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%2027-Feb-2018_files/image013.jpg){kind=small}
%2027-Feb-2018_files/image014.jpg)
%2027-Feb-2018_files/image016.gif)
MIRA INFORM REPORT
|
Report No. : |
490362.2 |
|
Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FORM FILL AUTOMATION |
|
|
|
|
Registered
Office : |
B-2/602, Valley Tower CHS Limited, Chitalsar, Manpada, Thane – 400607,
Maharashtra |
|
Mob. No.: |
91- 9820291890 / 9821116336 / 9318834339 (Mr. Surender) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Year of Establishment
: |
06.09.2006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR (2.688)Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
2210006571 |
|
|
|
|
TIN No.: |
02030200022 |
|
|
|
|
GSTIN : [Goods & Service Tax
Registration No.] |
02AABFF5868J1ZD |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00935E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABFF5868J |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacturer of form fill seal machinery (blow fill seal) such as blow
models Moulding Machines, Pharmaceutical Machines. (Confirmed by
management) |
|
|
|
|
No. of Employees
: |
10 (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 |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a partnership concern established in the year 2006 having satisfactory track record. It is engaged as manufacturer of form fill seal machinery such as blow models moulding machine, pharmaceutical machines. As per the available financials of March 2017, the firm has reported a marginal decline in its sales turnover as compared to its previous year but has achieved fair profit margin during the year. Rating takes into consideration, the satisfactory financial risk profile marked by acceptable capital base and strong debt protection metrics. Rating continue to derive strength from its established track record of its business operations backed by its well-experienced management team. However, these rating strengths gets partially offset by excess of borrowings of the partner. Payments 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
31-03-2016.
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 27.02.2018.
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 (GENERAL DETAILS)
|
Name : |
Mr. Surender Singh |
|
Designation : |
Partner |
|
Contact No.: |
91-9820291890 |
|
Date : |
07.02.2018 |
LOCATIONS
|
Registered Office : |
B-2/602, Valley Tower CHS Limited, Chitalsar, Manpada, Thane – 400607,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91- 9820291890 / 9821116336 / 9318834339 (Mr. Surender) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
Locality: |
Residential |
|
|
|
|
Factory : |
Plot No. 46, D.I.C. Industrial Area, Baddi, District Solan - 173205, Himachal Pradesh, India |
PARTNER
|
Name : |
Mr. Surender Singh |
|
Designation : |
Partner |
|
Address: |
Plot No. 46 DIC Industrial Area, Baddi, District Solan, Himachal Pradesh, India |
|
|
|
|
Name : |
Mrs. Narender Kaur |
|
Designation : |
Partner |
|
Address: |
Plot No. 46 DIC Industrial Area, Baddi, District Solan - 400610, Himachal Pradesh, India |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of form fill seal machinery (blow fill seal) such as blow
models Moulding machines, pharmaceutical machines. (Confirmed by
management) |
|
|
|
|
Products : |
Seal Machinery |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
Philippines |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C, Cheque and RTGS |
|
|
|
|
Purchasing : |
Cash, L/C, Cheque and Credit (30/60/90
Days) (RTGS) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Manufacturer
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
10 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
J.R. Davda and Associates Chartered Accountants |
|
Address : |
Thane, Maharashtra, India |
|
Tel. No.: |
91-22-25829407/ 25837188 |
|
Memberships No: |
100789 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
--- |
|
|
|
|
Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on: 31.03.2017
|
Particular |
Amount |
|
|
|
|
Narinder K. Hora |
INR 1.213 Million |
|
Surrender S. Hora |
INR (3.901) Million |
|
Total |
INR (2.688)Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner Capital |
|
(2.688) |
6.817 |
|
|
2] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
3] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
(2.688) |
6.817 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
(2.688) |
6.817 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
9.666 |
5.885 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.886 |
1.749 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
39.975 |
20.274 |
|
|
Sundry Debtors |
|
41.932 |
32.733 |
|
|
Cash & Bank Balances |
|
0.492 |
1.448 |
|
|
Current Assets |
|
4.223 |
3.074 |
|
|
Loan and Advances |
|
0.220 |
0.250 |
|
Total
Current Assets |
|
86.842
|
57.779
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
100.978 |
58.460 |
|
|
Current Liabilities |
|
0.000 |
0.000 |
|
|
Provision |
|
0.103 |
0.136 |
|
Total
Current Liabilities |
|
101.082 |
58.596 |
|
|
Net Current Assets |
|
(14.240)
|
(0.817)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
(2.688) |
6.817 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
71.946 |
76.629 |
|
|
|
Other Income |
|
1.339 |
1.621 |
|
|
|
TOTAL |
|
73.285 |
78.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
50.132 |
53.460 |
|
|
|
Electricity Charges |
|
0.225 |
0.280 |
|
|
|
Export Expenses |
|
0.000 |
0.101 |
|
|
|
Loading and Unloading Charges |
|
0.000 |
0.112 |
|
|
|
Bad Debts |
|
0.000 |
0.543 |
|
|
|
Export Rate Difference |
|
0.000 |
0.227 |
|
|
|
Transportation Charges |
|
0.706 |
0.777 |
|
|
|
Wages and Salary |
|
1.263 |
1.139 |
|
|
|
Conveyance Charges |
|
0.097 |
0.110 |
|
|
|
Insurance Expenses |
|
0.030 |
0.016 |
|
|
|
Professional Charges |
|
0.257 |
0.236 |
|
|
|
Salary Expense |
|
0.279 |
0.234 |
|
|
|
Service Tax |
|
0.019 |
0.013 |
|
|
|
Security Expenses |
|
0.140 |
0.130 |
|
|
|
Tech. and Cons Expenses |
|
0.914 |
0.877 |
|
|
|
Travelling Expenses |
|
0.620 |
0.549 |
|
|
|
Staff Welfare |
|
0.113 |
0.111 |
|
|
|
Travelling Overseas Expenses |
|
0.178 |
0.061 |
|
|
|
Telephone Charges |
|
0.011 |
0.022 |
|
|
|
Exhibition Expenses |
|
1.076 |
0.000 |
|
|
|
Other Expenses |
|
0.499 |
0.483 |
|
|
|
TOTAL |
|
56.559 |
59.481 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, DEPRECIATION
AND AMORTISATION |
|
16.726 |
18.769 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
0.006 |
0.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
DEPRECIATION AND AMORTISATION |
|
16.720 |
18.763 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
0.856 |
0.582 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
15.864 |
18.181 |
|
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 |
|
|
|
|
|
|
Average Collection Days [Sundry Debtors / Income
* 365] |
|
212.73 |
155.91 |
|
|
|
|
|
|
Account Receivables
Turnover [Income / Sunday Debtors] |
|
1.72 |
2.34 |
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
735.20 |
399.14 |
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.42 |
0.93 |
|
|
|
|
|
|
Asset Turnover [Operating Income / Net
Fixed Assets] |
|
1.73 |
3.19 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
Debt Ratio [(Borrowing + Current
Liabilities) / Total Assets] |
|
1.03 |
0.90 |
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to
Networth (Current Liabilities /
NetWorth) |
|
(37.60) |
8.60 |
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
(3.60) |
0.86 |
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
2787.67 |
3128.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
|
22.05 |
23.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
|
16.12 |
27.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
|
(590.18) |
266.70 |
SOLVENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
0.86 |
0.99 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
|
0.46 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
(0.03) |
0.10 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
|
0.86 |
0.99 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Partner Capital |
6.817 |
(2.688) |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Net worth |
6.817 |
(2.688) |
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
|
Total Loans |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
%2027-Feb-2018_files/image018.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales |
76.629 |
71.946 |
|
|
|
(6.111) |
%2027-Feb-2018_files/image020.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales |
76.629 |
71.946 |
|
Profit (Loss) |
18.181 |
15.864 |
|
|
23.73% |
22.05% |
%2027-Feb-2018_files/image022.gif)
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 |
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 |
No |
|
19 |
Major customers |
No |
|
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 condition
- Computer
- Electrical Transformer
- Electricity Fitting and Assets
- Fan
- Fire protection
- Furniture and Fixture
- Gala
- Machinery and Plant
- Mobile
- Motor Cycle
- Motor Cycle
- Water Meter
- Xerox Printer
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 64.66 |
|
UK Pound |
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
MTN |
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.