MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DHARMESH STEEL |
|
|
|
|
Registered Office : |
12, A Wing, Shruti Building, Yashodham, Goregaon [East], Mumbai –
400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1992 |
|
|
|
|
IEC No.: |
0395049458 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Traders, Exporters and Importers of Alloy Steel, Tool Steel, Carbon
Steel in flats and Plates and Rounds.
|
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 25000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established and reputed concern having satisfactory track records.
Proprietor is reported as experienced and respectable businessman. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
12, A Wing, Shruti Building, Yashodham, Goregaon [East], Mumbai – 400063,
Maharashtra, India |
|
Tel. No.: |
91-22-28422221 |
|
Mobile No.: |
91-9821065772 |
|
Fax No.: |
91-22-28420221 |
|
E-Mail : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Warehouse : |
1877, Kalambol, District Thane |
|
Mobile No. : |
91-9324386156 |
|
Fax No.: |
91-22-32988741 |
|
Area : |
4500 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branches : |
A/37/2, Taloja, MIDC, Behind Bhangor Kanta |
|
Tel. No.: |
91-22-27411385 |
|
Fax No.: |
91-22-27601369 |
|
Area : |
17000 sq. ft. |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Dharmendra Parikh |
|
Designation : |
Proprietor |
|
Address : |
12/A Wing, Yashodham, Goregaon [East], Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
B. Com |
|
Experience : |
20 Years |
BUSINESS DETAILS
|
Line of Business : |
Traders, Exporters and Importers of Alloy Steel, Tool Steel, Carbon
Steel in flats and Plates and Rounds.
|
|
Exports : |
|
|
Products : |
Carbon Steel |
|
Countries : |
Dubai Tel No. : 00971506453816 / 00971503536096 |
|
|
|
|
Imports : |
|
|
Products : |
Daye Steel, Chongram Specialities, PEW Coulf Steel |
|
Countries : |
China Korea – Tel. No. : 9820358640 Germany - Tel. No.: 6324662001 Dubai – Tel. No. :
00971503536096 |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit [90 days] |
|
|
|
|
Purchasing : |
L/C, Cash and Credit [90 days] |
GENERAL
INFORMATION
|
Suppliers : |
Ø Ace International Ø Darpan Trading
Co Ø Edelstahl
Written – Krefeld GMBH Ø Electromech
Corporaton Ø Mahadev Traders Ø Mahalaxmi
Trading Corporation Ø Mahavir
Enterprises Ø Tajiv Trading
Pvt .Ltd. Ø Shree Ganesh
Steels Ø Shree Radhika
Steel Chem Ltd. Ø United Taders Ø Vatsa Mercantile
Pvt Ltd. Ø V.M.N.Steel Chem
Ltd. Ø W.W.A. Limited |
|
|
|
|
Customers : |
Ø Aniketa
Enterprises Ø Arihant
Engineering Work Ø Gayetry
Enterprises Ø Kalpesh Trading
Co. Ø N.K. Traders Ø Poonam Alloys Ø Purohit Steel
Co. Ø Ravi Steel
Company Ø Usha Hardware Ø Usha Steel s Ø Vaishali Steel |
|
|
|
|
No. of Employees : |
13 |
|
|
|
|
Bankers : |
Bank of India Malad [West], Mumbai Mr. Upasne [manager] Mobile No. : 91-9820971445 |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
P. J. Raichura and Company Chartered Accountants |
|
Address : |
71/72, Ashok Chambers, Devji Ratansey Marg, Masjid Bunder, Mumbai –
4000001 |
|
|
|
|
Associates/Subsidiaries : |
Pratham Industries 41-B, Pravasi Industrial Estate, Goregaon [East] - Manufacturing of Bright Bar,
Tool Steel and Forgings Parth Plastotech Private Limited Gulf Steel and Alloy FZCO, Jebel Ali, Debai |
|
Capital Investment : |
|
|
Owned : |
Not Available |
|
Borrowed : |
Not Available |
|
Total : |
-- |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.408 |
1.165 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
0NETWORTH |
|
2.407 |
1.165 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
5.056 |
5.061 |
|
|
TOTAL BORROWING |
|
5.056 |
5.061 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.464 |
6.226 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.093 |
0.743 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.254 |
0.184 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
4.941 |
|
|
Deposits & Advances |
|
0.295 |
0.000 |
|
|
Sundry Debtors |
|
19.363 |
5.242 |
|
|
Cash & Bank Balances |
|
0.064 |
0.234 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.340 |
10.575 |
|
Total
Current Assets |
|
21.062 |
20.992 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors for Import Goods |
|
3.014 |
15.517 |
|
|
Sundry Creditors for Local Goods |
|
11.556 |
0.000 |
|
|
Sundry Creditors for Exp. & Others |
|
1.375 |
0.176 |
|
Total
Current Liabilities |
|
15.945 |
15.693 |
|
|
Net Current Assets |
|
5.117 |
5.299 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.464 |
6.226 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
55.913 |
16.075 |
|
|
Other Income |
|
1.082 |
1.200 |
|
|
Total Income |
|
55.924 |
16.087 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.271 |
0.275 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
1.271 |
0.275 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
|
7.257 |
0.896 |
|
|
Depreciation & Amortization |
|
0.000 |
0.124 |
|
|
Other Expenditure |
|
1.591 |
1.329 |
|
Total Expenditure |
|
8.848 |
2.349 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.27 |
1.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.27 |
1.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
24.83 |
5.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.52 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.62 |
13.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.32 |
1.33 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Ø Furniture &
Fixture
Ø Computer
Ø Scooter
Ø Motor Car
Ø Air Condition
Trade Reference
Ø Mr. Deepak Shah
Nirmal Building,
S. V. Road, Borivali [West
Mobile :
91-9820358640
Ø Mr. Anchan
Protoos India,
Fort, Mumbai
Mobile :
91-9324662001
Ø Mr. Upagne – Bank Manager
Bank of India
Malad [West] ,
Mumbai
Mobile :
91-9820971445
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.42.88 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.27 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|