MIRA INFORM REPORT
|
Report No. : |
350468 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
EQUINOX IMPEX |
|
|
|
|
Registered
Office : |
C/42, GIDC Estate, Near Odhav Fire Station, Odhav, Ahmedabad – 382415,
Gujarat |
|
Tel. No.: |
91-79-22973222 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
January 2010 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 31.220 Million |
|
|
|
|
IEC No.: |
0810022991 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AKTPS8365D |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturing and Exporting of Reactive Dyes |
|
|
|
|
No. of Employees
: |
25 (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 89000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is proprietorship concern established in the year 2010 having
satisfactory track. For the year 2015, the concern has achieved decent sales turnover
marked by satisfactory profitability margin. The concern possesses comfortable capital base marked by adequate
liquidity position. 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 |
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. Pravin Kumar |
|
Designation : |
International Marketing Manager |
|
Contact No.: |
91-9725005577 |
|
Date : |
20.11.2015 |
LOCATIONS
|
Registered Office / Factory : |
C/42, GIDC Estate, Near Odhav Fire Station, Odhav, Ahmedabad – 382415,
Gujarat, India |
|
Tel. No.: |
91-79-22973222 |
|
Mobile No.: |
91-9898055554 / 9725005577 (Mr. Pravin) |
|
Fax No.: |
91-79-22894000 |
|
E-Mail : |
|
|
Web: |
|
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Vaibhav Shah |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Kumar |
|
Designation : |
International Marketing Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Reactive Dyes |
|
|
|
|
Products : |
Reactive Dyes |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
|
|
Products : |
Dyes |
|
Countries : |
|
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit |
|
|
|
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
Wholesalers, Retailers and Others
|
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|
No. of Employees : |
25 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Anjeet Gandhi and Associates Chartered Accountant |
|
Address : |
1005, Span Trade Centre, Opposites Kochrab Ashram Road, Paldi,
Ahmedabad-380015, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on: 31.03.2015
|
Particular |
Amount (Rs. in
Million) |
Particular |
Amount (Rs. in
Million) |
|
Advance Tax |
0.568 |
Opening Balance |
26.307 |
|
Bank Account |
2.126 |
Cash Account |
0.495 |
|
Cash Account |
0.309 |
Bank Account |
0.700 |
|
Bank Credit Card |
0.338 |
Net Profit |
7.058 |
|
|
|
|
|
|
Closing Balance |
31.220 |
|
|
|
|
34.560 |
|
34.560 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2015 |
31.03.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
|
31.220 |
26.307 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
31.220 |
26.307 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
37.659 |
37.164 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
37.659 |
37.164 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
68.879 |
63.471 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.124 |
2.663 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
23.363 |
4.110 |
|
|
Sundry Debtors |
|
79.765 |
101.665 |
|
|
Cash & Bank Balances |
|
2.800 |
6.459 |
|
|
Deposits |
|
0.040 |
0.040 |
|
|
Loans & Advances |
|
34.129 |
10.013 |
|
Total
Current Assets |
|
140.097 |
122.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
74.572 |
59.437 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provision |
|
0.770 |
2.042 |
|
Total
Current Liabilities |
|
75.342 |
61.479 |
|
|
Net Current Assets |
|
64.755 |
60.808 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
68.879 |
63.471 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
486.841 |
337.774 |
|
|
|
Other Income |
|
14.210 |
9.585 |
|
|
|
TOTAL |
|
501.051 |
347.359 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
466.309 |
313.854 |
|
|
|
Job work expenses |
|
3.876 |
0.000 |
|
|
|
Freight Expenses |
|
12.368 |
8.094 |
|
|
|
Export inspection charges |
|
0.026 |
0.031 |
|
|
|
Laboratory expenses |
|
0.064 |
0.041 |
|
|
|
Factory expenses |
|
0.228 |
0.018 |
|
|
|
Power and fuel charges |
|
0.199 |
0.145 |
|
|
|
Salary and wages |
|
0.772 |
2.340 |
|
|
|
Bonus |
|
0.154 |
0.698 |
|
|
|
CST reduction |
|
0.058 |
0.018 |
|
|
|
Damage claim by export party |
|
0.115 |
0.515 |
|
|
|
Labor expenses |
|
0.106 |
0.000 |
|
|
|
Audit fees |
|
0.023 |
0.024 |
|
|
|
Advertisement expenses |
|
0.017 |
0.006 |
|
|
|
Bank charges |
|
1.337 |
1.642 |
|
|
|
Computer expenses |
|
0.040 |
0.059 |
|
|
|
Staff salary |
|
1.563 |
0.000 |
|
|
|
Building repairs |
|
0.138 |
0.010 |
|
|
|
ECGC premium expenses |
|
0.127 |
0.048 |
|
|
|
Certification charges |
|
0.002 |
0.002 |
|
|
|
Derivative |
|
0.280 |
4.197 |
|
|
|
Insurance |
|
0.438 |
0.181 |
|
|
|
ISO expenses |
|
0.044 |
0.031 |
|
|
|
Kasar-vatav expenses |
|
0.108 |
0.004 |
|
|
|
Courier chares |
|
0.038 |
0.011 |
|
|
|
Municipal tax |
|
0.019 |
0.036 |
|
|
|
Office expenses |
|
0.345 |
0.406 |
|
|
|
Petrol expenses |
|
0.164 |
0.145 |
|
|
|
Postage and telegram |
|
0.332 |
0.265 |
|
|
|
Stationery and printing |
|
0.033 |
0.124 |
|
|
|
Telephone charges |
|
0.262 |
0.266 |
|
|
|
Travelling charges |
|
0.680 |
0.811 |
|
|
|
Consultancy expenses |
|
0.300 |
0.000 |
|
|
|
Vehicle repairs |
|
0.091 |
0.106 |
|
|
|
Legal professional |
|
0.108 |
0.110 |
|
|
|
Registration charges |
|
0.010 |
0.084 |
|
|
|
Staff welfare |
|
0.018 |
0.000 |
|
|
|
Short margin penalty |
|
0.036 |
0.000 |
|
|
|
Staff bonus |
|
0.314 |
0.000 |
|
|
|
Interest expenses |
|
2.128 |
1.263 |
|
|
|
Annual Fees for Export |
|
0.000 |
0.433 |
|
|
|
Bad Debts |
|
0.000 |
6.196 |
|
|
|
GIDC charges |
|
0.000 |
0.003 |
|
|
|
Depreciation |
|
0.721 |
0.386 |
|
|
|
TOTAL |
|
493.993 |
342.603 |
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
7.058 |
4.756 |
|
The above information has been parted by Mr. Pravin (International
Marketing Manager)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
1.45 |
1.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.89 |
3.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
1.21 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.86 |
1.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
26.307 |
31.220 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net worth |
26.307 |
31.220 |
|
|
|
|
|
1] Secured Loans |
37.164 |
37.659 |
|
2] Unsecured Loans |
0.000 |
0.000 |
|
Total borrowings |
37.164 |
37.659 |
|
Debt/Equity ratio |
1.413 |
1.206 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
337.774 |
486.841 |
|
|
|
44.132 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
337.774 |
486.841 |
|
Net Profit |
4.756 |
7.058 |
|
|
1.41% |
1.45% |
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 |
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 |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
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 |
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 |
FIXED ASSETS
- Air Conditioner
- Motor Bike
- Building
- Motor Car
- Computer
- Electric Fitting
- Laboratory Equipment
- Plant and Machinery
- EPABX Machine
- Furniture
- CCTV Camera
- Truimph Bike
- Yamaha Fz Bike
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 records 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.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.