MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
STYLE N STEEL INC. |
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Registered Office : |
711, ITL, 110 034 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2006 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacture and Exporter of Stainless Steel Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 10000 |
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Status : |
Satisfactory |
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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 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
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Registered Office : |
711, ITL, 110 034 |
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Tel No.: |
91-11-27354460 / 27353054 / 47002113 |
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Fax No.: |
91-11-27354448 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
C – 54/1, Wazirpur Industrial Area, |
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Area : |
1000 sq. mtr. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Nitin Padia |
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Designation : |
Proprietor (Chief Executive Officer) |
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Address : |
A-4/38, Jeevan Jyoti Apartment, Pitam Pura, |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate |
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Experience : |
6 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Stainless Steel Products |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
Capacity to increase production by: 200%
GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from open market |
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No. of Employees : |
25 |
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Bankers : |
Standard Chartered Bank, Pitam Pura, |
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Banking Relations
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Satisfactory |
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Associates/Subsidiaries : |
PADIA EXPORT
PRIVATE LIMITED CIN :U28996WB1998PTC087949 Authorised Capital : Rs. 5.000 Millions Paid Up Capital : Rs. 4.860 Millions Registered on : 16.09.1998 Registered Office: 40, Tel No. 91-33-2243 2542 Fax No. : 91-33-2243 2093 Mumbai Office : G/2, Hadkash Udyog Nagar, Tel No.: 91-22-28040042 / 28043433 Fax : 91-22-28121694 / 28044082 E-mail : info@padia.com Website : www.padia.com Activities : Manufacturers and Exporters of Stainless Steel Kitchenware,
cookware, Barware, bathware, Petware, Hotelware, Flatware, Hollowware and all
other types of utensils. Recognized Export House An ISO 9001:2000 Company STO : 550.000 Millions Employees : 125 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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5.000 |
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Profit/Loss for the year |
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12% |
Expected Sales (2007-08): Rs. 10.000 Millions
LOCAL AGENCY FURTHER INFORMATION
As per Website
details:
A professionally managed
organization, subject has established itself as one of the leading manufacturers
of life style products in stainless steel like stainless steel planters &
stainless steel dustbins.
With a perfect blend of sheer
hard work and professional outlook, Subject has emerged as one of the leading
manufacturers of high quality Stainless Steel Dustbins and Stainless Steel
Planters. Since its inception, the company visions for offering a peerless
collection of stainless steel dustbins to cater to the needs of various
organizations all across the globe.
The company continuously introduces new designs into its existing range of
products to suit the market needs and requirements. Incorporating a dynamic and
well planned business model, the company aims to capture a huge market share
while maintaining timely supply, competitive pricing and customer satisfaction.
Their Strengths
Quality
They are reputed as an elegant and hardworking manufacturer of stainless steel
kitchen utensils. Their products are known for their rust resistant life-long
polish and designs. They take utmost care in manufacturing the goods from the
finest quality stainless steel that are perfectly sized.
Infrastructure
Their infrastructural set up is their biggest strength. They possess well
equipped production unit backed by latest machines and sophisticated technology.
To better support your needs for product innovations and faster deliveries of
products, they've made significant additions to their facilities and
equipments. Their cutting-edge technology knotted with skilled and diligent
workers provides prompt solutions to your needs and wants.
They welcome queries from their
prospects and look forward to join hands with them to strengthen their
endeavors. They are committed to a quick and prompt feedback regarding the
details of their products and services.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.06 |
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1 |
Rs. 81.41 |
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Euro |
1 |
Rs. 55.34 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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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 |
YES |
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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 |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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