MIRA INFORM REPORT
|
Report No. : |
320248 |
|
Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
IONEX ENVIROTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
208, Swastik Plaza, Pokhran Road No 2, Subhash Nagar, Near Voltas, Thane (West), Thane - 400601, Maharashtra |
|
Tel. No.: |
91-22-2173154 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
11.12.2006 |
|
|
|
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Com. Reg. No.: |
11-166102 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 2.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140MH2006PTC166102 |
|
|
|
|
IEC No.: |
0311048048 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI05083B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI6077P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
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Line of Business
: |
Manufacturer, Exporter and Importer of water and waste water
treatment. |
|
|
|
|
No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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. There seems drastic dip in the turnover of the company during FY2013. But
it has slightly improved its turnover from Rs.15.236 Million to Rs.21.431
Million during FY2014. The company has also recovered it last year of loss by
earning profit of Rs.63.400 Million during the FY2014. However, the rating takes into consideration its moderate scale of
operations. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business will some cautions. |
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. Rajesh |
|
Designation : |
Admin Department |
|
Contact No.: |
91-22-21731544 |
|
Date : |
02.05.2015 |
LOCATIONS
|
Registered Office : |
208, Swastik Plaza, Pokhran Road No 2, Subhash Nagar, Near Voltas, Thane (West), Thane - 400601, Maharashtra, India |
|
Tel. No.: |
91-22-21731544 |
|
Fax No.: |
91-22-21731545 |
|
E-Mail : |
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|
|
|
|
Factory : |
59/1, Indian Company Private Limited, Village Dapada opposite gajanan petrol
pump Bhiwandi by pass road, Mankoli naka, Bhiwandi, Maharashtra, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sandeep Durgadas Bari |
|
Designation : |
Director |
|
Address : |
402, Prerana Chhaya Co-Op. Soc.,, Diva Nagar, Airoli,, New Mumbai, 400708, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1972 |
|
Date of Appointment : |
11.12.2006 |
|
DIN No.: |
00891119 |
|
|
|
|
Name : |
Mr. Ranganathan Trichur Krishnan |
|
Designation : |
Director |
|
Address : |
Flat No. 701, 7th Floor, Building No. D3, Lok Upvan Phase - 2, Pokharan Road No. 2, Lokupvan, Thane-400601, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1964 |
|
Date of Appointment : |
11.12.2006 |
|
DIN No.: |
00900451 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Admin Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Ranganathan Trichur Krishnan |
100000 |
50.00 |
|
Sandeep Durgadas Baric |
100000 |
50.00 |
|
Total |
200000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of water and waste water
treatment. |
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|
|
|
Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
18 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Narottam and Co. Chartered Accountants |
|
Address : |
224/8769, Kannamwar Nagar, Vikhroli (East), Mumbai-400083,
Maharashtra, India |
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PAN No.: |
AALPM9139K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 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 |
2.000 |
2.000 |
0.100 |
|
(b) Reserves & Surplus |
11.473 |
10.840 |
11.449 |
|
(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) |
13.473 |
12.840 |
11.549 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.275 |
2.841 |
1.274 |
|
(b) Deferred tax liabilities
(Net) |
0.782 |
0.701 |
0.433 |
|
(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) |
2.057 |
3.542 |
1.707 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1.687 |
8.184 |
22.987 |
|
(c) Other current liabilities |
4.483 |
12.044 |
7.933 |
|
(d) Short-term provisions |
2.243 |
1.322 |
13.165 |
|
Total
Current Liabilities (4) |
8.413 |
21.550 |
44.085 |
|
|
|
|
|
|
TOTAL |
23.943 |
37.932 |
57.341 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
16.760 |
18.308 |
9.374 |
|
(ii) Intangible Assets |
0.176 |
0.167 |
0.150 |
|
(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 |
1.380 |
1.459 |
2.837 |
|
(e) Other Non-current assets |
0.870 |
1.052 |
0.000 |
|
Total
Non-Current Assets |
19.186 |
20.986 |
12.361 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
8.947 |
0.772 |
|
(c) Trade receivables |
4.292 |
7.506 |
1.486 |
|
(d) Cash and cash equivalents |
0.045 |
0.119 |
0.779 |
|
(e) Short-term loans and
advances |
0.065 |
0.217 |
9.276 |
|
(f) Other current assets |
0.355 |
0.157 |
32.667 |
|
Total
Current Assets |
4.757 |
16.946 |
44.980 |
|
|
|
|
|
|
TOTAL |
23.943 |
37.932 |
57.341 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
21.431 |
15.236 |
90.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
19.177 |
13.787 |
84.276 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.254 |
1.449 |
6.227 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.236 |
0.703 |
0.311 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.018 |
0.746 |
5.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.600 |
1.355 |
0.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.418 |
(0.609) |
5.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.216) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.634 |
(0.609) |
5.061 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.840 |
11.448 |
6.387 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
11.474 |
10.839 |
11.448 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.17 |
(3.05) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.96 |
(4.00) |
5.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.52 |
9.51 |
6.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.75 |
(1.61) |
8.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(0.05) |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.22 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57 |
0.79 |
1.02 |
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 |
2.000 |
2.000 |
|
Reserves & Surplus |
11.449 |
10.840 |
11.473 |
|
Net
worth |
11.549 |
12.840 |
13.473 |
|
|
|
|
|
|
long-term borrowings |
1.274 |
2.841 |
1.275 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1.274 |
2.841 |
1.275 |
|
Debt/Equity
ratio |
0.110 |
0.221 |
0.095 |
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) |
|
Total Income |
90.503 |
15.236 |
21.431 |
|
|
|
(83.165) |
40.660 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
90.503 |
15.236 |
21.431 |
|
Profit |
5.061 |
(0.609) |
0.634 |
|
|
5.59% |
(4.00%) |
2.96% |
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 |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Loans and
advances from related parties |
|
|
|
Directors loan (interest free) |
0.837 |
1.687 |
|
Deposit |
0.150 |
0.000 |
|
Total |
0.987 |
1.687 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10150678 |
05/01/2013 * |
15,000,000.00 |
State Bank of India |
SMECCC, Shop No. 6, Sun Magnetica, Louiswadi, LIC, |
B66018870 |
* Date of charge modification
FIXED ASSETS
- Computer
- Cycle
- Office
premises
- Machinery
- Printer
- Mobile phone
- Air
conditioner
·
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis
Done by : |
RSM |
|
|
|
|
Report
Prepared by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP
CAPITAL |
1~10 |
3 |
|
OPERATING
SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.