MIRA INFORM REPORT
|
Report Date : |
02.01.2007 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
|
Maximum Credit Limit : |
|
|
|
Undetermined |
|
Status : |
|
|
|
-- |
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Payment Behaviour : |
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|
|
|
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Litigation : |
-- |
GENERAL OBSERVATIONS
- This concern is
created for internet marketing. Subject main concern is Connex Metals
whose report is enclosed herewith
- The concern is no more
active at the given address
- They have a website
called jambrass.com whose entire traffic has been diverted to Connex
Metals
MIRA INFORM REPORT
IDENTIFICATION DETAILS
|
Name : |
CONEX METALS |
|
|
|
|
Registered Office : |
1406, Dalamal Towers,
Nariman Point, Mumbai- 400 021, Maharashtra, India |
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|
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Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1984 |
|
|
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Legal Form : |
A
Partnership Concern with an unlimited liability of the partners. |
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|
|
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Line of Business : |
Manufacturing
and Exporting of Metal Components for Electrical, Mechanical and Hydraulic
Use. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed concern having fine track. Partners are respectable,
experienced and honest. Their trade relations are fair. Payments are always
correct and as per commitments. The concern can be considered good for any
normal business dealings. It can be regareded as a promising business partner
in medium to long-run. |
LOCATIONS
|
Registered Office : |
1406, Dalamal Towers,
Nariman Point, Mumbai- 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-56371095/ 96 |
|
Fax No.: |
91-22-22834046 |
|
E-Mail : |
|
|
Website: |
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Area : |
600 sq. ft. |
|
Location : |
Owned |
|
|
|
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Factory : |
Plot
No. 10/B, GIDC Industrial Estate, Jamnagar- 361 004, Gujarat, India |
|
Tel. No.: |
91-288-2566323 |
|
Area : |
11000
sq. ft. |
|
Location : |
Owned
|
PARTNERS
|
Name : |
Mr.
Deepak Shah |
|
Designation : |
Partner
|
|
|
|
|
Name : |
Mr.
Ketan Shah |
|
Designation : |
Partner
|
|
|
|
|
Name : |
Mrs.
Kantaben Shah |
|
Designation : |
Partner
|
|
|
|
|
Name : |
Mrs.
Sudhaben Shah |
|
Designation : |
Partner
|
BUSINESS DETAILS
GENERAL INFORMATION
|
Customers : |
v
J. S. Industries,
Mumbai Tel
No. 91-22-3712677 v
Mahavir Industries,
Mumbai Tel.
No. 91-22-3712887 v
Wiska Hopmmann and
Muslow Gmbh, Germany E
Mail : wiska@wiska.de Tel.
No. 49 (4191) 508-0 Contact
Person : Mrs. J. Grob v
Vanguard Fixings
Limited, Southampton, UK E
Mail : sales@vgf.co.uk Contact
Person : Mr. G. Shrimpton v
Spectrum Controls Inc,
USA Website
: http://www.spectrumcontrol.com Contact
Person : Mr. Fred Webber |
|
|
|
|
No. of Employees : |
80 |
|
|
|
|
Bankers : |
Bank
of India |
|
Address: |
Mahalaxmi
Branch, Mumbai- 400 026, Maharashtra, India Current
Account No. 12650 Average
Bank Balance : Rs. 2.000 millions |
|
|
|
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Banking Relations : |
Good
|
|
|
|
|
Auditors : |
V.
C. Shah and Company Chartered
Accountants |
|
Address : |
Rajgir
Chambers, Opp. Old Custom House, Mumbai, Maharashtra, India |
|
|
|
|
Associates : |
v
Deepak Fasteners Line
of business-: Manufacturing of brass fasteners v
Meghani Metal
Industries Line
of business-: Traders of metal fasteners in Indian market only. v
Prime Constructions Line
of business-: Municipal and civil constructions v
Associated Exports Line
of business-: Exports of steel parts |
CAPITAL STRUCTURE
|
Capital Employed : |
Rs.26.500
million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
360.000 |
200.000 |
155.000 |
|
|
|
|
|
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Net Profit |
40.000 |
NA |
NA |
|
|
|
|
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|
Partners Net Worth |
62.000 |
NA |
NA |
Expected Sales March 2007 –
Rs. 450.000 Millions
Expected Net Profit March
2007 – Rs. 70.000 Millions
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
11.11 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
|
11.11 |
|
|
|
|
|
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|
Return
on Investment (ROI) (PBT/Networth) |
|
|
|
0.64 |
LOCAL AGENCY FURTHER INFORMATION
PROFILE
The
concern was originally established on 1st April, 1984 at Mumbai in
Maharashtra as a Sole Proprietory Concern. Its constitution was changed from
Sole Proprietory Concern to Partnership Concern in the year 2000.
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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
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 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 |
|
PRIVATE & CONFIDENTIAL : This information is provided to you at your request,
you having employed MIPL for such purpose. You will use the information as aid
only in determining the propriety of giving credit and generally as an aid to
your business and for no other purpose. You will hold the information in strict
confidence, and shall not reveal it or make it known to the subject persons,
firms or corporations or to any other. MIPL does not warrant the correctness of
the information as you hold it free of any liability whatsoever. You will be
liable to and indemnify MIPL for any loss, damage or expense, occasioned by
your breach or non observance of any one, or more of these conditions