MIRA
INFORM REPORT
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Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
NEXUS IMPEX |
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Registered Office : |
B/4, Gr. Floor, Mahavir Darshan Sai Dham Complex, 26 khambata Lane, 8th
Khetwadi Back Road, Mumbai – 400004 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELN02046C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Trader and Importer and boarding stainless steel and pipe, fittings,
tubes and pipes in both seamless and welded quality. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4112 |
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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 a well established concern having satisfactory track. Trade
relations are fair. Payments are correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and condition. |
LOCATIONS
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Registered Office : |
B/4, Gr. Floor, Mahavir Darshan Sai Dham Complex, 26 khambata Lane, 8th
Khetwadi Back Road, Mumbai – 400004, India |
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Tel. No.: |
91-23875534/66109316 |
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Mobile No.: |
91-9819862066 |
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Fax No.: |
91-23895876 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft. |
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Location : |
Owned |
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Godown : |
Khalamboli |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Sanjay Jain |
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Designation : |
Proprietor |
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Date of Birth/Age : |
25 years |
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Qualification : |
Graduate |
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Experience : |
4 years |
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BUSINESS DETAILS
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Line of Business : |
Trader and Importer and boarding stainless steel and pipe, fittings,
tubes and pipes in both seamless and welded quality. |
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Products : |
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Imports : |
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Products : |
All Products |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash and Credit , T/T, CAD and Advance payment |
GENERAL
INFORMATION
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Customers : |
·
End Users ·
Manufacturers |
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No. of Employees : |
10 |
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Bankers : |
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Facilities : |
Over Draft Rs.15.000 Millions from HDFC |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
D. C. Bothra and Company Chartered Accountants |
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Address : |
Nariman Point, Mumbai |
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Tel. No.: |
22841655 |
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Associates/Subsidiaries : |
NeelKamal Steels |
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Address: |
94/98, Prabhu Shri Mandir Road, 4th Khumbharwada Lane,
Mumbai – 400004 |
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Tel No.: |
91-22-23895875 |
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Fax No.: |
91-22-23895876 |
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Email: |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.370 |
0.000 |
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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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(1.398) |
0.000 |
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NETWORTH |
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1.028 |
0.000 |
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LOAN FUNDS |
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1] Secured Loans |
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3.112 |
0.000 |
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2] Unsecured Loans |
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17.808 |
0.000 |
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TOTAL BORROWING |
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20.920 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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21.948 |
0.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.424 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Closing stock |
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16.074 |
0.000 |
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Loans and advances |
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1.000 |
0.000 |
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Sundry debtors |
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9.820 |
0.000 |
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Cash in hand |
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0.102 |
0.000 |
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Bank accounts |
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0.055 |
0.000 |
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Total
Current Assets |
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27.051 |
0.000
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Duties And Taxes |
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(0.101) |
0.000 |
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Sundry Creditors |
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5.537 |
0.000 |
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D C Bothra And Company |
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0.011 |
0.000 |
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H D F C Car Loan A/C |
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0.948 |
0.000 |
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Pramilaben P Jain |
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0.058 |
0.000 |
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T D S |
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0.073 |
0.000 |
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Total
Current Liabilities |
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6.527 |
0.000
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Net Current Assets |
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20.524 |
0.000
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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21.948 |
0.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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91.470 |
12.269 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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91.470 |
12.269 |
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Profit/(Loss) Before Tax |
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1.150 |
0.359 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.150 |
0.359 |
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Expenditures : |
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Cost of Goods Sold |
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0.000 |
0.000 |
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Administrative Expenses |
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0.000 |
0.000 |
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Purchases made for re-sale |
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0.000 |
0.000 |
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Consumption of stores and spares parts |
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0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
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0.000 |
0.000 |
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Managerial Remuneration |
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0.000 |
0.000 |
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Interest |
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0.000 |
0.000 |
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Insurance Expenses |
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0.000 |
0.000 |
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Power & Fuel |
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0.000 |
0.000 |
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Depreciation & Amortization |
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0.000 |
0.000 |
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Other Expenditure |
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2.745 |
0.703 |
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Total Expenditure |
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2.745 |
0.703 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.25 |
2.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.25 |
2.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.03 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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1.11 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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26.69 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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4.14 |
0.00 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- Sanghvi Machinery, Nagpur
- Sanghvi Engineering, Hyderabad
About Them:
Subject made a modest start; within a short
span it has established a reputation as a reliable Impoter of quality stainless
steel and sheets, Plates, Coils, Pipes, Tubes.
No wonder then, in the very first year subject
achieved the excellence through getting approved by all the reputed inspection
agencies in India.
Today subject has geared itself to meet any
requirement of stainless steel and pipe fittings, tubes and pipes in both
seamless and welded quality.
Importer
They introduce their selves as a leading
importer and buyer of stainless steel material. They are intersected following types
of materials from any source: Sheet/Coils/Plates: - Slit coils, baby coils,
second graded Pipes/Tubes: - Stainless steel pipes, tubes welded and seamless.
They are also dealing in stainless steel
secondary choice material. Annually over company required 5000 Mt of material
in 300 series grade. They are already importing material from arcelor, ugine
mill, Yusco and from various traders.
Description of products:
- Stainless
steel cold rolled coils and sheet packet
- Hot rolled
plants and coils
- Seamless and
welded pipes
- Grade 300
series eg. 304 and 316
Exporter:
Subject started with one main objective, that
is service and most importantly understanding the customer their ability to
provide top class supplier performance makes them the best choice for all your
requirements.
Subject is presently exporting the following material world wide:
- Stainless steel rolled products such as sheet, plates, coils, strips
shims, etc.
- Stainless steel long products such as round, hexagons, section,
wires pipes and so on.
- Sheet metal parts, small to medium assemblies and sub-assemblies.
- Industrial consumable products like fittings, fastners, flanges and
soon.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.35 |
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UK Pound |
1 |
Rs.80.52 |
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Euro |
1 |
Rs.57.56 |
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 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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 |
NO |
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TOTAL |
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63 |
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. |
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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