MIRA
INFORM REPORT
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Report Date : |
06.10.2007 |
IDENTIFICATION DETAILS
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Name : |
RENOWN METAL INDUSTRIES |
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Registered Office : |
106, Jagdish Industrial Estate, Vartak Nagar, |
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Country : |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
01.04.2007 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of mementos, Trophies and other metal
products. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and has yet to establish track. No payment records
are known. The concern can be considered for small business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
106, Jagdish Industrial Estate, Vartak Nagar, |
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Tel. No.: |
91-22-25808322 |
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Mobile No.: |
91-9869732429 |
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Fax No.: |
91-22-25808322 |
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E-Mail : |
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Website : |
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Area : |
800 sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Hemant Sharad Musale |
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Designation : |
Proprietor |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of mementos, Trophies and other metal
products. |
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Products : |
v
Bank Tokens v
Names Plates and Boards v
Badges v
Trophies v
Mementoes v
Medals |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (30 days), Against delivery |
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Purchasing : |
Cash or Credit (30 days – 45 days) |
GENERAL INFORMATION
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Customers : |
1) Agroha Vikas Trust |
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No. of Employees : |
10 |
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Bankers : |
Thane Janata Sahakari Bank Limited Thane – WEI Branch, Thane, |
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Facilities : |
- |
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Banking
Relations : |
Unknown |
CAPITAL STRUCTURE
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Capital Investment : |
Not Available |
FINANCIAL DATA
[All figures are
in Rupees Millions]
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Particulars |
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April 2007 to
September 2007 |
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Sales Turnover |
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Around 1.000 |
Expected Sales (2007-08): Around Rs. 3.000 millions
LOCAL AGENCY FURTHER INFORMATION
Note: Established since 1968in
the name of “Smita Industries” a Partnership Concern new changed to “Renown
Metal Industries” since 01.04.2007 now a Sole Proprietory Concern.
Trade References
v
Steelstrong International
v
Flame and Explosion Manufacturing Company
v
Spartal Electricals
v
Shalimar Walls
v
Pnoucom Wales Private Limited
Website details attached:
Subject
is a name known worldwide for high quality and cost-effective Bank Tokens, Name Plates, Boards, Badges,
Medals, Sports Trophies and Souvenir Mementos. Strict time
bound deliveries and capability to make customized products as per the
customers' exact requirement makes it a distinctive name in this business.
It is an ISO 9001: 2000 certified
concern involved in manufacturing, exporting and supplying School Badges, Mementos, Trophies, Medals,
Name Plates in Brass, Stainless Steel, Formica, Aluminium, Copper, CNC
Engraving, Acrylic and related job work.
Apart from catering to local markets, the concern is serving to buying houses
and importers. The variety and prices offered by the concern serves well to all
types of customers. The processes adopted to deliver such high quality products
are Drawings, Printing, Stitching, Colouring, Cutting and Finishing.
All the items are designed by experienced designers with an idea to give customers
a collection that is truly distinctive and yet affordable.
Speaks Mr. Hemant Musale, Partner, "We have gained reputation as a trusted
market supplier of these items and boasts of having one of the largest
collections in this segment. We are on a constant look out to incorporate new
designs and finishes to add to our existing list".
The concern constantly looks to add new items into its product portfolio. Fast,
effective and prompt supplies are the hallmarks of this concern.
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 exist on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence does 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. 39.49 |
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1 |
Rs. 80.41 |
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Euro |
1 |
Rs. 55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
1 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
1 |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
1 |
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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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10 |
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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