MIRA
INFORM REPORT
|
Report Date : |
28th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
HARDWARE
TRADING CORPORATION |
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Registered Office : |
206, Faiz-E-Qutbi, 375, Narsi Natha
Street, Mumbai - 400 009, Maharashtra, India . |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1960 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMHO2554G |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Traders,
Importers and Consultants of batteries and Rep/Special/ advance licences and
also dealers in maintenance free batteries. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit: |
USD
225000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
This
report was based on an interview with Mr.Mahesh Vora and Mr.Mukesh Trivedi
(Accountant) of the concern. Subject
is a well established concern having satisfactory track record. Trade
Relations are Fair. Partners are reported as experienced, respectable and
respectful businessmen. Their relation are fair. Payment are usually correct and as per commitment. The
concern can be considered business dealings as usual trade term
and condition. |
LOCATIONS
|
Registered Office : |
206, Faiz-E-Qutbi, 375, Narsi Natha
Street, Mumbai - 400 009, Maharashtra,
India |
|
Tel. No.: |
91-22-2344
9275 / 2340 0110 / 2343 2278 / 2340 0181 |
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Tel. No. (Res.): |
91-22-2610
1880 / 2611 0326 |
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Fax No.: |
91-22-23422883 |
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Area : |
1000
sq. fts |
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Location : |
Owned |
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Warehouse: |
No.
F-7, New Sai Satguru Compound, Rehnal Village, Bombay Agra Road, Bhiwandi,
Distt. Thane, Maharashtra, India. |
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Kolkata office : |
601, Marshall House, 25, Strand Road, Kolkata - 700 001, West Bengal,
India |
PARTNERS
|
Name : |
Mr. Kantilal Vora |
|
Designation : |
Managing Partner |
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Address : |
9, Indrayani Building, 12, Juhu Road,
Santacruz West, Mumbai - 400 054, Maharashtra, India |
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Date of Birth/Age : |
78 years |
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Experience : |
48years |
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Date of Appointment : |
Vora Fasteners Private Limited |
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Name : |
Mr. Mahesh Vora |
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Designation : |
Partner |
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Address : |
9, Indrayani Building, 12, Juhu Road,
Santacruz West, Mumbai – 400 054, Maharashtra, India |
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Date of Birth/Age : |
51years |
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Qualification : |
B.Com |
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Experience : |
28 years |
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Name : |
Mr. Pankaj Vora |
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Designation : |
Partner |
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Address : |
9, Indrayani Building, 12, Juhu Road,
Santacruz West, Mumbai – 400 054, Maharashtra, India |
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Date of Birth/Age : |
48 years |
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Qualification : |
B.Com |
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Experience : |
26 years |
BUSINESS DETAILS
|
Line of Business : |
Traders,
Importers and Consultants of batteries and Rep/Special/ advance licences and
also dealers in maintenance free batteries. |
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Brand Names : |
GLOBAL
YUSA |
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Imports From : |
Japan,
China and Korea |
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Terms : |
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Selling : |
D/P
and D/A |
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Purchasing : |
L/C,
D/P and Credit 30 days terms |
GENERAL
INFORMATION
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Customers : |
Wholesalers and
users |
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Suppliers : |
Global
Yusa, South Kores, etc. |
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No. of Employees : |
11 |
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Bankers : |
Ř
Corporation
Bank Mandvi Branch, Mumbai, Maharashtra, India Ř
Citi
Bank Fort Branch, Mumbai, Maharashtra,
India |
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Facilities : |
Credit
Limit : Rs. 20.000 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
U. V.
Shah Company Chartered
Accountants |
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Associates/Subsidiaries : |
¶
Vora Fasteners Private Limited , Kolkata .Line of Business –
Manufacturer of Hard Ware Products |
CAPITAL STRUCTURE
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Capital
Investment : |
|
|
Owned : |
Rs.
57.300 million |
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Borrowed : |
- |
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Total : |
Rs.
57.300 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
294.900 |
711.600 |
10.800 |
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LOCAL AGENCY
FURTHER INFORMATION
The
company is started business in Mumbai in year 1985.
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 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 |
Rs.46.36 |
|
UK
Pound |
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.58.38 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
46 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |