MIRA INFORM REPORT
|
Report No. : |
351048 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHRINIDHI EXPORTS |
|
|
|
|
Registered
Office : |
W. No. 16, H. No. 1556, Saryu, Mahesh
Nagar, Ichalkaranji, Hatknangle, Kolhapur – 416115, Maharashtra |
|
Tel. No.: |
91-230-2432057/ 3292955 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
2002 |
|
|
|
|
Capital
Investment : |
Rs. 10.514 Million |
|
|
|
|
IEC No.: |
3103006624 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AHBPB0239Q |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer, Trader and Importer of Cotton and Grey Fabrics. |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 2002 as a proprietorship concern and
it is the manufacturer, trader and importer of cotton and grey fabrics. It
has satisfactory track. Mr. Pradeep Birla (Chief Executive Officer) has provided information
of the subject to us. The concern has reported slight declined in sales turnover by recorded
Rs. 214.699 Million for the year 2015 against previous year record of Rs.
224.699 Million which further led to dip net profit of the concern. However,
general financial position of the concern seems to be good. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but 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 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Pradeep Birla |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-230-3292955 |
|
Date : |
25.11.2015 |
LOCATIONS
|
Registered Office : |
W. No. 16, H. No. 1556, Saryu,
Mahesh Nagar, Ichalkaranji, Hatknangle, Kolhapur – 416115, Maharashtra,
India |
|
Tel. No.: |
91-230-2432057/ 3292955 |
|
Mobile No.: |
91-9822195882 (Mr. Pradeep Birla) |
|
Fax No.: |
91-230-2432057 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. Ft. |
|
Locality : |
Commercial Cum Residential |
|
|
|
|
Factory : |
Plot No. 637, Tardal, Hatknangle, Kolhapur – 416115, Maharashtra,
India |
|
Locality : |
Owned |
|
Locality: |
Industrial |
SOLE PROPRIETOR
|
Name : |
Mrs. Shrinidhi Pradeep Birla |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
11.04.1978 |
|
Qualification : |
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Birla |
|
Designation : |
Chief Executive Officer |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Importer of Cotton and Grey Fabrics. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· China · Belgium |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
|
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No. of Employees : |
15 (Approximately) |
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|
Bankers : |
· ICICI Bank Limited Ichalkaranli, Kolhapur – 416115,
Maharashtra, India · Tamilnad Mercantile Bank Limited Ichalkaranli, Kolhapur – 416115, Maharashtra, India |
||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
Kabra Hahoti and Company Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Birla Udyog Samuh |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
Capital Investment : |
|
|
Owned : |
Rs. 10.514 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 10.514
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
Expected Sales (2015-2016) : Rs. 300.000 Million
The above information has been parted by Mr. Pradeep Birla (Chief
Executive Officer)
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2015 |
31.03.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
|
10.514 |
10.008 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
10.514 |
10.008 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
17.962 |
0.169 |
|
|
2] Unsecured Loans |
|
8.595 |
7.673 |
|
|
TOTAL BORROWING |
|
26.557 |
7.842 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
37.071 |
17.850 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
20.345 |
0.356 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
19.264 |
9.197 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.914
|
11.386 |
|
|
Sundry Debtors |
|
57.610
|
57.653 |
|
|
Cash & Bank Balances |
|
6.070
|
6.176 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
22.168
|
24.219 |
|
Total
Current Assets |
|
96.762
|
99.434 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
99.300
|
91.137 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
99.300
|
91.137 |
|
|
Net Current Assets |
|
(2.538)
|
8.297 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
37.071 |
17.850 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
214.700 |
224.700 |
|
|
|
Other Income |
|
1.805 |
1.691 |
|
|
|
Jobwork Charges Recd |
|
19.116 |
19.826 |
|
|
|
TOTAL |
|
235.621 |
246.217 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
|
29.168 |
31.068 |
|
|
|
Raw material Consumed - Yarn |
|
136.689 |
156.533 |
|
|
|
Process Charges |
|
18.849 |
5.690 |
|
|
|
Weaving Charges |
|
29.403 |
31.985 |
|
|
|
Repairing and Maintained |
|
0.104 |
0.241 |
|
|
|
Packing Material expenses |
|
0.333 |
0.302 |
|
|
|
Checking and Packing Expenses |
|
0.211 |
0.208 |
|
|
|
Mill stores expenses |
|
0.988 |
1.480 |
|
|
|
Sizing Warping and Winding |
|
8.491 |
10.013 |
|
|
|
Electricity Expenses |
|
0.342 |
0.334 |
|
|
|
Workers Wages |
|
0.362 |
0.762 |
|
|
|
Mending and Folding Expenses |
|
0.171 |
0.178 |
|
|
|
Second and Claim |
|
2.991 |
1.701 |
|
|
|
Security Expenses |
|
0.112 |
0.080 |
|
|
|
Salary Expenses |
|
0.559 |
0.366 |
|
|
|
Brokerage Expenses |
|
1.142 |
2.038 |
|
|
|
Transportation Expenses |
|
0.579 |
0.414 |
|
|
|
Other Expenses |
|
0.370 |
0.434 |
|
|
|
TOTAL |
|
230.864 |
243.827 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE, DEPRECIATION AND AMORTISATION |
|
4.757 |
2.390 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
4.233 |
0.052 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
0.524 |
2.338 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
0.24 |
1.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.45 |
2.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
2.53 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.90 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Proprietor Capital |
10.008 |
10.514 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net
worth |
10.008 |
10.514 |
|
|
|
|
|
Secured Loans |
0.169 |
17.962 |
|
Unsecured Loans |
7.673 |
8.595 |
|
Total
borrowings |
7.842 |
26.557 |
|
Debt/Equity
ratio |
0.784 |
2.526 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
224.700 |
214.700 |
|
|
|
(4.450) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
224.700 |
214.700 |
|
Profit |
2.338 |
0.524 |
|
|
1.04% |
0.24% |
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 |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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,
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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.