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MIRA INFORM REPORT
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Report No. : |
493349 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE METAL POWDER |
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|
|
|
Registered
Office : |
Plot No. 84, Mittal Chambers, Nariman Point,
Mumbai - 400021, Maharashtra |
|
Tel. No.: |
91-22-22021472 |
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|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2017 |
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Date of
Establishment: |
04.01.1988 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 100.150 Million |
|
|
|
|
TIN No.: |
27120001434 |
|
|
|
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IEC No.: [Import-Export Code No.] |
0388211113 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAAFA3154D1Z1 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA09640B |
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|
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PAN No.: [Permanent Account No.] |
AAAFA3154D |
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|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Trader and Importer of Stainless Steel Wire and Iron Powder.
(Confirmed by management) |
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|
No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Slow but Correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Advance Metal Powder is a trader and importer of stainless steel wire
and iron powder. The concern was started in the year 1988 and is based in
Mumbai, Maharashtra. It is an established partnership concern having
satisfactory track record. As per available audited financials of 2017, revenue and profit of the
concern has slightly declined. However, rating takes into consideration concern’s long established
track record of business operation along with sound capital base and fair
debt level. Rating strength is partially offset by highly competitive steel
industry. Trade relations are reported as fair. Business is active. Payment
terms are seems to be slow but correct. In view of aforesaid, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
December 26, 2016 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Mr. Virchand Lodaya |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9892584334 |
|
Date : |
20.02.2018 |
LOCATIONS
|
Registered Office : |
Plot No. 84, Mittal Chambers, Nariman
Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22021472/ 22045731/
40021472 |
|
Mobile No.: |
91-9892584334 (Mr. Virchand Lodaya) |
|
Fax No.: |
91-22-22851770 |
|
E-Mail : |
|
|
Area : |
856 Sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Warehouse 1 : |
Prerna Complex, Bhiwandi Village, Thane, Maharashtra, India |
|
|
|
|
Warehouse 2 : |
178, Ajay Compound, Behind Gosarani Compound, Godown No. 7, Rahnal,
Bhiwandi, Thane, Maharashtra, India |
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Warehouse 3 : |
61-C, Currey Road East, Near Godrej Compound, Mumbai – 400012,
Maharashtra, India |
|
Area : |
5000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office: |
Gunah Complex, 1st Floor, New No.143, Old No.330, Poonamalli
High Road, Maduravoyal,
Chennai-600095, Tamilnadu, India |
|
Tel. No.: |
91-44-43805167 |
PARTNERS
|
Name : |
Mr. Mukesh Parasram Purohit |
|
Designation : |
Partner |
|
Address : |
7, Sadguru Sadan, Babulnath Road, Mumbai – 400007, Maharashtra, India |
|
|
|
|
Name : |
Mr. Rakesh P. Purohit |
|
Designation : |
Partner |
|
Address : |
7, Sadguru Sadan, Babulnath Road, Mumbai – 400007, Maharashtra, India |
KEY EXECUTIVES
|
Name : |
Mr. Virchand Lodaya |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. SRV Easwar |
|
Designation : |
Senior Business Consultant |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Stainless Steel Wire and Iron Powder. (Confirmed
by management) |
|
|
|
|
Products : |
|
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|
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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 : |
|
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Products : |
Finished Goods |
|
Countries : |
· France
|
|
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Terms : |
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Selling : |
L/C and Cheque |
|
|
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Purchasing : |
L/C and Cheque |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
18 (Approximately) |
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Bankers : |
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Facilities : |
Note: The cash credit
facility from the bank is secured by hypothecation of stock and book debts of
the firm and further secured by equitable mortgage of property of family
member and associate company. |
|
Auditors : |
|
|
Name : |
Bengali and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Membership No.: |
043998 |
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|
|
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
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Sister Concern: |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2017
PARTNERS CAPITAL ACCOUNT
|
Particular |
INR in Million |
|
(A) Partners Capital- Mr. Mukesh P.
Purohit |
|
|
Balance from
previous period |
49.268 |
|
Add: Remuneration |
0.072 |
|
Capital Introduced |
0.500 |
|
Share of profit |
3.231 |
|
|
53.071 |
|
|
|
|
Less: Withdrawal |
1.450 |
|
Income tax |
0.248 |
|
Total (A) |
51.373 |
|
|
|
|
(B) Partners Capital- Mr. Rakesh P.
Purohit |
|
|
Balance from
previous period |
46.143 |
|
Add: Remuneration |
0.072 |
|
Capital Introduced |
0.000 |
|
Share of profit |
3.230 |
|
|
49.445 |
|
|
|
|
Less: Withdrawal |
0.386 |
|
Income tax |
0.282 |
|
Total (B) |
48.777 |
|
TOTAL (A+B) |
100.150 |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
100.150 |
95.411 |
86.601 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Profit and Loss Account |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
100.150 |
95.411 |
86.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
122.996 |
151.574 |
130.028 |
|
|
2] Unsecured Loans |
9.929 |
9.929 |
9.929 |
|
|
TOTAL BORROWING |
132.925 |
161.503 |
139.957 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
233.075 |
256.914 |
226.558 |
|
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APPLICATION OF
FUNDS |
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|
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|
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|
FIXED ASSETS [Net Block] |
7.685 |
8.183 |
8.825 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
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|
INVESTMENT |
0.923 |
0.923 |
0.923 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
126.675 |
173.047 |
221.228 |
|
|
Sundry Debtors |
226.490 |
223.689 |
276.128 |
|
|
Cash & Bank Balances |
0.441 |
0.896 |
0.394 |
|
|
Other Current Assets |
18.370 |
17.269 |
19.657 |
|
|
Loans & Advances |
22.976 |
19.456 |
17.065 |
|
Total
Current Assets |
394.952 |
434.357 |
534.472 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
159.166 |
177.922 |
301.635 |
|
|
Other Current Liabilities |
1.274 |
1.472 |
1.466 |
|
|
Provisions |
10.045 |
7.155 |
14.561 |
|
Total
Current Liabilities |
170.485 |
186.549 |
317.662 |
|
|
Net Current Assets |
224.467 |
247.808 |
211.810
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
233.075 |
256.914 |
226.558 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
957.947 |
1085.218 |
1332.930 |
|
|
Other Income |
3.793 |
3.502 |
13.971 |
|
|
TOTAL |
961.740 |
1088.720 |
1346.901 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Goods sold |
901.257 |
1024.970 |
1269.729 |
|
|
Administrative Expenses |
13.111 |
14.122 |
16.046 |
|
|
Other Expenses |
14.050 |
14.003 |
23.836 |
|
|
VAT and Central Sales Tax |
2.657 |
4.480 |
4.132 |
|
|
TOTAL |
931.075 |
1057.575 |
1313.743 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
30.665 |
31.145 |
33.158 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
20.321 |
19.484 |
19.577 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
10.344 |
11.661 |
13.581 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION |
0.993 |
0.973 |
1.113 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
9.351 |
10.688 |
12.468 |
|
|
|
|
|
|
|
Less |
TAX |
2.889 |
1.736 |
3.853 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
6.462 |
8.952 |
8.615 |
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
86.30 |
75.24 |
75.61 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
4.23 |
4.85 |
4.83 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
64.46 |
63.36 |
86.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.24 |
0.18 |
0.15 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
3.99 |
3.81 |
3.76 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.75 |
0.78 |
0.84 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.33 |
1.69 |
1.62 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.80 |
2.06 |
3.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.08 |
0.09 |
0.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.51 |
1.60 |
1.69 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
0.67 |
0.82 |
0.65 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.60 |
2.02 |
1.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
6.45 |
9.38 |
9.95 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.19 |
2.21 |
1.63 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.49 |
1.33 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.25 |
0.22 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.33 |
1.69 |
1.62 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.19 |
2.21 |
1.63 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are INR
Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Partners Capital |
86.601 |
95.411 |
100.150 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net worth |
86.601 |
95.411 |
100.150 |
|
|
|
|
|
|
Secured Loans |
130.028 |
151.574 |
122.996 |
|
Unsecured Loans |
9.929 |
9.929 |
9.929 |
|
Total borrowings |
139.957 |
161.503 |
132.925 |
|
Debt/Equity ratio |
1.616 |
1.693 |
1.327 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
1332.930 |
1085.218 |
957.947 |
|
|
|
(18.584) |
(11.728) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
1332.930 |
1085.218 |
957.947 |
|
Profit |
8.615 |
8.953 |
6.462 |
|
|
0.65% |
0.82% |
0.67% |
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 |
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 |
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 three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
From others |
9.929 |
9.929 |
|
Total |
9.929 |
9.929 |
FIXED ASSETS:
- Bhiwandi Godown
- Computer
- Excise Software
- Furniture
- Machinery
- Xerox Machine
- Motor Car
- Office equipment
- Air conditioner
- Fax Machine
- Interior
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 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
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
UK Pound |
1 |
INR 90.66 |
|
Euro |
1 |
INR 79.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.