MIRA INFORM REPORT
|
Report
Date : |
31st
October, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MARUTHI IMPEX |
|
|
|
|
Registered
Office : |
No. 138,
5th Floor, Maruthi Tower, Airport Road, Kodihall, Bangalore
–560008, Karnataka, India |
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|
Country
: |
India |
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|
Financials
(as on) : |
31.03.2006 |
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|
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Date
of Incorporation : |
1996 |
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|
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BLRM02522C |
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|
|
|
Legal
Form : |
Partnership concern with an unlimited liability of the
partners. |
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|
|
|
Line
of Business : |
Importers
and Traders of Welding Consumables, Accessories such as Fluxes and Flooring
Laminates and Flooring Materials. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD 35000 |
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|
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|
Status
: |
Good |
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
This report is based on interviews with Mr. Brahmanand,
Accountant and Secretary of partners. Subject is a well established concern having fine track.
Partners are experienced, respectable and resourceful businessmen. Their
trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
No. 138,
5th Floor, Maruthi Tower, Airport Road, Kodihall, Bangalore
–560008, Karnataka, India |
|
Tel.
No.: |
91-80-25275848/
2529868 |
|
Fax
No.: |
91-80-25266289 |
|
E-Mail
: |
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|
Area : |
2700 Sq. fts |
|
Location : |
Owned |
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|
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Branch
: |
No. 19/7, 5th Floor, “Maruthi Mansion”,
Cunningham Road, Bangalore – 560 052, Karnataka, India |
PARTNERS
|
Name : |
Mr. G. J.
Raja |
|
Designation
: |
Managing
Partner |
|
|
|
|
Name : |
Mr. Jayaram Reddy |
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Designation
: |
Partner |
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|
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|
Name : |
Ms. Padma J Reddy |
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Designation
: |
Partner |
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|
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|
Name : |
Mr. G J Vijaykumar |
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Designation
: |
Partner |
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|
|
|
Name : |
Mrs. G J Aruna Reddy |
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Designation
: |
Partner |
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|
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|
Name : |
Ms. Shaila Raja |
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Designation
: |
Partner |
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|
|
Name : |
Ms. Sudha Vijay Kumar |
|
Designation
: |
Partner |
KEY EXECUTIVES
|
Management |
|
|
Name : |
Mr. K Suresh |
|
Designation
: |
General Manager |
|
Date
of Birth/Age : |
47 Years |
|
Qualification
: |
Graduate |
|
Experience
: |
17 Years |
|
|
|
|
Name : |
Mr.
Ramachandra |
|
Designation
: |
Marketing Agriculture |
|
Date
of Birth/Age : |
52 Years |
|
Qualification
: |
Graduate |
|
Experience
: |
27 Years |
BUSINESS DETAILS
|
Line
of Business : |
Importers
and Traders of Welding Consumables, Accessories such as Fluxes and Flooring
Laminates and Flooring Materials. |
|
|
|
|
Products
: |
v
Welding
Consumables v
Accessories
v
Fluxes
and Flooring Laminates v
Flooring
Materials |
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|
|
|
Imports
from : |
Korea, China and Germany |
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|
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Terms
: |
|
|
Selling : |
Credit (30/60 days) |
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|
|
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Purchasing : |
Credit (30/90 days) |
GENERAL INFORMATION
|
Suppliers
: |
v
Hyundai
Welding Company, Korea v
Witex,
Germany v
Melody
Flooring, China |
|
|
|
|
Customers
: |
v
Bharat
Earth Movers Limited, Bangalore v Integral Coach Factory, Chennai v L & T Group, Bangalore |
|
|
|
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No. of
Employees : |
18 |
|
|
|
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Bankers
: |
Canara
Bank, Cunnigham Road, Bangalore-560052, Karnataka, India |
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|
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Facilities : |
Subject enjoys Cash Credit facility of Rs. 15.000 millions
from its bankers |
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|
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Banking Relations : |
Satisfactory |
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Auditors
: |
Mr. T Vijaykumar Chartered Accountant Mr. K Sudhakar Chartered Accountants |
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|
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Associates/Subsidiaries
: |
v
G
Jayram Reddy and Sons, Bangalore Line of Business: Real Estate
Developer v
Maruthi
Electrodes Private Limited Line of Business: Manufacturing of Welding Electroplates v
Maruthi
Bricks Works Private Limited, Bangalore Line of Business: Manufacturing of Bricks v
Maruthi
Welding Wires and Fluxes, Bangalore Line of Business: Manufacturing of G I Wires. |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Partners Capital : |
Rs. 1.000 Millions |
|
Partners Current Capital : |
Rs. 7.596 Millions |
|
Total : |
Rs. 8.596 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2005 |
31.03.2004 |
|
Sales
Turnover |
|
70.000 |
59.531 |
|
|
|
|
|
|
Import
Value |
|
10.000 |
4.451 |
Expected Sales March 2007 Rs. 75.000 Millions
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1]
Partners Capital Account |
|
|
1.000 |
|
|
2]
Partners Current Account |
|
|
7.596 |
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|
3]
Reserves & Surplus |
|
|
0.000 |
|
|
NETWORTH |
|
|
8.596 |
|
|
|
|
|
|
|
|
LOAN
FUNDS |
|
|
6.940 |
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|
TOTAL BORROWING |
|
|
6.940 |
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|
|
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|
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TOTAL |
|
|
15.536 |
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|
|
|
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APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
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|
FIXED
ASSETS [Net Block] |
|
|
2.440 |
|
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Capital
work-in-progress |
|
|
0.000 |
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|
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
|
10.216 |
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|
Sundry
Debtors |
|
|
17.067 |
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|
Cash
& Bank Balances |
|
|
0.369 |
|
|
Other
Current Assets |
|
|
2.758 |
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|
Loans
& Advances |
|
|
3.240 |
|
Total Current Assets |
|
|
33.650 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
|
|
18.974 |
|
|
Provisions |
|
|
1.580 |
|
Total Current
Liabilities |
|
|
20.554 |
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|
Net Current Assets |
|
|
13.096 |
|
|
|
|
|
|
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TOTAL |
|
|
15.536 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover [including other
income] |
|
|
64.340 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
4.394 |
|
Provision for Taxation |
|
|
0.000 |
|
Profit/(Loss) After Tax |
|
|
4.394 |
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|
|
|
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Total Expenditure |
|
|
76.686 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
6.82 |
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
6.82 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
12.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.51 |
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|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
4.20 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
1.63 |
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
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 |
Rs.45.02 |
|
UK Pound |
1 |
Rs.85.56 |
|
Euro |
1 |
Rs.57.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
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 |