MIRA INFORM REPORT
|
Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
INDUSTRIAL METALLICS ( |
|
|
|
|
Registered Office : |
B 2, Gokul Arcade B, Near Garware Polyester, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
20.01.1995 |
|
|
|
|
Com. Reg. No.: |
084801 |
|
|
|
|
CIN No.: [Company Identification No.] |
U2710MH1995PTC084801 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUM102339B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject acts as Indenting Agent in Metal Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 276000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having moderate track records.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual terms and conditions with slight caution initially. |
LOCATIONS
|
Registered Office : |
B 2, Gokul Arcade B, Near Garware Polyester, |
|
Tel. No.: |
91-22-28364694 |
|
Fax No.: |
91-22-28364693 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Branches : |
|
DIRECTORS
|
Name : |
Mr. Vasant Ramkrishna Kuber |
|
Designation : |
Director |
|
Address : |
10, Harikripa, 26 A, |
|
Date of Birth/Age : |
23.07.1931 |
|
Date of Appointment : |
20.1.1995 |
|
|
|
|
Name : |
Mr. Anand Vasant Kubar |
|
Designation : |
Director |
|
Address : |
10, Harikripa, 26 A, |
|
Date of Birth/Age : |
14.01.1965 |
|
Date of Appointment : |
20.01.1995 |
|
|
|
|
Name : |
Mrs. Kanchan Anand Kuber |
|
Designation : |
Director |
|
Address : |
10, Harikripa, 26 A, |
|
Date of Birth/Age : |
17.06.1967 |
|
Date of Appointment : |
01.04.2005 |
|
|
|
|
Name : |
Mr. Madhukar Kashinath Sawant |
|
Designation : |
Director |
|
Address : |
7, Sai Baba Apartment Ramdas Wadi, Kalyan (West) |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
11.12.2002 |
|
|
|
|
Name : |
Mr. Gaurang Kantilal Shroff |
|
Designation : |
Director |
|
Address : |
14, Bajaj Society, |
|
Date of Birth/Age : |
24.01.1966 |
|
Date of Appointment : |
11.12.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Vasant Ramkrishna Kuber |
|
500 |
|
Mr. Anand Vasant Kubar |
|
500 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relative of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as Indenting Agent in Metal Products |
|
|
|
|
Products : |
Basic Metals, Ferro Alloys, Minor Metals, Ores and Concentrates and
Steel |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
5 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
ANZ Grindlays Bank, Mumbai, Indian Overseas Bank, Mumbai, Indian Overseas Bank, |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Vasavada and Associates Chartered Accountants |
|
Address : |
5/105, Nityanand Nagar – 4, Swami Nityanand Marg, Mumbai – 400069,
Maharahstra. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/-
each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.070 |
0.070 |
0.070 |
|
|
4] (Accumulated Losses) |
(0.230) |
(0.444) |
(0.351) |
|
|
NETWORTH |
0.069 |
0.274 |
0.181 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.645 |
0.870 |
0.165 |
|
|
TOTAL BORROWING |
0.645 |
0.870 |
0.165 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.575 |
0.596 |
0.016 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.360 |
0.380 |
0.443 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
1.176
|
1.042 |
0.139 |
|
|
Cash & Bank Balances |
0.155
|
0.027 |
0.042 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.277
|
0.166 |
0.166 |
|
Total
Current Assets |
1.608
|
1.235 |
0.347 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.776
|
0.193 |
0.119 |
|
|
Provisions |
0.616
|
0.826 |
0.691 |
|
Total
Current Liabilities |
1.392
|
1.019 |
0.810 |
|
|
Net Current Assets |
0.216
|
0.216 |
(0.462) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.752 |
|
|
|
|
|
|
|
|
TOTAL |
0.575 |
0.596 |
0.016 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
7.923 |
4.803 |
4.488 |
|
|
Other Income |
|
0.004 |
0.002 |
|
|
Total Income |
7.923 |
4.807 |
4.490 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.359 |
(0.104) |
0.288 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.359 |
(0.104) |
0.288 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
0.000 |
0.000 |
|
|
Commission Earnings |
NA |
4.803 |
4.367 |
|
|
Other Earnings |
NA |
0.000 |
0.000 |
|
Total Earnings |
NA |
4.803 |
4.367 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
NA |
2.114 |
2.521 |
|
|
Interest |
0.073 |
0.028 |
0.010 |
|
|
Personnel Expenses |
NA |
2.583 |
2.142 |
|
|
Depreciation & Amortization |
0.105 |
0.085 |
0.104 |
|
|
Other Expenditure |
7.564 |
0.001 |
0.001 |
|
Total Expenditure |
7.742 |
4.811 |
4.778 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.53
|
(2.16) |
6.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.53
|
(2.16) |
6.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.24
|
(6.43) |
3.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.20
|
(0.37) |
1.59 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
3.71 |
4.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.21 |
0.42 |
LOCAL AGENCY FURTHER INFORMATION
Company
Details
Established on 1st January 1965, subject is one of
the Oldest and Most Reputed Indenting houses in
Under his leadership, IMI today has established a name
as a Reliable and Trustworthy company to deal with. The Company
is now lead by the "Next Generation" of commited Industry Personnel
who are following in the footsteps set forth by their predecessors.
Their close contacts with Steel Mills, Producers of Non-Ferrous
Metals, Minerals & Semis Manufacturers as well as Traders & Merchants
all over
Primary
CG / EC Grade LME Registered & Non-LME Registered Ingots to Al 99.7% min, Sows,
Billets, Wire Rods 9.5" dia.
Secondary
Alloy Ingots confirming to LM series and mainly LM6 LM24 & ADC12. Aluminium
De-oxidation Shots, Notch Bars, Pyramids containing 96% Al.
Scrap
Most ISRI specification Scraps mainly Tense, Taint-Tabor, Telic, Talon,
Tough-Taboo, Teens, Taldon.
Copper
Primary
Cathodes, Wire Bars, Wire Rods.
Secondary
Flats, Rounds, Tubes etc. of Copper / Copper Alloys such as Bronze, Brass, Al
Bronze etc. as per International Specs.
Scrap
As per ISRI specifications, mainly No.1 Copper Mill Berry, Berry, Birch, Candy,
Cobra, Clove, Soudronic etc. also Brass Scrap viz. Honey, Ocean, Pales, Pallu,
Label etc. & Copper containing Underground Cables. Brass & Copper
Drosses/Ashes.
Lead
Primary
LME & Non-LME registered Lead Ingots having 99.99% min Pb.
Secondary
Remelted Lead Ingots, Antimonial Lead Ingots, Other Lead Alloys as per
requirement.
Scrap
Underground Cable Lead Sheathings,
Primary
LME / Non-LME Registered Nickel 4"x4" or 36"x36" uncut
Cathodes.
Scrap
Nickel containing Scrap pipes, Monel Inconel etc.
Primary
LME & Non-LME Registered Tin Ingots having 99.85% / 99.75% Tin.
Primary
LME & Non-LME registered SHG (Special High Grade) Zinc Ingots to 99.995%
Zn. HG (High Grade) Zinc Ingots to 99.95% or 99.975%
Secondary
PW (Prime Western) Zinc Ingots to 98.5% purity.
Scrap
Zinc Ash with various % of Metallics and Total Zinc, Zinc Dross as per ISRI
Scrub, Scribe, Score, Saves etc.
Ferro Boron
Ferro Chrome LC/MC/HC
Ferro Manganese LC/MC/HC
Silico Manganese
Ferro Molybdenum
Ferro Niobium
Ferro Nickel
Ferro Phosphorus
Ferro Silicon
Ferro Tungsten
Ferro Titanium
Ferro Vanadium
Antimony Metal 99.65% / 99.85%
Antimony Trioxi
Crude Antimony Oxide / Antimony Sulphide
Arsenci 99%
Bismuth 99.99%
Cadmium 99.99% Sticks
Cadmium 99.95% Ingots
Chromium Metal 99% Al Therm
Chromium Metal 99.9% Electrolytic
Cobalt 99.6% / 99.8% / 99.3%
Magnesium Metal 99.9%
Manganese Metal 99.7%
Mercury 99.99%
Moly Oxide 51%, 57-61%
Selenium Metal Powder 99%
Silicon Metal 98.5% / 99%
Vanadium Pentoxide 98%
Wolframite 65%
Copper Ores
& Concentrates
Lead Ores & Concentrates
Tin Ore & Concentrates
Zinc Ores & Concentrates
Antimony Ores & Conentrates
Cobalt Concentrates
Columbium Concentrates
Tantalum Concentrates
Primary
Flats,
Rounds, Sections, Rods, Billets etc.
Scrap
Mild Steel
Heavy Melting Scrap, Shredded Scrap from Automobiles as per ISRI 210/211
Stainless Steel
As
per ISRI 304 / 316 / 430
Raw Materials
We also
undertake Export Indenting of various Minerals & Rare Earths from
The company's fixed assets of important value include :
Plant & Machinery, Data Processing Machine, Furniture & Fixtures and Vehicles.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|