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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483492.2

Report Date :

06.01.2018

 

IDENTIFICATION DETAILS

 

Name :

GOVIND METAL INDUSTRIES

 

 

Registered Office :

Room No 12, 1st Floor, Building No 14, Greater Mumbai, Pandurang Bhavan, C P Tank, 2nd Carpenter Street, Near Nanu Bhai Desai Road, Girgaon, Mumbai – 400004, Maharashtra

Tel. No.:

91-22-67439739 / 40

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Year of Establishment :

13.08.2008

 

 

Capital Investment / Paid-up Capital :

INR 52.670 Million

 

 

IEC No.:

Not Applicable (As informed by the management that firm does not have export and import)

 

 

TIN No.:

Not Divulged

 

 

GSTIN/UIN :

27ATQPP0618Q1ZW

 

 

PAN No.:

[Permanent Account No.]

ATQPP0618Q

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trader of SS pipe fitting and pipe, sheet plate aluminium bronze nut, aluminium nut bolt, aluminium bronze fastener, aluminium bronze, steel coils, plates, sheets and other metal components. [Confirmed by management]

 

 

No. of Employees :

7 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Maximum Credit Limit :

USD 150000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a proprietorship concern established in the year 2008.

 

It is a trader of SS pipe fitting and pipe, sheet plate aluminium bronze nut, aluminium nut bolt, aluminium bronze fastener, aluminium bronze, steel coils, plates, sheets and other metal components.

 

For the financial year ended 2017, the revenue of the firm has decreased by 74% but has managed to maintain average profit margin of 1.03%.

 

There has been massive growth in its profitability by 891.40% during the FY 2017 as compared to the previous year.

 

The moderate financial profile of the firm is marked by average capital base along with negligible debt level.

 

However, we have received satisfactory feedback regarding the business transactions from its supplier (Bhagyalaxmi Steel Manufacturing Co) Customer (Patel Engineering Limited) also gave positive feedback and claimed that they are satisfied with subject’s product quality and delivery.

 

Trade relations are reported as fair. Payment terms are reported to be slow.

 

In view of the aforesaid, the firm can be considered for business dealings with some caution.

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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

 

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 06.01.2018

 

 

 

 

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. Girdharilal Choparamji Prajapati

Designation :

Proprietor

Contact No.:

91-9322918581

Date :

28.12.2017

 

 

LOCATIONS

 

Registered Office :

Room No 12, 1st Floor, Building No 14, Greater Mumbai, Pandurang Bhavan, C P Tank, 2nd Carpenter Street, Near Nanu Bhai Desai Road, Girgaon, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-67439739/ 40

Mobile No.:

91-9322918581 [Mr. Girdharilal Choparamji Prajapati]

Fax No.:

91-22-66102756

E-Mail :

govindmetals@yahoo.com

Area :

200 sq. ft.

Location :

Owned

Locality :

Commercial

 

 

SOLE PROPRIETOR

 

Name :

Mr. Girdharilal Choparamji Prajapati

Designation :

Proprietor

PAN No.:

ATQPP0618Q

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of SS pipe fitting and pipe, sheet plate aluminium bronze nut, aluminium nut bolt, aluminium bronze fastener, aluminium bronze, steel coils, plates, sheets and other metal components. [Confirmed by management]

 

 

Products :

·         SS Pipe Fitting and Pipe

·         Sheet Plate Aluminium Bronze Nut

·         Aluminium Nut Bolt

·         Aluminium Bronze Fastener

·         Aluminium Bronze

·         Steel Coils

·         Plates

·         Sheets

·         Other Metal Components

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

L/C, Cash and Credit (30 / 60 / 90 / 180 Days)

 

 

Purchasing :

L/C, Cash and Credit (30 / 60 / 90 / 180 Days)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Bhagyalaxmi Steel Manufacturing Co.

Name of the Person :

Mr. S.C. Choudhary (Proprietor)

Contact No.:

91-9321010301

Since How Long Known :

7 Years

Maximum Limit Dealt :

As per requirement

Experience :

Payment Behavior

Market Goodwill

Overall

Good

Good

Good

Remark :

As claimed by Mr. S. C. Choudhary (Proprietor) that they are satisfied with the subject firm transactions.

 

 

Customers :

Retailers, End Users, OEM’s

 

Reference :

Patel Engineering Limited

Name of the Person :

Mr. Rishi Vyas (DGM Finance)

Contact No.:

91-8879646121

Since How Long Known :

4 years

Maximum Limit Dealt :

As per requirement

Experience :

Product Quality

Delivery Behaviour

Overall

Excellent

Excellent

Excellent

Remark :

As claimed by Mr. Rishi Vyas (DGM Finance) that they are satisfied with the subject firm transactions.

 

 

No. of Employees :

7 (Approximately)

 

 

Bankers :

Banker Name :

ICICI Bank Limited

Branch :

Seepz, MIDC, Andheri (East), Mumbai, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

91-22-33667777 (Continuously Ringing)

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Auditors :

 

Name :

Bishnoi and Company

Chartered Accountants 

Address :

Mumbai, Maharashtra, India

Membership No.:

147783

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Sister Concern :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Particulars

 

INR in Million

Proprietor’s capital account

 

Mr. Girdharilal C. Prajapati

52.670

 

 

Total

52.670

 


 

FINANCIAL DATA

[all figures are INR Million]

 

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

EQUITY AND LIABILITIES

 

 

 

1] Proprietor’s Capital

52.670

53.010

52.023

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

52.670

53.010

52.023

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.120

0.120

0.120

TOTAL BORROWING

0.120

0.120

0.120

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

52.790

53.130

52.143

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.775

0.153

0.070

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

4.319

5.276

3.582

 

Sundry Debtors

48.312

55.023

60.880

 

Cash & Bank Balances

2.547

2.982

1.236

 

Other Current Assets

3.069

1.157

0.106

 

Loans & Advances

6.130

6.796

6.834

Total Current Assets

64.377

71.234

72.638

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

8.627

14.722

12.668

 

Other Current Liabilities

3.140

0.239

0.273

 

Provisions

1.595

3.296

7.624

Total Current Liabilities

13.362

18.257

20.565

Net Current Assets

51.015

52.977

52.073

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

52.790

53.130

52.143

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

951.151

3793.805

886.811

 

Other Income

0.000

0.000

0.000

 

TOTAL

951.151

3793.805

886.811

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of goods sold

921.426

3560.181

882.414

 

Other direct expenses

15.792

213.569

0.000

 

Accounting charges

0.080

0.080

0.060

 

Audit fees

0.100

0.100

0.070

 

Bad debts

0.120

0.479

0.281

 

Computer expenses

0.012

0.049

0.016

 

Conveyance expenses

0.000

0.000

0.000

 

Cutting expenses

0.011

0.045

0.045

 

Discount and Rebate

0.101

0.403

0.160

 

Donation

0.013

0.053

0.021

 

Electricity expenses

0.006

0.023

0.017

 

Hel-Hamali expenses

0.101

0.404

0.190

 

Labour charges

0.150

0.598

0.256

 

Legal fees

0.009

0.036

0.025

 

Packing and forwarding charges

0.119

0.475

0.192

 

Postage and courier charges

0.012

0.049

0.037

 

Printing and stationery expenses

0.005

0.019

0.012

 

Salary

0.167

0.667

0.259

 

Sales tax

0.093

0.371

0.094

 

Sundry expenses

0.023

0.094

0.038

 

Commission / Brokerage

2.357

12.626

0.846

 

Telephone expenses

0.019

0.076

0.059

 

Testing charges

0.034

0.135

0.078

 

Transport charges

0.513

2.055

0.827

 

TOTAL

941.263

3792.587

885.997

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST AND DEPRECIATION

9.888

1.218

0.814

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.050

0.202

0.156

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE DEPRECIATION

9.838

1.016

0.658

 

 

 

 

 

Less

DEPRECIATION

0.033

0.027

0.011

 

 

 

 

 

 

NET PROFIT/ (LOSS) 

9.805

0.989

0.647

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

18.54

5.29

25.06

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

19.69

68.95

14.57

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

3.42

1.51

5.24

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.29

0.23

0.23

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

5.57

7.96

11.63

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.20

0.26

0.28

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.26

0.35

0.40

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.03

0.00

0.00

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

197.76

6.03

5.22

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales

((PAT / Sales) * 100)

%

1.03

0.03

0.07

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

14.82

1.39

0.89

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

18.62

1.87

1.24

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

4.78

3.88

3.51

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

4.45

3.59

3.34

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.80

0.74

0.72

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

4.78

3.88

3.51

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Proprietor’s Capital

52.023

53.010

52.670

Reserves & Surplus

0.000

0.000

0.000

Net worth

52.023

53.010

52.670

 

 

 

 

Secured Loans

0.000

0.000

0.000

Unsecured Loans

0.120

0.120

0.120

Total borrowings

0.120

0.120

0.120

Debt/Equity ratio

0.002

0.002

0.002

 

 

 

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

886.811

3793.805

951.151

 

 

327.803

(74.929)

 

 

 

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

886.811

3793.805

951.151

Profit/(Loss)

0.647

0.989

9.805

 

0.07%

0.03%

1.03%

 

 

 

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

Yes

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

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 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

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 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 63.38

UK Pound

1

INR 86.02

Euro

1

INR 76.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

NKT

 


 

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)

 

 

 

 

 

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.