MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GLOBE STEEL |
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Registered Office : |
153 – E, EPIP, HSIDC Industrial Area, Sonepat – 131028, Haryana |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer and Exporters of S.S. Steel Utensils, Kitchenware. |
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 20000 |
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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 experienced and respectable businessmen.
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 : |
153 – E, EPIP, HSIDC Industrial Area, Sonepat – 131028, Haryana |
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Tel. No.: |
91-130-2219567 / 70 / 6534130 |
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Mobile No.: |
91-9871742018 |
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Fax No.: |
91-130-2219570 |
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E-Mail : |
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Website : |
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Area : |
1000sq.mtrs |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Krishan Basia |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Under Graduate |
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Experience : |
15 Years |
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Name : |
Mr. Vinod Sharma |
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Designation : |
Partner |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Graduate |
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Experience : |
4 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of S.S. Steel Utensils, Kitchenware |
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Products : |
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Exports : |
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Products : |
A.A. Utensils |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit, Cash |
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Purchasing : |
L/C, Credit (60 days), Cash, Sight |
GENERAL INFORMATION
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Customers : |
Local Customers, End Users |
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No. of Employees : |
92 (12 Office, 80 Factory) |
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Bankers : |
Oriental Bank of Commerce Pitampura, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
VSR and Company Chartered Accountants |
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Address : |
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Memberships : |
E.P.C.H., F.I.E.O, Indo German Chamber of Commerce |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 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 |
120.000 |
95.000 |
83.000 |
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Profit/Loss for the year |
4.500 |
3.800 |
3.300 |
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LOCAL AGENCY FURTHER INFORMATION
Company Details:
When creativity
blends with a vision, the output sparkles in the marvels of stainless steel. The
eco-friendly alloy has carved an indispensable niche in their daily lives.
Understanding this highly constructive relationship, they, at Subject are committed to
spread this essence much further. In just three years, since their
incorporation in 2003, Globe Steel has grown from a fledgling into a high
flyer. With a string of firsts, while manufacturing and exporting stainless steel
utensils, roasting pans, kitchenware cutlery, petware, hotelware, barware,
kitchen and canteen tools, mixing bowls, colanders and strainers, trays and
pans, baskets and platters, bins and buckets, pet accessories, bar assortments,
cruets and other utilities, the brand is riding high on the wings of global
recognition not just in terms of quantity but quality as well.
The membership of E.P.C.H, F.I.E.O, as well as Indo German Chamber of Commerce
has metamorphosed Globe Steel into a winner giving an output of 75 tonnes on
monthly basis. The accolades keep pouring in towards this ISO 9001: 2000
certified brand. Geared up with the goal - "The best is yet to
come".....they move towards the next phase of growth while continuing to
make inroads into foreign markets
Their
Infrastructure
All their members
having fine expertise are well acquainted with the complete sequence of the
procedures involved in production unit setup at their state-of-the-art
manufacturing facility in Kundli Industrial Area on the outskirts of
Their Unique
Quality Spirit
The stringent
quality control measures, high packing standards and precise time management
keenly observed and followed in their company have stood them in good stead.
This has enabled them to have tie-ups with many store chains and
importer-distributors.
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.40.76 |
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1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
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 |
NO |
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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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