311

 

Other expenses

12.396

9.251

7.725

 

TOTAL

116.811

125.677

72.216

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

6.511

5.871

3.195

 

 

 

 

 

Less

FINANCIAL EXPENSES

1.362

0.679

0.396

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

5.149

5.192

2.799

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

0.766

0.639

0.359

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4.383

4.553

2.440

 

 

 

 

 

Less

TAX

1.357

1.418

0.755

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3.026

3.135

1.685

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

302.60

313.50

168.50

 

 

Expected sales (2014-2015) Rs.160.000 Million

 

The above information has been parted by Mr. Vijay Mohite (Accountant)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Net Profit Margin

PAT / Sales

(%)

                      2.48

2.39

2.25

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

5.33

4.48

4.28

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.85

12.94

8.29

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.54

0.91

1.30

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.72

1.36

2.29

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.16

1.05

0.97

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.100

0.100

0.100

Reserves & Surplus

1.782

4.917

7.944

Net worth

1.882

5.017

8.044

 

 

 

 

long-term borrowings

0.000

0.000

7.427

Short term borrowings

4.315

6.821

22.510

Total borrowings

4.315

6.821

29.937

Debt/Equity ratio

2.293

1.360

3.722

 

 

 

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)

Sales

74.638

130.827

121.969

 

 

75.282

(6.771)

 

 

 

 

 

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

74.638

130.827

121.969

Profit

1.685

3.135

3.026

 

2.26%

2.40%

2.48%

 

 

 

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

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

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

No

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 CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10375800

27/06/2013 *

30,000,000.00

INDUSIND BANK LTD.

ACME PLAZA, C.T.S. NO. 32, OPP. SANGAM TALKIES,
ANDHERI-KURLA ROAD, ANDHERI,, MUMBAI, Maharashtra - 400059, INDIA

B79400917

 

 

FIXED ASSETS

 

  • Cranes
  • Dies
  • Electrical Fittings
  • Machinery
  • Weight and Scale
  • CCTV
  • Computers
  • EPBX
  • Fax Machine
  • Scooter

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 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.64.04

UK Pound

1

Rs.99.04

Euro

1

Rs.71.76

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

JYTK


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

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.