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|
MIRA INFORM REPORT
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Report No. : |
497069 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SAROVARAM INDUSTRIES LLP |
|
|
|
|
Registered
Office : |
Khasra No.1388-MI, Langha Road, Industrial Area, Chabra,
Dehradun-248001, Uttarakhand |
|
Mobile No.: |
91-9045510005 (Mr. Anurag) |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2017 |
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Date of
Establishment: |
05.11.2009 |
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|
LLPIN : |
AAA-0349 |
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Total
Obligation of Contribution: |
INR 5.000 Million |
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|
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|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
GSTN : [Goods & Service Tax
Registration No.] |
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 Available |
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Legal Form : |
Limited Liability Partnership |
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Line of Business
: |
Manufacturing, processing, production, dealing, exporting, importing or
otherwise trade in PVC, PPR, HDPE pipes, fittings, tanks and other articles
of plastic and allied products. [Registered Activity] |
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|
|
|
No. of Employees
: |
Information denied by the management |
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 |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Sarovaram Industries is a LLP firm established in the year 2009. It is
engaged in manufacturing, processing, production, dealing, exporting, importing
or otherwise trade in PVC, PPR, HDPE pipes, fittings, tanks and other
articles of plastic and allied products. For the financial year 2017, the subject has achieved 40.73% growth in
its revenue as compared to previous year revenue along with average profit
margin of 2.05%. The satisfactory financial profile of the firm marked by comfortable
capital base along with strong debt coverage indicators due to debt balance
sheet profile. Business is active. Payments
seems to be slow but correct. In view of aforesaid, the subject 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 19.03.2018
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. Anurag |
|
Designation : |
Quality Control Head |
|
Contact No.: |
91-9045510005 |
|
Date : |
16.03.2018 |
Tel No.: 91-135-2697851 (Not working)
LOCATIONS
|
Registered Office : |
Khasra No.1388-MI, Langha Road, Industrial Area, Chabra,
Dehradun-248001, Uttarakhand, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9045510005 (Mr. Anurag) |
|
Fax No.: |
Not Available |
|
E-Mail: |
PARTNERS
As on: 31.03.2017
|
Name : |
Mr. Mahesh Aggarwal |
||||||||||||||||||||
|
Designation : |
Designated Partner |
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Address : |
C-195, Pushpanjali Enclave, Pitampura, New Delhi-110034, India |
||||||||||||||||||||
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Date of Appointment : |
05.11.2009 |
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DPIN No.: |
00055073 |
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Other Directorship:
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|
Name : |
Mr. Vijay Sharma |
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|
Designation : |
Designated Partner |
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|
Address : |
Ganga Asharam, Sehore-466001, Madhya Pradesh, India |
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Date of Appointment : |
01.12.2014 |
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DPIN No.: |
03489411 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Anurag |
|
Designation : |
Quality Control Head |
OBLIGATION DETAILS
As on: 31.03.2017
|
Names of Parson |
Obligation
of Contribution (INR In Million) |
|
Vijay Sharma |
1.000 |
|
Mahesh Aggarwal |
3.000 |
|
Bhupesh Khanna |
1.000 |
|
Total |
5.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, processing, production, dealing, exporting, importing
or otherwise trade in PVC, PPR, HDPE pipes, fittings, tanks and other
articles of plastic and allied products. [Registered Activity] |
|
|
|
|
Products : |
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|
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 denied by the management |
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Bankers : |
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Auditors : |
Not Divulged |
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Memberships : |
Not Divulged |
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|
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2017
|
Total Obligation Fund |
INR Million |
|
Total contribution |
INR 5.000 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners contribution |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.161 |
3.588 |
1.092 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.161 |
8.588 |
6.092 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.977 |
4.583 |
|
|
2] Unsecured Loans |
46.046 |
39.803 |
40.831 |
|
|
TOTAL
BORROWING |
46.046 |
40.780 |
45.414 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
60.207 |
49.368 |
51.506 |
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|
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APPLICATION OF FUNDS |
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|
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|
|
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|
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FIXED ASSETS [Net Block] |
34.670 |
39.106 |
32.873 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
29.898 |
18.826 |
12.636 |
|
|
Sundry Debtors |
34.517 |
17.106 |
49.137 |
|
|
Cash & Bank Balances |
0.287 |
1.077 |
0.715 |
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|
Other Current Assets |
0.836 |
0.960 |
0.372 |
|
|
Loans & Advances |
9.174 |
9.368 |
2.990 |
|
Total Current Assets |
74.712 |
47.337 |
65.850 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
30.123 |
19.761 |
32.199 |
|
|
Other Current Liabilities |
16.775 |
15.700 |
13.727 |
|
|
Provisions |
2.277 |
1.614 |
1.291 |
|
Total Current Liabilities |
49.175 |
37.075 |
47.217 |
|
|
Net Current
Assets |
25.537 |
10.262 |
18.633 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
TOTAL |
60.207 |
49.368 |
51.506 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
125.414 |
89.113 |
121.043 |
|
|
Other Income |
0.121 |
0.064 |
0.163 |
|
|
TOTAL |
125.535 |
89.177 |
121.206 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
95.860 |
60.949 |
88.001 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.774 |
1.958 |
0.651 |
|
|
Power and fuel |
5.284 |
4.450 |
4.347 |
|
|
Personnel expenses |
4.076 |
3.260 |
2.807 |
|
|
Administration expenses |
0.772 |
0.564 |
0.768 |
|
|
Payment to auditors |
0.162 |
0.085 |
0.025 |
|
|
Selling expenses |
3.028 |
1.175 |
5.809 |
|
|
Insurance expenses |
0.160 |
0.165 |
0.125 |
|
|
Other expenses |
2.740 |
1.841 |
3.274 |
|
|
TOTAL |
112.856 |
74.447 |
105.807 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12.679 |
14.730 |
15.399 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4.756 |
6.748 |
5.233 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
7.923 |
7.982 |
10.166 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4.528 |
4.865 |
3.983 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3.395 |
3.117 |
6.183 |
|
|
|
|
|
|
|
Less |
TAX |
0.822 |
0.621 |
0.283 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2.573 |
2.496 |
5.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
100.46 |
70.06 |
148.17 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
3.63 |
5.21 |
2.46 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
114.70 |
118.34 |
133.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.42 |
0.78 |
1.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.37 |
0.38 |
0.47 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.87 |
0.90 |
0.94 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
3.25 |
4.75 |
7.45 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
6.72 |
8.95 |
14.45 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.45 |
4.55 |
5.40 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.67 |
2.18 |
2.94 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
2.05 |
2.80 |
4.87 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.35 |
2.89 |
5.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.17 |
29.06 |
96.85 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.78 |
0.62 |
0.75 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.47 |
0.37 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.13 |
0.10 |
0.06 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.21 |
8.16 |
9.08 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.78 |
0.62 |
0.75 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Partners contribution |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
1.092 |
3.588 |
9.161 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6.092 |
8.588 |
14.161 |
|
|
|
|
|
|
Secured Loans |
4.583 |
0.977 |
0.000 |
|
Unsecured Loans |
40.831 |
39.803 |
46.046 |
|
Total borrowings |
45.414 |
40.780 |
46.046 |
|
Debt/Equity ratio |
7.455 |
4.748 |
3.252 |
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 |
121.043 |
89.113 |
125.414 |
|
|
|
(26.379) |
40.736 |
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 |
121.043 |
89.113 |
125.414 |
|
Profit |
5.900 |
2.496 |
2.573 |
|
|
4.87% |
2.80% |
2.05% |
LEGAL
CASE
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 |
No |
|
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 |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the firm has been shifted
from 15, Kanwali Road, Dehradun-248001, Uttarakhand, India to the present address.
INDEX OF CAHREGS:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
L01610914 |
10377950 |
HDFC BANK LIMITED |
03/09/2012 |
24/06/2014 |
- |
47400000.0 |
HDFC Bank House, Senapati Bapat Marg Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
2 |
L01728690 |
10377730 |
HDFC BANK LIMITED |
03/09/2012 |
- |
21/07/2014 |
70000000.0 |
HDFC Bank House, Senapati Bapat Marg Lower Parel (West), Mumbai-400013, Maharashtra, India |
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 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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.