MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RAHUL INDUSTRIES |
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Registered Office : |
74 – A, Heavy Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporters of S.S. Steel Furniture and Tubes |
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 30000 |
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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/Factory : |
74 – A, Heavy Industrial Area, |
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Tel. No.: |
91-291-2748705 / 2747489 |
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Mobile No.: |
91-992838802 |
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Fax No.: |
91-291-2748705 |
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E-Mail : |
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Website : |
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Area : |
35200sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Rahul Kanunga |
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Designation : |
Proprietor |
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Address : |
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Date of Birth/Age : |
31 Years |
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Qualification : |
Graduate and MBA |
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Experience : |
9 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of S.S. Steel Furniture and Tubes |
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Products : |
©
Stainless Steel Welded Tubes ©
Stainless Steel Welded Tubular
Sections ©
Stainless Steel Furniture ©
Stainless Steel Furniture Frames ©
Wooden Furniture ©
Iron Furniture ©
Indian Handicrafts ©
Antiques ©
Village Crafts ©
Gift Items ©
Utility Products |
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Exports : |
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Products : |
S.S. Steel Furniture |
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Countries : |
Negotiating |
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Terms : |
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Selling : |
Credit (30 days), Cash |
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Purchasing : |
L/C, Credit (30 days), Cash, Sight |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Not Applicable |
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110 Tons per
month |
as per demand |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
30 (5 Office, 25 Factory) |
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Permanent |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.7.500 millions |
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Borrowed : |
- |
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Total : |
Rs.7.500 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 |
100.000 |
48.900 |
45.000 |
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Profit/Loss for the year |
2.025 |
0.750 |
0.550 |
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Expected Sales (2007-08) : Rs.155.000 millions
LOCAL AGENCY FURTHER INFORMATION
Company Details:
A top-notch name
dealing in totally diversified products, especially steel tubes and furniture, is what marks the
identity of subject. The company is a renowned manufacturer and exporter of unmatched stainless steel welded tubes, sections (round,
square, rectangular, etc.), stainless steel furniture and furniture frames,
wooden furniture, iron furniture, etc. Incepted in the year 2001, the company
earns a remarkable market share in its business
domain by
manufacturing premier products, high on every angle of quality. They are a
complete amalgam of highly experienced professionals, craftsmen, designers and
latest standardized machines that provide them a wholesome tonic to manufacture
the masterpieces of human excellence. Ravow is an in-house brand of subject,
established with the motto of providing distinctive and elegant furniture,
handicrafts and antiques.
Their
expertise also extends to the development of products according to specific
customer requirements for engineering, industrial and decorative applications.
The company is strictly committed to its penchant of providing superlative
products at the most reasonable prices to its clients. They use
state-of-the-art welding techniques and equipments to ensure that their
products conform to both, the domestic and global quality standards.
Products
Subject
is an eminent manufacturer and exporter of stainless steel, iron and wooden
furniture. The company also deals in Wooden Indian Handicrafts, Antiques,
Village Crafts, Gift Items, etc.
Their parent company Subject is a one stop sourcing point of Stainless
Steel Welded Tubes and Sections. Its tubes are manufactured from various grades
of national and international standards. The company also offers customized
solutions as per exact requirement of various sectors.
Quality
Assurance
They are
a quality driven organization. The company strictly adheres to stringent
quality control procedures right from the procurement of raw materials to the
shipment of finished products. Every stage of the manufacturing process is
monitored by a team of experienced quality control inspectors in order to
deliver flawless products. They employ the finest quality of raw material which
is sourced from reputed and reliable agents. The dimensional attributes as well
as the performance of the finished products are checked in an in-house testing
laboratory that ensures the movement of only excellent products from the
facility.
Packaging
All
their finished goods are packaged in world class packaging, protecting the
goods from any sort of contamination or damage. Necessary measures are taken to
protect the products from numerous environmental and other hazards in their
journey from their godowns to the warehouses of their clients.
Efficient
Manpower
They
are well supported by a team of experienced professionals who are proficient in
their respective domains and are capable of producing an array of unparalled
products. The company organizes regular training sessions to update their
technological skills.
Why Subject?
- A state-of-the-art manufacturing
facility equipped with innovative machinery and equipment
- A modern tool room, which is fully
equipped to design and develop tooling of various shapes and sizes
- A team of mechanical engineers,
chemical engineers and qualified professionals, who efficiently use their
knowledge and expertise in order to contribute to their success in a
significant manner
- A well developed R&D facility,
wherein the process of manufacture is analyzed and new features are
introduced in different products to improve their value to customers
- Reputation based on quality,
reliability, integrity, and complete understanding of the market dynamics
- Prompt deliveries and customer
satisfaction - their top priority
- Keeping abreast of the
ever changing trends in their field enabling them to deliver the best.
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. |
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1 |
Rs. |
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Euro |
1 |
Rs. |
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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