MIRA INFORM REPORT

 

 

Report No. :

349266

Report Date :

27.11.2015

 

IDENTIFICATION DETAILS

 

Name :

FINE TONE INKS

 

 

Registered Office :

22, Vora Plaza, Navghar, Vasai Road (East), Thane – 401210, Maharashtra

Tel. No.:

91-9762458544 (Mr. Shiv Somani)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation:

14.01.2007

 

 

Capital Investment / Paid-up Capital :

Rs.3.379 Million (As on 31.03.2014)

 

 

TIN No.:

27900581162

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAQHS5322F

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader of Inks and Adhesive for Flexible Packaging Industry.

 

 

No. of Employees :

2 (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 9700

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Fine Tone Inks was established in the year 2007 by the proprietor Mr. Shiv M. Somani. It is engaged into trading of links and adhesives for flexible packaging industries.

 

Rating takes into consideration concern’s satisfactory financial profile, improved capital structure marked by comfortable debt protection metrics.

 

Rating, further take into account concern’s well established track record marked by growing scale of operation and decent profitability margin.

 

However, this rating strength is partially offset trading nature of its business and competition faced from organised and unorganised players in the market.

 

In view aforesaid, the concern can be considered normal for business dealings with 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.

 

 

HENKEL RATING

 

 

HENKEL’s Rating :

350 (Significant risk)

 

Credit Rating

Henkel Rating (Customer Risk Assesment- CRA)

Mira Inform

Risk Category

Credit Limit

Description

Aaa

100

Inter Company, credit limit not required

Very low risk (blue ships)

Aa

200, 201

(120% of Gross Annualised Sales/365)*Credit Term.

Low risk

A

300, 301

(100% of Gross Annualised Sales/365)*Credit Term.

Moderate risk

Ba

350

(90% of Gross Annualised Sales/365)*Credit Term.

Significant risk

B

400

(80% of Gross Annualised Sales/365)*Credit Term.

High risk

450

Very high risk

Ca or C

500*

NIL/ Legal/ Bad/No Transaction

Doubtful accounts

007*

NIL

Small unrated customers

009*

NIL

Inactive customers

999*

Initially First Invoice vales, CRA will be done and based on report the CL would get revised.

New customer

 

 

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

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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. Shiv Somani (HUF)

Designation :

Proprietor

Contact No.:

91-9322252948

Date :

26.11.2015

 

 

LOCATIONS

 

Registered Office/ Warehouse :

22, Vora Plaza, Navghar, Vasai Road (East), Thane – 401210, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-9762458544 (Mr. Shiv Somani)

Fax No.:

Not Available

E-Mail :

sfinetone@yahoo.com

Location :

Rented

 

 

SOLE PROPRIETOR

 

Name :

Mr. Shiv Somani (HUF)

Designation :

Proprietor

Date of Birth/Age :

42 Years

Qualification :

B.Com

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Inks and Adhesive for Flexible Packaging Industry.

 

 

Products :

Inks

Adhesive

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash (60 Days)

 

 

Purchasing :

Cash (60 Days)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Sky Chem, Vasai (West), Thane, Maharashtra, India

Name of the Person :

Mr. Jignesh Shah

Contact No.:

91-9320331696

Since How Long Known :

7 Years

Maximum Limit Dealt :

Rs.1.500 Million (Monthly)

Experience :

Payment

Behaiour

Market Goodwill

Overall

Good

Good

Good

Remark:

They gave us positive about subject concern they are satisfied with their payment behavior and market goodwill.

 

  • Tricil Packaging, Vasai, Thane, Maharashtra, India

Mobile No: 91-9821063408

 

 

Customers :

Manufacturer

Reference :

Spectra Pack, Vasai (East), Thane, Maharashtra, India

Name of the Person :

Mr. Amit Desai (Proprietor)

Contact No.:

91-9324591011

Since How Long Known :

6 Years

Maximum Limit Dealt :

 Rs.0.500 Million (Monthly)

Experience :

Product Quality

Delivery Behaviour

Overall

Good

Good

Good

Remark:

They gave us positive response about subject concern thery are satisfied with their product quality and delivery behavior.

 

  • Pack Tight Packaging

Mobile No.: 91-9594020660

 

 

No. of Employees :

2 (Approximately)

 

 

Bankers :

Bank Name

IDBI Bank

Branch

Arihant Darshan, 90 Feet Road, Corner, Near Shivmandir, Bhayander (West), Mumbai – 401101, Maharashtra, India

Person Name (With Designation)

Mr. Vinay Kumar (Assistant Manager)

Contact Number

91-22-28192275

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)

He denied to provide details on call, he told to send mail after that he will revert vinay.kumar@idbibank.com

 

 

 

Auditors :

 

Name :

Hitesh C. Shah and Associates

Mr. Hitesh C. Shah (Proprietor)

Chartered Accountant

Address :

B-402, Bhoomi Enclave, Kandivali, (East), Mumbai, Maharashtra, India

Mobile No.:

91-9322329802

E-Mail :

ompayal@yahoo.co.in

Memberships No.:

107930

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern:

Not Divulged

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Capital Investment :

Amount

(Rs. In Million)

Proprietor’s Capital A/C

 

Shiv Somani (HUF)

 

Opening Balance

2.714

Add: Net Profit

0.831

Add: Bank Interest

0.001

 

3.546

Less: L.I.C. Prem. Paid

0.097

Less: I.T. (A.Y. 14-15)

0.030

Less: ADV. Tax (A.Y. 14-15)

0.040

Total :

3.379

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

FINANCIAL DETAILS FILE ATTACHED

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Share Capital

2.714

3.379

Reserves & Surplus

0.000

0.000

Money received against share warrants

0.000

0.000

 Share Application money pending allotment

0.000

0.000

Net worth

5.428

6.758

 

 

 

Secured Loans

0.000

0.000

Unsecured Loans

1.416

1.249

Total borrowings

1.416

1.249

Debt/Equity ratio

0.522

0.370

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

16.417

20.259

 

23.403

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

16.417

20.259

Profit

0.548

0.831

 

3.34%

4.10%

 

 

 

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

Yes

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)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

No

21

Banking facility details

Yes

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 three 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

 

 

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.66.38

UK Pound

1

Rs.100.45

Euro

1

Rs.70.55

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KSH

 

 

Report Prepared by :

SUD

 

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

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

 

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.