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|
MIRA INFORM REPORT
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Report No. : |
485446 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
EDELWEISS MULTI STRATEGY FUND ADVISORS LLP (w.e.f 13.12.2016) |
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Formerly Known
As : |
FOREFRONT ALTERNATIVE INVESTMENT ADVISORS LLP |
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Registered
Office : |
Edelweiss House, Off. C.S.T. Road, Kalina, Mumbai – 400098, Maharashtra |
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Tel. No.: |
91-22-40094400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
01.05.2012 |
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Total Obligation
of Contribution: |
INR 0.100 Million |
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LLPIN No.: |
AAA-9030 |
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|
IEC No.: |
Not Divulged |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Limited Liability Partnership |
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Line of Business
: |
Subject engaged in dealing in gold, silver and other commodities (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a limited liability partnership concern established in the year 2012 formally known as “Forefront Alternative Investment Advisors LLP”. Later in the year 2016, name was changed to “Edelweiss Multi Strategy Fund Advisors LLP” As per the financials available of 2017, the concern has achieved fair growth in its revenue received from its services as compared to its previous year but has reported losses during the year. Rating gets constrained on account of continuous operational losses which has accumulated and exceeded the capital resulting into negative reserves level. However, the company receives strong managerial support from “Edelweiss Group” which provides incremental support to the rating. Payments are reported to be slow. In view of aforesaid, the concern 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.
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 12.01.2018
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 DENIED BY
|
Name : |
Mr. Rakesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-40094400 |
|
Date : |
11.01.2018 |
LOCATIONS
|
Registered Office : |
Edelweiss House, Off. C.S.T. Road, Kalina, Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-40094400 |
|
Fax No.: |
Not Available |
|
E-Mail : |
PARTNERS
As on 2017
|
Name : |
Mr. Dipakkumar Kiritkumar Shah |
|
Designation : |
Body Corporate DP Nominee |
|
Address : |
302, Shreeji Seva, Third Floor, 'A' Wing, Plot No 42, Sector 42, Nerul, Navi Mumbai-400706, Maharashtra, India |
|
Date of Appointment : |
15.05.2017 |
|
DPIN No. : |
02601323 |
|
|
|
|
Name : |
Mr. Vishal Narendra Madia |
|
Designation : |
Designated Partner |
|
Address : |
202/2, Sahakar Niketan, Opposite Sitaram Prakash School, Wadala Mumbai 400031, Maharashtra, India |
|
Date of Appointment : |
31.01.2017 |
|
DPIN No. : |
06865560 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh |
|
Designation : |
Finance Department |
CONTRIBUTION DETAILS
As on 31.03.2017
|
Names of Persons |
Amount In INR |
|
Vishal Narendra Madia |
2 |
|
Radhika Gupta |
2 |
|
Nalin Luis Moniz |
1 |
|
Edelweiss Multi Strategy Funds Management Private Limited |
9998 |
Total contribution Amount INR 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in dealing in gold, silver and other commodities (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
Not Divulged |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2017
|
Total Obligation Fund |
INR 0.100 Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
CONTRIBUTION
AND LIABILITIES |
|
|
|
|
|
1] Contribution received |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(28.423) |
(30.222) |
(4.097) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(28.323) |
(30.122) |
(3.997) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
3] Short term borrowings |
402.064 |
97.546 |
53.460 |
|
|
TOTAL BORROWING |
402.064 |
97.546 |
53.460 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
373.741 |
67.424 |
49.463 |
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APPLICATION OF FUNDS |
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|
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|
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|
FIXED ASSETS [Net Block] |
110.625 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
273.681 |
112.959 |
92.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
83.637
|
0.052
|
1.176
|
|
|
Cash & Bank Balances |
0.000
|
3.482
|
0.071
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
90.834
|
60.871
|
45.044
|
|
Total
Current Assets |
174.471
|
64.405
|
46.291
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
78.957
|
36.697
|
63.476
|
|
|
Other Current Liabilities |
101.947
|
73.243
|
25.852
|
|
|
Provisions |
4.132 |
0.000 |
0.000 |
|
Total
Current Liabilities |
185.036
|
109.940
|
89.328
|
|
|
Net Current Assets |
(10.565)
|
(45.535)
|
(43.037)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
373.741 |
67.424 |
49.463 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
143.408 |
50.075 |
44.630 |
|
|
Other Income |
0.000 |
0.074 |
0.000 |
|
|
TOTAL |
143.408 |
50.149 |
44.630 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Raw
material consumed |
0.000 |
0.000 |
0.000 |
|
|
Personnel Expenses |
52.384 |
25.83 |
16.42 |
|
|
Payment to auditors |
0.145 |
0.07 |
0.050 |
|
|
Selling expenses |
84.374 |
40.273 |
20.662 |
|
|
Other expenses |
8.409 |
3.505 |
2.718 |
|
|
TOTAL |
145.312 |
69.678 |
39.850 |
|
|
|
|
|
|
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|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(1.904) |
(19.529) |
4.780 |
|
|
|
|
|
|
|
Less |
INTEREST |
20.250 |
10.693 |
3.679 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(22.154) |
(30.222) |
1.101 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.542 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(26.696) |
(30.222) |
1.101 |
|
|
|
|
|
|
|
Less |
TAX |
1.727 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(28.423) |
(30.222) |
1.101 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
NA |
NA |
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
212.87 |
0.38 |
9.62 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.71 |
962.98 |
37.95 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.02) |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.05 |
1.17 |
1.03 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(14.20) |
(3.24) |
(13.38) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(20.73) |
(6.89) |
(35.72) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(3.91) |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(0.09) |
(1.83) |
1.30 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(19.82) |
(60.35) |
2.47 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets)
* 100) |
% |
(5.09) |
(17.04) |
0.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
100.35 |
100.33 |
(27.55) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.76 |
0.85 |
0.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.76 |
0.85 |
0.97 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.05) |
(0.17) |
(0.03) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4020.64 |
975.46 |
534.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.76 |
0.85 |
0.97 |
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 |
|
Contribution received |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
(4.097) |
(30.222) |
(28.423) |
|
Net
worth |
(3.997) |
(30.122) |
(28.323) |
|
|
|
|
|
|
Secured loan |
0.000 |
0.000 |
0.000 |
|
Unsecured loan |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
53.460 |
97.546 |
402.064 |
|
Total
borrowings |
53.460 |
97.546 |
402.064 |
|
Debt/Equity
ratio |
(13.375) |
(3.238) |
(14.196) |
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 |
44.630 |
50.075 |
143.408 |
|
|
|
12.200 |
186.386 |
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 |
44.630 |
50.075 |
143.408 |
|
Profit/ (Loss) |
1.101 |
(30.222) |
(28.423) |
|
|
2.47% |
(60.35)% |
(19.82)% |
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 |
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) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
No |
|
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 |
Yes |
|
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 |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES: NO CHARGES EXISTS FOR LLP
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 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 63.39 |
|
|
1 |
INR 85.74 |
|
Euro |
1 |
INR 76.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RKI |
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.