MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RAJLAXMI STEEL INDUSTRIES |
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Registered Office : |
E-430, MIA Bajni Phase II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHR02650E |
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Legal Form : |
Partnership Concern With An Unlimited Liability Of
The Partners. |
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Line of Business : |
Manufacturer and Exporter of Tablewares, Office Accessories, Home
Decor Items, etc. |
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 16000 |
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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. Partners are
reported as experience and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered / Factory Office: |
E-430, MIA Bajni Phase II, |
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Tel. No.: |
0291-2741115 |
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Mobile No.: |
9314081100 |
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Fax No.: |
0291-2744452 |
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E-Mail : |
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Area : |
4200 sq. mtrs. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Suresh Jirawala |
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Designation : |
Partner |
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Address : |
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Date of Birth/Age : |
38 yrs. |
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Qualification : |
Graduate |
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Experience : |
15 yrs. |
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Name : |
Mr. Rajesh Jirawala |
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Designation : |
Partners |
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Date of Birth/Age : |
32 yrs. |
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Qualification : |
Graduate |
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Experience : |
13 yrs. |
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Name : |
Mrs. Kavita Jirawala |
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Designation : |
Partner |
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Date of Birth/Age : |
30 yrs. |
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Experience : |
House Wife |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Tablewares, Office Accessories, Home
Decor Items, etc. |
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Products : |
Bar Accessories, Bathroom Accessories, Hotelwares including |
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Exports : |
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Products : |
Stainless steels utensils, Kichenware and other products for house
hold. |
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Countries : |
Europe, |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Sight, Credit |
PRODUCTION STATUS
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Particulars |
Actual
Production |
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Stainless steel Kixhen and Home Appliances |
As per demand |
GENERAL INFORMATION
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Customers : |
Local customers, End Users |
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No. of Employees : |
163 (In office : 16, In factory : 147) |
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. M. Kothari and Associates Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
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Name: |
Rajlaxmi Industries |
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Address: |
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Line of
Business: |
Kichenware and Utensils |
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Name: |
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Name: |
Evershine Metals |
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Name: |
Samdari Steel and Alloys |
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Memberships : |
The Indian Stainless Steel Devlopment Association (ISSDA) Export Promotion Council For Handicrafts (EPCH) Engineering Export Promotion Council Federation Of Indian Chambers Of Commerece And Industry (FICCI) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.000 Millions |
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Borrowed : |
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Total : |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
59.600 |
58.900 |
38.300 |
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Net Profit |
1.850 |
1.765 |
1.500 |
LOCAL AGENCY FURTHER INFORMATION
History:
Year of Establishment 2004
Website Details:
At, Subject, they
strive to be the most innovative, and value-driven supplier of housewares,
officewares and related stainless steel products. As an ISO 9001:2000 certified
entity, they believe in making a difference with committed stand for value,
quality, innovation in their customers' eyes. Established in the year 1992,
they have grown as a distinguished manufacturer and exporter of a
massive range of Stainless Steel Products such as Bar Accessories,
Bathroom Accessories, Hotelwares, Tablewares, Office Accessories, Home Decor
Items, etc.
They export their
stainless steel products worldwide serving thousands of clients spread in
several countries. The growth that they have witnessed has not only been
impressively fast, but also based upon developing innovative product design
through excellent management principles. They endeavor for consistent
maintenance and upgradation of the quality of their products and seek the
opportunities, through which they can use their manufacturing expertise to
create better and more well designed products.
At present, they are a reputed member of a number of organizations like:
The Indian Stainless
Steel Development Association (ISSDA)
Export Promotion
Council For Handicrafts (EPCH)
Engineering Export
Promotion Council (EEPC)
Federation of Indian
Chambers of Commerce and Industry (FICCI).
Their Sister Concerns
Rajlaxmi Industries
Evershine Metals
Samdari Steel and Alloys.
Their
They are a highly reputed manufacturer and exporter of a wide range of
Stainless Steel Products which can be be classified as-
Bar Accessories
Bathroom Accessories
Hotelwares including
Beverage Range
Kitchenware including
Bowls, Canisters and Colanders
Gifts Articles such as
Coasters
Home Decor Items
Office Accessories
Tablewares including
Pitchers
Waste Bins.
The above classifications
are made to facilitate their customers to pick up items according to their own requirements.
Their collection comprises of varied elegant pieces in each category,
delivering them satisfaction beyond their expectations. You can even find in
their brilliant collection - some novel, artful and stylish products which are
quite rare.
Their Quality
With over 10 years of experience behind them, they, Subject, guarantee the best
quality products. They are quality driven and professionally managed group of
technicians and designers with in-depth knowledge and vast experience in their
field. Their endeavor has always been to earn full customer satisfaction, and
they achieve it by maintaining world class quality in all their products. All
the products are thoroughly checked at their in-house quality checking unit as
per internationally standardized quality norms. They use their own carefully
selected raw materials and perform complete manufacturing process in their own
manufacturing unit. That is why, they can remain assured of a keen observation
for quality of products at every stage of the manufacturing process.
Their Infrastructure
A sound infrastructure is the base upon which Subject has been growing
successfully since its beginning. They have a dedicated team of technocrats and
designers who work round the clock and bring into existence, the brilliant
products that they offer to their clients spread worldwide. In addition, their
manufacturing unit is equipped with a range of advanced technology machinery.
Thus, a brilliant combination of man and machine potheyr helps them to be in
the forerunner position in the industry.
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.40.47 |
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1 |
Rs.80.28 |
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Euro |
1 |
Rs.54.43 |
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/normal. |
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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