MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MERIDIAN EXPORTS |
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Registered Office : |
26, Arihant
Industrial Estate, Ground Floor, 94-C and D, Krantinagar, Opp. Shetty
Chemicals, Saki Naka, Sakinaka, Mumbai – 400072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Provisional) |
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Date of Incorporation : |
21.12.1992 |
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IEC No. |
0392072947 |
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PAN No.: [Permanent
Account No.] |
AADPG5045J |
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Legal Form : |
Sole Proprietory
Concern. |
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Line of Business : |
Trader, Dealer and
Importer of Welding Consumables and Engineering goods. |
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 78356 |
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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 and reputed concern having satisfactory track. Proprietor of
the concern is experienced, respectable and resourceful businessman. His
trade relations are fair. Financial position
is good. Payments are correct and as per commitments. The concern can be
considered good for any normal business dealings. |
LOCATIONS
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Registered
Office : |
26, Arihant
Industrial Estate, Ground Floor, 94-C & D, Krantinagar, Opp. Shetty
Chemicals, Saki Naka, Sakinaka, Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-28473259/89 |
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Fax No.: |
91-22-28473294/0710 |
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Mobile : |
91-9820061002 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
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Location : |
Owned |
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Branches : |
· Unit 174, Plot No. 260, Surat Special Economic Zone, Sachin, Surat - 394230, Gujarat, India Tel. No.:
91-261-2398099 Area: 1000 Sq.
ft. Location : Leased · Unit 161, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India Area: 1000 Sq.
ft. ·
Plot No. 57,
Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India Area: 1000 Sq.
ft. Tel
No.:91-261-2398099 Location : Owned
Building |
SOLE PROPRIETOR
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Name : |
Mr. Himanshu I.
Gandhi |
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Designation : |
Sole Proprietor |
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Address : |
11, Rajmilan, 4th Floor, Corner of Dixit & P.M.Road,
Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Date of
Birth/Age : |
28.07.1965 |
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Qualification
: |
D.M.E., B.E. (Production) |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Trader, Dealer,
Distributor and Importer of Welding Consumables and Engineering goods. |
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Products : |
·
Welding
Consumables · Engineering goods |
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Agencies Held : |
· Bohler, Austria · UTP, Germany · A B Sandvik, Sweden · Astrolite, U.S.A. · Soudokay, Belgium · INE, Italy |
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Imports : |
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Products : |
·
Welding
Consumables · Engineering goods |
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Countries : |
European
Countries |
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Terms : |
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Selling : |
Cash and
Credit (60-90 days) |
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Purchasing : |
Credit (90-120
days), Collection Basis |
GENERAL
INFORMATION
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Suppliers : |
· Gordon Woodroffe LoGistics Limited · Bohler Schweisstechnik Austria GMBH · UTP Schweissmaterial GMBH · Santrade Limited · I.N.E. Industrial Nazionale Eletrodi
S.P.A. |
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Customers : |
· End Users · Gujarat Narmada Valley Fertilizers Company
Limited · Jindal Vijaynagar Steel Limited · U.P. Steel · Larsen and Toubro Limited – Hazira · Larsen and Toubro Limited – ECC Group BPCL · Indian Sugar and General Engineering
Corporation · Econo Valves Private Limited · Rane Engine Valves Limited · National Thermal Power Corporation Limited
– Vidyutnagar · Neyveli Lignite Corporation Limited · Khanna Malhotra Enterprises · Hyundai Heavy industries Limited · Industrial Manufacturers · Indian Farmers Fertilizers Co-operative
Limited · Super alloys and Metals Limited · BHEL – Hyderabad · BHEL – Bhopal · Bhageeratha Electricals and Structurals
Limited · Punj Lloyd Limited – New Delhi (Panipat) |
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No. of Employees : |
44 |
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Bankers : |
·
State Bank
of India Commercial
Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai –
400057, Maharashtra, India Facilities :
Credit Limit: Rs.30.000 millions |
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Facilities : |
(Figures are in millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat Kanakia
and Associates Chartered
Accountants |
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Address : |
602, Abhinandan
Swami CHS Ltd., Plot No. 21, Road No. 25, Sion, Mumbai – 400022, Maharashtra,
India |
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Tel. No.: |
91-22-2404222 |
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Email : |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.19.589 Millions |
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Borrowed : |
- |
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Total : |
Rs.19.589 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 (Provisional) |
31.03.2007 |
31.032006 |
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SHAREHOLDERS FUNDS |
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1] Proprietors Capital |
19.589 |
16.895 |
6.999 |
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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 |
19.589 |
16.895 |
6.999 |
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LOAN FUNDS |
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1] Secured Loans |
17.979 |
18.972 |
18.537 |
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2] Unsecured Loans |
13.350 |
14.311 |
0.000 |
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TOTAL BORROWING |
31.329 |
33.283 |
18.537 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.918 |
50.178 |
25.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.800 |
18.095 |
7.745 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.535 |
1.527 |
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 |
99.761
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47.752 |
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Sundry Debtors |
28.285
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30.570 |
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Cash & Bank Balances |
16.137
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2.289 |
40.171 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
0.078
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0.076 |
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Total
Current Assets |
144.261
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80.687 |
40.171 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
111.780
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48.838 |
22.380 |
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Provisions |
1.898
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1.293 |
0.000 |
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Total
Current Liabilities |
113.678
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50.131 |
22.380
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Net Current Assets |
30.583
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30.556 |
17.791
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.918 |
50.178 |
25.536 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 (Provisional) |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
298.503 |
204.827 |
16.014 |
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Other Income |
33.516 |
18.121 |
0.000 |
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Total Income |
332.019 |
222.948 |
16.014 |
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Profit/(Loss) Before Tax |
33.680 |
15.432 |
3.202 |
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Provision for Taxation |
10.500 |
5.000 |
0.000 |
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Profit/(Loss) After Tax |
23.180 |
10.432 |
3.202 |
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Expenditures : |
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Cost of Goods Sold |
259.018 |
183.392 |
0.000 |
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Administrative Expenses |
11.613 |
5.674 |
0.000 |
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Interest |
3.608 |
3.490 |
0.000 |
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Depreciation & Amortization |
3.064 |
2.106 |
0.000 |
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Other Expenditure |
21.036 |
12.854 |
12.812 |
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Total Expenditure |
298.339 |
207.516 |
12.812 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 (Provisional) |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
6.98
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4.68 |
19.99
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Net Profit Margin (PBT/Sales) |
(%) |
11.28
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7.53 |
19.99
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.65
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15.62 |
6.68
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Return on Investment (ROI) (PBT/Networth) |
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1.72
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0.91 |
0.46
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Debt Equity Ratio (Total Liability/Networth) |
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7.40
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4.94 |
5.85
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Current Ratio (Current Asset/Current Liability) |
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1.27
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1.61 |
1.79
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LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
·
Pager
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Air-Conditioner
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Computer
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EPABX
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Fax
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Furniture
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Honda City Car
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Inverter,
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Kinetic Honda
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Labeling
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Mobile
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Maruti Wagan R
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Office Electronics
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Office
Premises
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Pallet Truck
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Projector
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Refrigerator,
Stacker
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Tea Coffee
Machine
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Time Recorder
Machine
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T.V.
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Camera
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Vacuum Cleaner
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Versa DX2
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Weighing Scale
·
Xerox Machine.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.04 |
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UK Pound |
1 |
Rs.79.11 |
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Euro |
1 |
Rs.63.44 |
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 |
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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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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