MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GOEL STEEL COMPANY |
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Registered Office : |
18, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1973 |
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Com. Reg. No.: |
0060990/HBRIV |
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IEC No.: |
0499003276 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG07088E |
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PAN No.: [Permanent
Account No.] |
AAGFG0504M |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Traders, Importers, Dealers and Stockists of Tools & Special Steels, Hitachi Metals, GKW Steels, Thyssen, Bohler, VISL, Metal RAVNE, Alloy Steel Bars and Blocks. |
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 60000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established concern having satisfactory track. Partners are experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitments. The concern can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long – run |
LOCATIONS
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Registered Office : |
18, |
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Unit |
89-A, |
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Tel. No.: |
91-44-26254814/ 8583/9359/26247034 |
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Fax No.: |
91-44-26254707 |
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Mobile No.: |
91-9841046187, 9841076981 |
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E-Mail : |
gsc@eth.net , info@goelsteel.com, gscsteel@giasmd01.vsnl.net.in |
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Website : |
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Area : |
14000 Sq.ft |
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Location : |
Owned |
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Branch Office: |
N. H. 4, |
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Tel No: |
91-44-27156-301/302 |
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Area : |
55000 Sq.ft |
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Location : |
Rented |
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Warehouse: |
Located at :- v
89-A, Tel. 91-44-26254814/26258583 Fax. 91-44-26254707 Ř
N. H. 4, Tel. 91-954111-256301/256302 |
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Service Centre: |
Located at :- ·
89-A, ·
NH 4, |
PARTNERS
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Name : |
Mr. Puranmal Goel |
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Designation : |
Partner |
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Address : |
1, 5, 4th
Cross Street, |
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Age : |
70 Years |
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Qualification : |
LLB, Diploma. Mech |
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Experience : |
40 Years |
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Name : |
Mr. Pankaj Goel |
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Designation : |
Partner |
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Address : |
1, 5, 4th
Cross Street, |
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Age : |
32 Years |
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Qualification : |
MMS |
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Experience : |
11 Years |
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Name : |
Mr. Sanjay Goel |
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Designation : |
Partner |
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Address : |
1, 5, 4th
Cross Street, |
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Age : |
30 Years |
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Qualification : |
MBA |
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Experience : |
8 Years |
BUSINESS DETAILS
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Line of Business : |
Traders, Importers, Dealers and Stockists of Tools & Special Steels, Hitachi Metals, GKW Steels, Thyssen, Bohler, VISL, Metal RAVNE, Alloy Steel Bars and Blocks. |
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Agencies Held : |
˜ GKW Limited (Powmex Steels Division) - Manufacturer of high speed steel and cold work steel for Tamilnadu ˜
Saar ˜
Hitachi Metals Pte Limited, ˜
Bohler International, ˜ Thyssen ˜ Ravans ˜ Lohman Cost ˜
Edelsthahl ˜
J. P. Schuemacher, |
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Imports from: |
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Terms : |
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Selling : |
L/C, Cash & Credit (30 to 60 days) |
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Purchasing : |
Cash & Credit (30 to 60 days) |
GENERAL INFORMATION
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Customers : |
Retailers, End Users, OEM’s and Manufacturer |
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No. of Employees : |
45 |
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Bankers : |
Punjab National Bank , 156, |
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Facilities : |
The concern enjoys credit limits of Rs.10.000 millions from its bankers |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Goel Anil & Company Chartered Accountant |
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Address : |
No. 26, |
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Membership: |
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Associates/Subsidiaries : |
v Sanjay Steel Syndicate 89-A, NTH Road, Chennai – 600 058, Tamilnadu --Trading of Alloy Steel v Goel Machining & Engineering Company 89-A, NTH Road, Chennai – 600 058, Tamilnadu --Engineering & Machining |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 15.301millions |
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Borrowed : |
-- |
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Total : |
Rs. 15.301 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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PARTNERS FUNDS |
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1] Partners Capital |
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15.301 |
7.556 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.301 |
7.556 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
2.812 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
2.812 |
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DEFERRED TAX LIABILITIES |
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17.543 |
15.006 |
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TOTAL |
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32.844 |
25.374 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.082 |
8.029 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.171 |
0.168 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.980 |
10.508 |
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Sundry Debtors |
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51.507 |
37.618 |
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Cash & Bank Balances |
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5.955 |
0.989 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.935 |
2.666 |
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Total
Current Assets |
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75.377 |
51.781 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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49.939 |
34.164 |
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Provisions |
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0.847 |
0.440 |
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Total
Current Liabilities |
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50.786 |
34.604 |
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Net Current Assets |
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24.591 |
17.177 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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32.844 |
25.374 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
420.000 |
356.548 |
244.754 |
164.349 |
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Total Income |
420.000 |
356.548 |
244.754 |
164.349 |
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Profit/(Loss) Before Tax |
NA |
21.060 |
8.965 |
3.042 |
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Provision for Taxation |
NA |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
NA |
21.060 |
8.965 |
3.042 |
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Import Value |
NA |
185.299 |
87.335 |
60.170 |
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Total Expenditure |
NA |
NA |
240.185 |
162.179 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.90
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3.66 |
1.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.90
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3.66 |
1.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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10.74 |
5.08 |
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Return on Investment (ROI) (PBT/Networth) |
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--
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0.58 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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--
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3.31 |
4.95 |
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Current Ratio (Current Asset/Current Liability) |
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--
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1.48 |
1.49 |
Expected Sales (2007 – 08) Rs. 500.000
millions
LOCAL AGENCY FURTHER INFORMATION
It is in trade terms with :-
˜ GKW Limited
- Manufacturer of high speed steel and cold work steel for Tamilnadu
Region.
˜
Saar Stahl Export
˜
˜
Bohler International,
˜ Thyssen
˜ Ravans
˜ Lohman Cost
˜
Edelsthahl
˜
J. P. Schuemacher,
˜
Intersteel International,
˜
Gloria Heavy Industries,
˜
J. P. Schuemacher,
˜
Saar
As per Website Details
PROFILE
Subject was established in
the year 1973 with sole aim of serving tool rooms with quality tool
steel at reasonable price and they are glad to have achieved a fair degree of
success with numerous satisfied customers. They are happy to state that they
have retained most of their customers and also expanded the list in the last 30
years.
Tool
Steel technologically has been constantly upgraded to improve tool life and
cost effectiveness. Various parameters are employed to manufacture cleaner and
pure tool steels to reduce downtime and increase tool life and dimensional
accuracies. They keep pace with this development and have added these upgraded
steels in their stocking program to serve their high quality demanding customers
with quick deliveries.
The
customer inventory build up of these tool steels is reduced to minimum thus the
money so saved can more profitably be employed to production augmentation. They
on their part assist their customers with prompt deliveries with material cut
to sizes meeting all quality parameters. They have one of the best
infrastructures to help us in their endeavor to serve all valued users.
Company
Policy:
"Goel Steel Company is built on long traditional values with ceaseless
pursuit of customer satisfaction by giving them High Quality Steels at
reasonable prices. Their commitment to quality is uncompromising."
Their
commitment to quality can be best judged with the study of the various products
they stock.
THEY
ARE AUTHORISED STOCKIST FOR :-
M/S GKW Ltd-Powmex steels division,
M/S Hitachi Metals Pte Ltd, Singapore,
M/S Saarstahi Exports GMBH, Germany.
They
also stock products of other manufacturers:-
M/S
Bohler,
M/S Edelstahl Witten Kreffield,
M/S Edelstahl GMBH J.P.Schumacher,
M/S Metal Ravne,
Their
Stocking Program includes the various products of the above manufacturers who
are among the best in their field of Manufacturing.
INFRASTRUCTURE
Subject was among the first in steel dealers to understand the
importance of a sound infrastructure and has continuously invested to further
improve the existing service network. They today can say for sure that they are
among the best service centers in the country. With over 55,000 Sq.ft of land dedicated to this purpose of service industry, along with a
dedicated staff of over 40 people, they can meet any of the demands.
Goel machining and engineering company, an independent arm
of Goelsteel Company is in the business of providing value added engineering
services tour esteemed users. They are proud to state that its a small tool
room of its own and is productively providing good service to its customers.
SERVICE CENTERS
Unit I:
89A,
Chennai - 600 058.
Unit II:
NH4,
(Opposite to Hyundai Motors), Sriperambadur Taluk,
Kanchipuram - 602 105.
Material Handling capacity: Maximum-20 Tons
Cutting Machines
• Installed 15 High
speed Bimetallic Band saw c u t t i n g M a c h i n e s .
• Maximum Capacity: 2000mmx1000mm.
• Also have angle cutting facility of +45degrees to -17degrees for a maximum
size of 900x600mm.
quality department-It should read as, put it in bullets
• Each and every material is checked for Specification, Dimensions and
ultrasonic soundness.
• Strict Vigilance is done on the internal stock colour codes and quality of
out going material.
• Each material dispatched has got details of Grade/Make/Heat
number/Size/Customer details etc printed on it
• All material dispatched are accompanied by manufacturer test certificate.
They are well equipped to handle any
critical requirements of thes. OUR COMMITMENT TO QUALITY IS UNCOMPROMISING.
SERVICES
OFFERED
Their business is to stock and sell tool and
special steels
They can stock grades and sizes of the interest
They can process and service the requirements as and
when required
If you would like to indent any of the brands or
specifications directly from their prinicipals they will get you their most
competitive offer
They can give you profile cut material to the best of
their ability to save the down time and money
They can supply premachined blocks in mutually
acceptable tolerances
In short, THEY TAKE CARE OF ALL THE NEEDS OF TOOL STEELS The
variety of products and their stock range is their main strength and they can
offer you the best solution to the tool steel needs. They deal and stock the
following:
HIGH SPEED STEELS,
COLD WORKTOOLSTEELS,
HOTWORKTOOLSTEELS,
FORGING QUALITY DIE BLOCKS,
PLASTIC MOULD STEELS,
ALLOY STEELS (EN24 & C45).
PRODUCTS
The variety of Products and their
Stock range is their main strength and they can offer you the best solution to
the tool steel needs.
They deal and stock the following:
- HIGH
SPEED STEELS,
- COLD
WORK TOOL STEELS,
- HOT WORK
TOOL STEELS,
- PLASTIC MOULD
STEELS,
- ALLOY
STEELS (EN24 & C45),
GENERAL PRECAUTIONS
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. 40.84 |
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1 |
Rs. 81.81 |
|
Euro |
1 |
Rs. 55.03 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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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 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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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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51 |
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 |
|
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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 |
|
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 |
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