|
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|
MIRA INFORM REPORT
|
Report No. : |
489865.2 |
|
Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SANGHAVI IMPEX |
|
|
|
|
Registered
Office : |
4103 / 4104, 1st Floor, High Point IV, Palace Road, Bangalore-560001, Karnataka
|
|
Mobile No.: |
91-9900902222 [Mr. Chetan Sanghavi] |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Year of
Establishment : |
Not Divulged |
|
|
|
|
Capital
Investment : |
INR 8.664 Million |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
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|
Legal Form : |
Not Divulged |
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|
|
|
Line of Business
: |
Not Divulged |
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|
|
|
No. of Employees
: |
01 [Approximately] [As per Site Visit] |
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 24700 [INR 1605623.50] |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Mr. Chetan Sanghavi (Designation not Divulged) has denied to provide any information about the subject. No information could be made available from any other sources. The subject is not listed in and unknown to consulted sources of information such as • Telephone Directory • Google Search • Other Direct and Indirect sources of information. However, For the financial year 2017, the subject has earned revenue of INR 460.79 million along with along with average profit margin of 1.07%. The moderate financial profile of the subject is marked by comfortable capital base along with average debt coverage indicators. Payment seems to be slow but correct. In view of aforesaid, the subject can be considered for business dealings with some caution. Note: Site Visit was conducted at the given address and our executive has successfully traced the subject on the given address. At the premises our executive met Ms. Sandhya (Staff) and she confirmed that subject is situated at the given address and also provided contact details. During the site visit our executive also enquired with Mr. Abdul and he claimed that subject is situated at the given address. As per our executive’s observation, it is a 12 storey building and subject situated on the 1st floor. Location was easy to find and locality appears to be commercial. Area seems to be upmarket. Total area of premises is 200 (sq. ft.) and 01 employee was sighted at the premises. Name board of the subject was not sighted. |
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
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 10.03.2018
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 DECLINED BY
|
Name : |
Mr. Chetan Sanghavi |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9900902222 |
|
Date : |
06.02.2018 |
LOCATIONS
|
Registered Office : |
4103 / 4104, 1st Floor, High Point IV, Palace Road, Bangalore-560001, Karnataka,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9900902222 [Mr. Chetan Sanghavi] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area: |
200 [Sq. Ft.] [As per Site Visit] |
|
Locality: |
Commercial [As per Site Visit] |
SOLE PROPRIETOR/PARTNERS
NOT DIVULGED
BUSINESS DETAILS
|
Line of Business : |
Not Divulged |
|
|
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|
Brand Names : |
Not Divulged |
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|
|
|
Agencies Held : |
Not Divulged |
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|
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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Terms : |
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|
Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
01 [Approximately] [As per Site Visit] |
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Bankers : |
|
|
|
|
|
Auditors : |
|
|
Name: |
Satish Shah and Associates Chartered Accountants |
|
Address: |
No. 3, 3rd Floor, Sky Square, 5th Cross, Kumar Park
West, Subramanyaswamy Temple Street, Bangalore, Karnataka, India |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
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Collaborators : |
Not Divulged |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
AS ON: 31.03.2017
|
Capital Investment : |
|
|
Owned : |
INR 8.664 Million |
|
Borrowed : |
-- |
|
Total : |
INR 8.664
Million |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Capital Account |
|
|
8.664 |
|
|
2] Reserves & Surplus |
|
|
0.000 |
|
|
3] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8.664 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
21.388 |
|
|
2] Unsecured Loans |
|
|
3.700 |
|
|
TOTAL BORROWING |
|
|
25.088 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
33.752 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.628 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
40.089
|
|
|
Sundry Debtors |
|
|
30.998
|
|
|
Cash & Bank Balances |
|
|
15.665
|
|
|
Other Current Assets |
|
|
50.877
|
|
|
Loans & Advances |
|
|
0.675
|
|
Total
Current Assets |
|
|
138.304
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
89.963
|
|
|
Other Current Liabilities |
|
|
16.051
|
|
|
Provisions |
|
|
0.166
|
|
Total
Current Liabilities |
|
|
106.180
|
|
|
Net Current Assets |
|
|
32.124
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
33.752 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
|
460.793 |
|
|
|
Other Income |
|
|
3.298 |
|
|
|
TOTAL |
|
|
464.091 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Goods Sales |
|
|
446.398 |
|
|
|
|
Freight Charges |
|
|
0.126 |
|
|
|
Advertisement |
|
|
0.130 |
|
|
|
Audit Fees |
|
|
0.030 |
|
|
|
Business promotion Expenses |
|
|
0.082 |
|
|
|
Commission Paid |
|
|
4.166 |
|
|
|
Computer Maintenance |
|
|
0.041 |
|
|
|
Delivery Charges |
|
|
0.674 |
|
|
|
Demonstration Charges |
|
|
0.732 |
|
|
|
Discount |
|
|
0.072 |
|
|
|
Electricity Charges |
|
|
0.063 |
|
|
|
Freight Outwards |
|
|
0.182 |
|
|
|
Hotel Expenses |
|
|
0.016 |
|
|
|
Insurance |
|
|
0.142 |
|
|
|
Internet Charted |
|
|
0.018 |
|
|
|
Labour Charges |
|
|
0.622 |
|
|
|
Office Expenses |
|
|
0.033 |
|
|
|
Packing and Forwarding |
|
|
0.083 |
|
|
|
Postage and Courier Charges |
|
|
0.017 |
|
|
|
Printing and Stationery |
|
|
0.060 |
|
|
|
Professional Fees |
|
|
0.030 |
|
|
|
Rent |
|
|
1.985 |
|
|
|
Salaries |
|
|
1.566 |
|
|
|
Service Charges |
|
|
0.006 |
|
|
|
Staff Welfare |
|
|
0.105 |
|
|
|
Taxes |
|
|
0.017 |
|
|
|
Telephone and Mobile Charges |
|
|
0.309 |
|
|
|
Tender expenses |
|
|
0.000 |
|
|
|
Travelling Expenses |
|
|
0.020 |
|
|
|
Vehicle Maintenance |
|
|
0.121 |
|
|
|
Vehicle Petrol |
|
|
0.639 |
|
|
|
Water Charges |
|
|
0.018 |
|
|
|
TOTAL |
|
|
458.503 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE INTEREST AND DEPRECIATION
AND AMORTISATION |
|
|
5.588 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
0.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION |
|
|
5.408 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
|
|
0.473 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) |
|
|
4.935 |
|
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
|
|
24.55 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
14.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
|
73.56 |
|
|
|
|
|
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Inventory Turnover (Operating Income / Inventories) |
|
|
0.14 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
|
3.43 |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
|
|
0.94 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
2.90 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
12.68 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
|
31.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2017 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
|
1.07 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
3.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
56.96 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
|
1.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.06 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
2.90 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
1.26 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
No |
|
2 |
Constitution of the entity -Incorporation
details |
No |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
Yes |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
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 |
No |
|
14 |
Line of Business |
No |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
Yes |
|
26 |
Turnover of firm for last one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
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 |
OBSERVATION POINTS
|
Name of Company : |
SANGHAVI IMPEX |
|
|
|
|
Address : |
4103 / 4104, 1st Floor, High Point IV, Palace Road, Bangalore-560001,
Karnataka, India |
|
Contact No.: |
91-9900902222 |
|
|
|
|
Date of Visit : |
05.02.2018 |
|
|
|
|
Person to whom we met: |
Ms. Sandhya [Staff] |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark (If Any): |
Chalukya Hotel |
|
|
|
|
Total Floors of the Building : |
12 Floors |
|
|
|
|
Subject situated on: |
1st Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area of Premises : |
200 [Sq. Ft.] |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
No. of employees seen at premises: |
01 [Approximately] |
|
|
|
|
Visibility of
Items: |
·
Telephone ·
Fax Machine ·
Telex ·
Computers ·
Office Equipment ·
Xerox Machine |
|
|
|
|
Neighbours Interview : |
Our executive also enquired with Neighbour Company [Zippo]
where they met Mr. Abdul and he claimed that subject is situated at the given
address. |
|
|
|
|
Proof of visit: |
Photos |
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
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 |
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.
·