|
|
|
MIRA INFORM REPORT
|
Report No. : |
495604 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
IRM OFFSHORE AND MARINE ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No.315/1/C/9,Panchjanya Flats Cooperative Housing
Society Limited, Opposite Vasundhara Society, Gulbai Tekra, Ellisbridge,
Ahmedabad – 380015, Gujarat |
|
Mobile No.: |
91-9727738411/9727738449 (Mr. Bharat
Panchal) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
04.09.1995 |
|
|
|
|
Com. Reg. No.: |
04- 027261 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 95.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01120GJ1995PTC027261 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
0802005110 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI4327B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of manufacturer and exporter of rubber and allied items
for textile, engineering and mining industries offering more than 2,000
specialty engineering products and services, mainly for offshore and on-shore
oil drilling, marine and infrastructure industries with complete range of
solid and pneumatic marine fenders and other accessories for ports, harbours
and jetties. [Registered
activity and also confirmed by management] |
|
|
|
|
No. of Employees
: |
250 (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 |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1995. It is a manufacturer and exporter of rubber and allied items for textile, engineering and mining industries.
|
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 |
ICRA |
|
Rating |
Long term bank facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
13.02.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank facilities: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
13.02.2017 |
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 06.03.2018
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. Bharat Panchal |
|
Designation : |
Finance and Taxation Head |
|
Contact No.: |
91-9727738411 |
|
Date : |
05.03.2018 |
LOCATIONS
|
Registered Office : |
Survey No.315/1/C/9,Panchjanya Flats Cooperative Housing Society
Limited, Opposite Vasundhara Society, Gulbai Tekra, Ellisbridge, Ahmedabad –
380015, Gujarat, India |
|
Tel. No.: |
91-79-26402664 |
|
Mobile No.: |
91-9825067611 (Mr. Soni Thomas) 91-9727738411/9727738449 (Mr. Bharat
Panchal) |
|
Fax No.: |
91-79-26402664 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ factory: |
Block No. 707A/A-4, Behind Shriraj Industries. Opposite Vinay Kamlesh
Gurukul Nandoli Road, Rancharda, Kalol District, Gandhinagar-382
115, Gujarat, India |
|
Tel. No.: |
91-2764-260244 / 260292 |
|
Fax No.: |
91-2764-260245 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Nishith Surendrabhai Soni |
||||||||
|
Designation : |
Managing Director |
||||||||
|
Address : |
C-9 Purneshwar Flats, Opposite Vasundhra Society, Gulbai
Tekra, Ahmedabad- 380015, Gujarat, India |
||||||||
|
Date of Birth/Age : |
20.10.1967 |
||||||||
|
Date of Appointment : |
01.02.2009 |
||||||||
|
DIN No.: |
00344918 |
||||||||
|
PAN No.: |
AGSPS6835M |
||||||||
|
Other Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mrs. Trupti Surendrakumar Soni |
||||||||
|
Designation : |
Wholetime Director |
||||||||
|
Address : |
C-9 Purneshwar Flats, Opposite Vasundhra Society, Gulbai
Tekra, Ahmedabad- 380015, Gujarat, India |
||||||||
|
Date of Birth/Age : |
25.01.1970 |
||||||||
|
Date of Appointment : |
01.02.2005 |
||||||||
|
DIN No.: |
00344992 |
||||||||
|
PAN No.: |
AKAPS1216J |
||||||||
|
Other Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Swapnil Surendra Soni |
||||||||
|
Designation : |
Wholetime Director |
||||||||
|
Address : |
53 Basant Bahar Society, Opposite Sterling City, Bopal
Ahmedabad -380015, Gujarat, India |
||||||||
|
Date of Birth/Age : |
11.07.1979 |
||||||||
|
Date of Appointment : |
01.12.2003 |
||||||||
|
DIN No.: |
00345016 |
||||||||
|
PAN No.: |
AVXPS1419H |
||||||||
|
Other Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mrs. Suvarnaben Surendra Soni |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
53, Basant Bahar Bunglows, Bopal Bopal, Taluka Daskroi,
District Ahmedabad – 380058, Gujarat, India |
||||||||
|
Date of Birth/Age : |
28.01.1942 |
||||||||
|
Date of Appointment : |
28.01.2009 |
||||||||
|
DIN No.: |
02545962 |
||||||||
KEY EXECUTIVES
|
Name : |
Mr. Bharat Panchal |
|
Designation : |
Finance and Taxation Head |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Nishith Surendrabhai Soni |
2528840 |
26.59 |
|
Suvarnaben Surendrabhai Soni |
1426500 |
15.00 |
|
Alpaben Nishithbhai Soni |
324160 |
3.41 |
|
Truptiben Surendrabhai Soni |
2377500 |
25.00 |
|
Swapnil Surendrabhai Soni |
2217500 |
23.32 |
|
Diptiben Kirankumar Chowksi |
475500 |
5.00 |
|
Yoga Swapnil Soni |
160000 |
1.68 |
|
Total |
9510000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2016
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of manufacturer of rubber and allied items for
textile, engineering and mining industries offering more than 2,000 specialty
engineering products and services, mainly for offshore and on-shore oil
drilling, marine and infrastructure industries with complete range of solid
and pneumatic marine fenders and other accessories for ports, harbours and
jetties. [Registered
Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw material |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Advance Payment, Cheque and Credit (30,60 Days) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Advance Payment, Cheque and Credit (30,60 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Vaibhav N. Shah and Company Chartered Accountants |
|
Address : |
36-38, 3 Road, Floor, Empire Tower, Near Associated Petrol Pump C. G. Road, Ahmedabad, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
APFPS2781G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Parties where
Control exists (Where KMP and/or relatives of KMP have significant influence)
(AS ON 31.03.2016): |
|
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9510000 |
Equity Shares |
INR 10/- each |
INR 95.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
95.100 |
95.100 |
95.100 |
|
(b) Reserves and Surplus |
259.864 |
217.012 |
180.592 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
354.964 |
312.112 |
275.692 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
119.813 |
117.012 |
108.560 |
|
Total Non-current
Liabilities (3) |
119.813 |
117.012 |
108.560 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
18.656 |
90.957 |
121.532 |
|
(b) Trade
payables |
114.779 |
78.500 |
88.078 |
|
(c) Other
current liabilities |
32.333 |
25.722 |
79.674 |
|
(d) Short-term
provisions |
10.449 |
7.458 |
5.961 |
|
Total Current
Liabilities (4) |
176.217 |
202.637 |
295.245 |
|
|
|
|
|
|
TOTAL |
650.994 |
631.761 |
679.497 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
131.306 |
141.141 |
150.968 |
|
(ii)
Intangible Assets |
3.439 |
0.780 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.448 |
1.452 |
0.889 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.239 |
1.239 |
1.239 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
4.965 |
42.390 |
41.935 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
141.397 |
187.002 |
195.031 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
27.708 |
27.155 |
21.498 |
|
(b)
Inventories |
104.731 |
106.051 |
147.796 |
|
(c) Trade
receivables |
214.433 |
156.858 |
137.761 |
|
(d) Cash and
bank balances |
29.875 |
27.380 |
48.366 |
|
(e) Short-term
loans and advances |
131.544 |
125.426 |
124.629 |
|
(f) Other
current assets |
1.306 |
1.889 |
4.416 |
|
Total
Current Assets |
509.597 |
444.759 |
484.466 |
|
|
|
|
|
|
TOTAL |
650.994 |
631.761 |
679.497 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
777.082 |
657.715 |
627.644 |
|
|
Other Income |
35.711 |
25.613 |
34.964 |
|
|
TOTAL |
812.793 |
683.328 |
662.608 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
434.337 |
340.933 |
401.496 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.589 |
21.796 |
(29.340) |
|
|
Employee benefit expense |
92.956 |
85.194 |
38.836 |
|
|
Other expenses |
183.985 |
140.850 |
155.476 |
|
|
TOTAL |
713.867 |
588.773 |
566.468 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
98.926 |
94.555 |
96.140 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12.940 |
12.447 |
16.058 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
85.986 |
82.108 |
80.082 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
19.992 |
23.246 |
17.564 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
65.994 |
58.862 |
62.518 |
|
|
|
|
|
|
|
Less |
TAX |
23.142 |
21.715 |
20.866 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
42.852 |
37.147 |
41.652 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
18.075 |
11.521 |
32.928 |
|
|
TOTAL
IMPORTS |
18.075 |
11.521 |
32.928 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
4.51 |
3.91 |
4.38 |
|
Particulars |
|
|
31.03.2017 |
|
Sales Turnover (Approximately) |
|
|
780.000 |
Expected Sales (2017-2018): INR 1000.000 Million
The above information has been parted by Mr. Bharat Panchal (Finance and Taxation Head)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
0.000 |
0.568 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
110.115 |
52.204 |
10.617 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
90.061 |
33.773 |
(4.334) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
100.72 |
87.05 |
80.11 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.62 |
4.19 |
4.56 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
96.46 |
84.04 |
80.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.94 |
0.89 |
0.65 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.73 |
0.66 |
0.63 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.27 |
0.32 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.05 |
0.29 |
0.44 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.50 |
0.65 |
1.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.38 |
0.46 |
0.55 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.64 |
7.60 |
5.99 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.51 |
5.65 |
6.64 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.58 |
5.88 |
6.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.07 |
11.90 |
15.11 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.89 |
2.19 |
1.64 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.30 |
1.67 |
1.14 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.49 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.20 |
0.96 |
1.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.89 |
2.19 |
1.64 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
95.100 |
95.100 |
95.100 |
|
Reserves & Surplus |
180.592 |
217.012 |
259.864 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
275.692 |
312.112 |
354.964 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
121.532 |
90.957 |
18.656 |
|
Total
borrowings |
121.532 |
90.957 |
18.656 |
|
Debt/Equity
ratio |
0.441 |
0.291 |
0.053 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
627.644 |
657.715 |
777.082 |
|
|
|
4.791 |
18.149 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
627.644 |
657.715 |
777.082 |
|
Profit |
41.652 |
37.147 |
42.852 |
|
|
6.64% |
5.65% |
5.51% |
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 |
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 |
No |
|
19 |
Major customers |
No |
|
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
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 |
NOTE: Registered office of the company has been shifted from SF/3 Agrawal Avenue, Opposite Navrangpura Telephone Exchange, C G Road, Ahmedabad–380006, Gujarat, India to the present address w.e.f. 18.06.2016
NATURE OF OPERATIONS (AS ON 31.03.2016):
Subject is the flagship company of the IRM group which was founded in 1964. The company is engaged in the business of manufacturer of rubber and allied items for textile, engineering and mining industries offering more than 2,000 specialty engineering products and services, mainly for offshore and on-shore oil drilling, marine and infrastructure industries with complete range of solid and pneumatic marine fenders and other accessories for ports, harbours and jetties.
BUSINESS PROSPECTS, FUTURE OUTLOOK AND INTERNAL
CONTROL (AS ON 31.03.2016):
During the year
under report, the company has achieved a gross turnover of INR 723.322 Million
compared to previous year turnover of INR 637.743 Million. The operations for
the year has resulted into Net Profit of INR 42.852 Million compared to INR
37.147 Million during the previous year. The company could achieve sustained
growth in business due to continued pursuit of their strategy to work with
innovation ideas, developing new areas of its activities and reducing cost of products
through process innovation. Directors are hoping even better performance during
the current year.
The future out
look of the industry is so bright. The management has put their strenuous
efforts to the cost control pattern in the manufacturing and administrative
overheads and proper utilization of available resources, the company will earn
more profit in coming years.
Further more, the
company has build-up a strong goodwill in the market for the products and its
quality. The Directors have glad to inform you that the management of the
Company has developed more new range of products in year under consideration
and also to develop more range of products. This will help to generate more
profit in years ahead.
The company has in
place an established internal control system designed to ensure proper
recording of financial and operational information and compliance of various
internal controls.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G06706758 |
10018243 |
STATE BANK OF
INDIA |
22/07/2006 |
30/03/2016 |
423400000.0 |
SME S.G. HIGHWAY
BRANCH(05146)1, ZODIAC SQUAREOPP. GURUDWARAAHMEDABADGJ380054IN |
|
2 |
Y10202875 |
90113183 |
STATE BANK OF
INDIA |
26/09/2001 |
24/12/2004 |
28500000.0 |
SPL COMMEERCIAL
BRANCHGANDHIGARMAHMEDABADGJIN |
|
3 |
G06706022 |
90112688 |
STATE BANK OF
INDIA |
26/09/2001 |
30/03/2016 |
412500000.0 |
SME S.G. HIGHWAY
BRANCH(05146)1, ZODIAC SQUAREOPP. GURUDWARAAHMEDABADGJ380054IN |
|
4 |
Y10202375 |
90112683 |
STATE BANK OF
INDIA |
10/09/2001 |
02/12/2004 |
28500000.0 |
SPL COMMEERCIAL
BRANCHGANDHIGARM ; ASHRAM ROADAHMEDABADGJ380009IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Computer equipments
- Vehicles
Intangible assets
- Computer software
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
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.