MIRA INFORM REPORT
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Report
Date : |
18.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
MERIDIAN EXPORTS |
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Registered
Office : |
26, Arihant Industrial Estate, Ground Floor, 94-C & D,
Krantinagar, Opposite Shetty Chemicals, Off. Saki Vihar Road, Sakinaka,
Mumbai – 400 072, Maharashtra, India |
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Country
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India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
21.12.1992 |
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Pan
No: |
AADPG5045J |
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IEC
No. |
0392072947 |
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Legal
Form : |
Sole Proprietory Concern. |
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Line
of Business : |
Trader, Dealer, Distributor and Importer of Welding
Consumables and Engineering goods. |
RATING & COMMENTS
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MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
USD 80000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established and reputed concern having
satisfactory track. Proprietor of the concern is experienced, respectable and
resourceful businessman. His trade relations are fair. Financial position is good. Payments are correct and as
per commitments. The concern can be considered good for any normal business
dealings. |
LOCATIONS
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Registered
Office : |
26, Arihant Industrial Estate, Ground Floor, 94-C & D,
Krantinagar, Opposite Shetty Chemicals, Off. Saki Vihar Road, Sakinaka,
Mumbai – 400 072, Maharashtra, India |
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Tel.
No.: |
91-22-28473259/89 |
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Fax
No.: |
91-22-28473294/0710 |
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Mobile
: |
91-9820061002 |
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E-Mail
: |
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Website
: |
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Area : |
3500 sq. fts. (Owned) |
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Branches
: |
Ř
Unit
174, Plot No. 260, Special Economic Zone, Sachin, Surat – 394230, Gujarat Ř
Unit
161, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat |
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Area : |
1000 sq. fts. (Leased) |
SOLE PROPRIETOR
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Name : |
Mr. Himanshu I. Gandhi |
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Designation
: |
Sole Proprietor |
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Address
: |
11, Rajmilan, 4th
Floor, Corner of Dixit & P.M.Road, Vile Parle (East), Mumbai – 400057,
Maharashtra |
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Date
of Birth/Age : |
40 Years |
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Qualification
: |
D.M.E., B.E. (Production) |
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Experience
: |
17 years |
BUSINESS DETAILS
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Line
of Business : |
Trader, Dealer, Distributor and Importer of Welding
Consumables and Engineering goods. |
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Agencies
Held : |
v
Bonler,
Austria v
UTP,
Germany v
A B
Sandvik, Sweden v
Astrolite,
U.S.A. v
INE,
Italy |
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Imports
from : |
European Countries |
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Terms
: |
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Selling : |
Credit (150 days) |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Suppliers
: |
v
Gordon
Woodroffe LoGistics Limited v
Bohler
Schweisstechnik Austria GMBH v
UTP
Schweissmaterial GMBH v
Santrade
Limited v
I.N.E.
Industrial Nazionale Eletrodi S.P.A. |
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Customers
: |
v
Gujarat
Narmada Valley Fertilizers Company Limited v
Jindal
Vijaynagar Steel Limited v
U.P.
Steel v
Larsen
and Toubro Limited – Hazira v
Larsen
and Toubro Limited – ECC Group BPCL v
Indian
Sugar and General Engineering Corporation v
Econo
Valves Private Limited v
Rane
Engine Valves Limited v
National
Thermal Power Corporation Limited – Vidyutnagar v
Neyveli
Lignite Corporation Limited v
Khanna
Malhotra Enterprises v
Hyundai
Heavy industries Limited v
Industrial
Manufacturers v
Indian
Farmers Fertilizers Co-operative Limited v
Super
alloys and Metals Limited v
BHEL
– Hyderabad v
BHEL
– Bhopal v
Bhageeratha
Electricals and Structurals Limited v
Punj
Lloyd Limited – New Delhi (Panipat) |
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No. of
Employees : |
15 |
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Bankers
: |
State Bank of India, Commercial Branch, Shyamkamal Trade
Centre, Agarwal Market, Vile Parle (E), Mumbai – 400057 |
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Facilities : |
Credit Limit: Rs. 7.250 millions (Figures are in millions)
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Banking Relations : |
Satisfactory |
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Auditors
: |
Bharat Kanakia and Associates Chartered Accountants |
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Address
: |
602, Abhinandanswami CHS Ltd., Plot No. 21, Road No. 25,
Sion, Mumbai – 400022 |
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Associates/Subsidiaries
: |
Nil |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS
FUNDS |
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1]
Proprietor’s Capital |
5.171 |
3.865 |
3.506 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
5.171 |
3.865 |
3.506 |
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LOAN
FUNDS |
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1]
Secured Loans |
15.271 |
6.734 |
1.570 |
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2]
Unsecured Loans |
0.000 |
5.513 |
4.960 |
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TOTAL
BORROWING
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15.271 |
12.247 |
6.530 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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20.442 |
16.112 |
10.036 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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7.540 |
5.235 |
4.657 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
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0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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7.811 |
4.557 |
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Sundry Debtors
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8.014 |
2.656 |
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Cash & Bank Balances
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36.338
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0.075 |
0.122 |
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Other Current Assets
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0.012 |
0.369 |
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Loans & Advances
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0.000 |
0.149 |
Total Current Assets
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36.338 |
15.912 |
7.853 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
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23.436
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5.035 |
2.474 |
Total Current Liabilities
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23.436 |
5.035 |
2.474 |
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Net
Current Assets
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12.902 |
10.877 |
5.379 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
0.000 |
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TOTAL
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20.442 |
16.112 |
10.036 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
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14.386 |
11.222 |
7.178 |
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Profit/(Loss) Before Tax
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1.999 |
0.967 |
0.841 |
Provision for Taxation
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-- |
-- |
-- |
Profit/(Loss) After Tax
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1.999 |
0.967 |
0.841 |
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Total Expenditure
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12.388 |
10.255 |
6.337 |
KEY
RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
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13.90
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8.62 |
11.72 |
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Net Profit Margin
(PBT/Sales) |
(%) |
13.90
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8.62 |
11.72 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
4.56
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4.57 |
6.72 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.39
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0.25 |
0.24 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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7.49
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4.47 |
2.57 |
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Current Ratio
(Current
Asset/Current Liability) |
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1.55
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3.16 |
3.17 |
LOCAL AGENCY FURTHER INFORMATION
The concern’s fixed assets of important value include pager,
Air-conditioner, refrigerator, EPABX, paper shedder, furniture, office
premises, computer, Xerox machine, fax, mobile, vacuum cleaner, weighing scale,
T.V. and circuit cinema, tea coffee appliance, projector, Kinetic Honda,
binding machine, office electronic equipment, pallet truck, stacker, inverter,
labeling, time recorder machine and Honda City car.
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. 45.01 |
|
UK Pound |
1 |
Rs. 84.91 |
|
Euro |
1 |
Rs. 57.48 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP
CAPITAL |
1~10 |
7 |
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OPERATING
SCALE |
1~10 |
7 |
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FINANCIAL
CONDITION |
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--BUSINESS
SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT
LINES |
1~10 |
7 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER
MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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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 |