MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MIKU TRADERS |
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Registered Office : |
518, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.06.1980 |
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Com. Reg. No.: |
24690500099 |
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IEC No.: |
3496000201 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDM01796E |
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PAN No.: [Permanent
Account No.] |
AACFM7520M |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Distributors, Importers and Agents of Engineering Plastic Raw
Materials |
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 2900 |
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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. Partners are reported as experienced and respectable businessmen. 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 : |
518, |
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Tel. No.: |
91-265-2363326 / 2361952 /
2361214 / 3012140-41-42 |
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Mobile No.: |
91- 98240 69165 / 9824044535 |
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Fax No.: |
91-265-2363094 |
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E-Mail : |
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Website : |
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Area : |
900 sq. ft. |
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Branches : |
Located at:
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Representative : |
At |
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Tel No.: |
91-79-25471182 / 32936132 91-261-2277781 91-9312007374 [ 91-9324282694 [Mumbai] 91-9377021144 [Vapi] 91-265-2240008 [Ranoli] |
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Fax No.: |
91-79-25471341 |
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E-Mail : |
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Area : |
5000 sq. ft. [Owned] |
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Consignee Agents : |
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PARTNERS
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Name : |
Mr. Utkarsh Hathi |
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Designation : |
Partner |
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Address : |
D-I, Janatanagar, |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
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Experience : |
10 Years |
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Name : |
Mr. Arpit Hathi |
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Designation : |
Partner |
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Address : |
48, “Saundrya” Bunglows, |
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Date of Birth/Age : |
27 Years |
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Qualification : |
Graduate |
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Experience : |
5 Years |
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Name : |
Mr. Malvik Hathi |
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Designation : |
Partner |
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Address : |
D-I, Janatanagar, |
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Date of Birth/Age : |
63 Years |
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Qualification : |
BE – Chemicals Engineering |
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Experience : |
35 Years |
BUSINESS DETAILS
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Line of Business : |
Distributors, Importers and Agents of Engineering Plastic Raw
Materials |
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Agencies Held : |
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Imports : |
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Product : |
Estane – Yhemoplastic Polyurethane Medical Grades and Tubes |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit [30 to 60 days] |
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Purchasing : |
L/C, Cash for Local Purchase Credit [60-75 days] for |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
25 [In Office : 12 and In Branch : 13] |
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Bankers : |
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Facilities : |
Rs. 85.500 Millions from Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Shah and Company Chartered Accountants |
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Address : |
Ghadiali Pole, Ghantiada Naka, Vadodara – 390001, |
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Tel. No.: |
91-265-2655958 / 2631098 |
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Mobile No.: |
91-9825029948 |
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Fax No.: |
91-265-2631098 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.725 Million |
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Borrowed : |
-- |
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Total : |
Rs. 0.725 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
36.948 |
27.637 |
21.937 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.948 |
27.637 |
21.937 |
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LOAN FUNDS |
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1] Secured Loans |
65.030 |
37.488 |
33.388 |
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2] Unsecured Loans |
14.559 |
10.559 |
8.296 |
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TOTAL BORROWING |
79.589 |
48.047 |
41.684 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
116.537 |
75.684 |
63.621 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.559 |
1.554 |
1.779 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
38.959
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27.851 |
19.697 |
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Sundry Debtors |
89.503
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63.278 |
49.038 |
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Cash & Bank Balances |
15.619
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14.225 |
0.236 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.241
|
0.816 |
11.992 |
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Total
Current Assets |
145.322
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106.170 |
80.963 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.344
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32.040 |
19.121 |
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Provisions |
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Total
Current Liabilities |
30.344
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32.040 |
19.121 |
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Net Current Assets |
114.978
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74.130 |
61.842 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
116.537 |
75.684 |
63.621 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
550.111 |
450.933 |
318.402 |
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Other Income |
0.509 |
0.491 |
0.424 |
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Total Income |
550.620 |
451.424 |
318.826 |
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Profit/(Loss) Before Tax |
8.140 |
5.941 |
1.992 |
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Provision for Taxation |
0.767 |
1.285 |
0.697 |
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Profit/(Loss) After Tax |
3.064 |
2.227 |
1.295 |
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Imports : |
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Raw Materials [01.04.2006 to 31.03.2007] |
29.548 |
NA |
NA |
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Stores & Spares [01.04.2007 to
12.10.2007] |
16.631 |
NA |
NA |
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Expenditures : |
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Cost of Goods Sold |
596.782 |
426.338 |
301.583 |
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Other Materials Cost |
3.832 |
2.909 |
1.877 |
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Selling and Administration Expenses |
12.213 |
6.012 |
4.368 |
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Cost Employees |
0.000 |
4.173 |
2.991 |
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Financial Charges |
7.311 |
5.826 |
4.305 |
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Depreciation |
0.259 |
0.225 |
0.296 |
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Salary to Employees |
3.309 |
2.429 |
1.416 |
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Total Expenditure |
623.706 |
439.432 |
310.819 |
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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 |
(%) |
0.56
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0.49 |
0.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.48
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1.32 |
0.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.54
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5.52 |
2.41 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.21 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.98
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2.90 |
2.77 |
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Current Ratio (Current Asset/Current Liability) |
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4.79
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3.31 |
4.23 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE
- Glory Films
- Shelly
Engineering and Plastics
- Banco
- GSFC –
P.O. Fertilizernagar, District –
- E.I. DuPont –
Mr C. G. Vanzara
M/s E. I. DuPont Private Limited
709-724, Bonanza, Wing – B
7th Floor,
Tel No.: 91-28390770 / 4114
- Lubrizol
Advanced Materials India Private Limited
Mr. Lionel Vaz [Market Development Manager]
501 Alpha,
Powai, Mumbai – 400076,
Tel No.: 91-22-66980593 / 91
FIXED ASSETS
- Land
- Office
Holdings
- Furniture
- Electric
Installation
- Type Writer
- Air Condition
- Scooter Motor
Cycle
- Computer
- Car
- Telephone and
Fax
AS PER WEBSITE
Miku
Traders are:
Distributors
: - The Estane Thermoplastic Polyurethane (TPU) Division of
Noveon in
Consignee Stockist : - Gujarat
State Fertilizer and Chemicals is playing a crucial role in development of
plastics Industry in our country. The company is producing many grades of
GUJLON chips thus offering a wide range of tailor made grades for multiple
applications. It is having its manufacturing facilities one at
Consignee Stockist : - E.I.
DUPONT is an 200 year old company. IT has worldclass polymers in its product range.
It is having more than 25 manufacturing locations world wide.
Agents : Bhansali Eng. Polymers Ltd, who is selling ABS under the brand
name ABSTRON. It is having its two manufacturing location one at
Dealers : Plastiblends India Ltd, Promoted
by Kabra Group is into the business of masterbatches and extrusion machines. It
is having its manufacturing location at Daman (U.T.)
ESTANE®
THERMOPLASTIC POLYURETHANES
Our portfolio of Estane® Thermoplastic Polyurethanes (TPUs)
includes elastomeric materials that bridge the gap between flexible rubber and
rigid plastics. These materials offer unmatched toughness and durability in a
flexible thermoplastic elastomer system that is easy to process in a wide range
of equipment. The Estane TPU portfolio of products offers high performance
polyester - and polyether - based resins and compounds in a broad range of
hardnesses to meet a variety of application needs.
Noveon produces thermoplastic polyurethanes (TPUs) and
alloys for broad industrial applications, including wire and cable coverings,
fabric coatings, hoses and tubes, mass transit, film and sheet, adhesives and
binders and molding applications.
Characteristics:
- Polyester and
polyether based products with hardness properties ranging from 70 shore A
to 80 shore D
- Flame-retardant
grades for extrusion and injection molding applications
- Rubber-like
products that offer high resiliency, low compression set, and matte finish
- Breathable
barriers for comfort and protection
Features:
- Outstanding
Abrasion and Wear Resistance
- Excellent Low
Temperature Flexibility
- Toughness and
Durability
- Ease of
Processing and Manufacturing Flexibility
- Global
Availabilty and Support
Outstanding
Abrasion and Wear Resistance
Our broad portfolio of TPUs ispreferred by design engineers
and processors for demanding, high abuse applications such as conveyor belts,
cable jacketing, recreational footwear and consumer goods. Compared to other
elastomers and rigid plastics, Estane TPUs and Estaloc® reinforced engineering
thermoplastics exhibit superior abrasion and wear resistance for extended part
service life
Excellent
Low Temperature Flexibility
Part flexibility over a broad temperature range is critical
to many elastomer applications. Our portfolio of polyurethane products delivers
unmatched performance with materials capable of maintaining their flex
characteristics down to -45°C (-50°F), well below the point at which ordinary
elastomers and many rubbers become rigid and brittle. Many TPU grades are
available that also offer excellent flex fatigue characteristics not found in
other elastomer systems.
Estane TPUs are engineered to be exceptionally tough. Estane
TPUs provide high tensile strength and elongation properties relative to other
elastomers, while delivering superior resistance to punctures and tearing.
Toughness is maintained in our performance products even when parts are exposed
to fuels, oils, and greases - environments where other materials fail to
perform. This combination of performance characteristics results in
longer-lasting, more dependable manufactured goods.
Ease
of Processing and Manufacturing Flexibility
Compared to traditional materials, Estane TPUs and Estaloc
RETPs are easier to process, exhibit lower scrap and are recyclable. Our
materials offer unique physical properties and product uniformity that enable
their use in a wide variety of processing options including injection-, blow-,
resin transfer-, coinjection-, and over-molding, extrusion, thermoforming, melt
coating, film lamination, solution coating, roto-casting, and calendaring. The
processing versatility of our performance materials contributes to cost savings
by enabling shorter cycle times and less waste generation.
Global
Availabilty and Support
Today's diverse markets demand product availability and
customer support on a global basis. They provide well-positioned, seamless
service through offices and agents in key industrial sectors around the world.
Their major TPU manufacturing facilties are strategically located and designed
to produce identical quality of materials that allow continuity of supply for
global customers. Technology leadership, excellence in customer service, application
development and technical support, and innovative products for an ever changing
market place, make Estane thermoplastic polyurethanes and Estaloc reinforced
engineering thermoplastics the materials of choice for the high performance
applications.
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.39.33 |
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|
1 |
Rs.79.74 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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. |
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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