MIRA
INFORM REPORT
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Report Date : |
26.04.2008 |
IDENTIFICATION DETAILS
|
Name : |
RAMANI
STEEL HOUSE |
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Registered Office : |
65/73, C. P. Tank Road, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1974 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR04313B |
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PAN No.: [Permanent
Account No.] |
AAAFR8488B |
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Legal Form : |
Partnership Concern with an Unlimited
Liability of the Partners |
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Line of Business : |
Importer,
Stockholder, Indenting Agents and Supplier of Stainless Steel and Nickel
Alloy. Based Materials, Stainless Steel Sheets etc. |
RATING & COMMENTS
|
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
52316 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Partners are
experienced, respectable and are resourceful businessman. Their trade relations
are fair. Payments are usually correct and as per commitment. The
concern can be considered good for normal business dealings at usual trade
terms and conditions. Mr. A
M Chandan Parted / Updated report. |
INFORMATION PARTED BY
|
Name
: |
Mr.
Ajabchand M Chandan |
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Designation
: |
Partner |
LOCATIONS
|
Registered/ Head Office : |
65/73, C. P. Tank Road, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-22421388 / 22420580 / 66362224 |
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Fax No.: |
91-22-22428355 |
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E-Mail : |
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Area : |
400
Sq.ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Ajabchand M. Chandan |
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Designation : |
Partner |
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Name : |
Mr. Jitendra A. Chandan |
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Designation : |
Partner |
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Address
: |
C-14, Ishwar Niwas, Sikkangar, V. P. Road,
Mumbai – 400 004, Maharashtra |
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Date
of Birth/Age : |
35 Years |
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Qualification
: |
Graduate |
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Experience
: |
11 years |
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Name : |
Mr. Mukesh A. Chandan |
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Designation : |
Partner |
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Address : |
65/73, C. P. Tank Road, Mumbai- 400 004, Maharashtra, India |
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Tel.
No.: |
91-22-22421388 |
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Fax No.: |
91-22-22428355 |
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Date
of Birth/Age : |
33 Years |
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Qualification
: |
Graduate |
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Experience
: |
9 years |
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Name : |
Mrs.
Asha J. Chandan |
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Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Importer,
Stockholder, Indenting Agents and Supplier of Stainless Steel and Nickel Alloy.
Based Materials, Stainless Steel Sheets etc. |
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Imports from : |
Germany, France, Finland, USA, Japan,
Korea, China, Singapore, Taiwan and Belgium |
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Terms : |
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Selling : |
-- |
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Purchasing : |
L/C at Sight terms |
GENERAL INFORMATION
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Customers : |
v
Retailers v
Manufacturers
v
Engineering
Industry |
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No. of Employees : |
8 |
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Bankers : |
Ø Bank of Baroda o Gulalwadi Branch, Mumbai - 400 004, Maharashtra o (L/C Facility upto Rs.10.000 Millions) Ø ABN Amro Bank o Nariman Point, Mumbai – 400 021 o (The concern do not enjoy any facility from it’s bankers.) |
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Facilities : |
L/C :
Up to Rs.10.000 Millions |
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Banking Relations : |
Satisfactory |
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Memberships : |
Metal and Stainless Steel Merchant’s
Association |
CAPITAL STRUCTURE
As on 31.03.2007
|
Partner’s
Capital |
|
|
Asha J Chandand |
Rs. 1.058 millions |
|
Mukesh Chandand |
Rs.
2.364 millions |
|
Ajabchand
Chandan |
Rs. 6.043 millions |
|
Jitendra Chandan |
Rs. 3.566 millions |
|
Total |
Rs. 13.032 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Capital |
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13.079 |
9.117 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
13.079 |
9.117 |
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LOAN FUNDS |
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1] Secured Loans |
|
4.625 |
0.000 |
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2] Unsecured Loans |
|
0.607 |
7.025 |
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TOTAL BORROWING |
|
5.232 |
7.025 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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18.310 |
16.142 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.524 |
0.524 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
4.225 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.684
|
0.000 |
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Sundry Debtors |
|
2.634
|
0.000 |
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Cash & Bank Balances |
|
2.677
|
18.162 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
10.816
|
0.994 |
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Total Current Assets |
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21.811
|
19.156 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.250
|
0.000 |
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Provisions |
|
0.000
|
3.538 |
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Total Current Liabilities |
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8.250
|
3.538 |
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Net Current Assets |
|
13.561
|
15.618 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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18.310 |
16.142 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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|
Sales Turnover [including other
income] |
|
110.624 |
141.210 |
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Total Income |
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110.624 |
141.210 |
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Profit/(Loss)
Before Tax |
|
1.448 |
0.456 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
1.448 |
0.456 |
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Expenditures
: |
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Misc.
Expenses |
|
0.188 |
0.136 |
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Professional
Fees |
|
0.011 |
0.025 |
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Depreciation |
|
0.141 |
0.104 |
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Bank
Charges |
|
0.204 |
0.023 |
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Motor
Car Insurance |
|
0.012 |
0.000 |
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Remuneration
to Partners |
|
1.326 |
0.643 |
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Other
Expenses |
|
107.294 |
139.823 |
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Total Expenditure |
|
109.176 |
140.754 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.31 |
0.32 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
1.31 |
0.32 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
1.31 |
0.32 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.11 |
0.05 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
0.63 |
0.39 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
2.64 |
5.41 |
LOCAL AGENCY FURTHER INFORMATION
Trade Terms:
Ø Dai Ichi Metal Company Limited, 1229, Canton Road, G/F, Kowloon, Hong Kong
Ø Grasim Industries Limited, Nagda, Madhya Pradesh
Ø Excel Industries, Bhavnagar, Gujarat
Ø Niyama Shoji Company Limited, Japan
Ø Sun Trading Company Limited, Japan
Ø
Yasaka Koeki Limited, Japan
Ø
Sterline Industries Limited, Tutikorin and Silvasa
Ø
Sammi
Steel, South Korea
Ø
Ayiech,
Taiwan
Ø Hego, Belgium
Ø Hego, The Netherlands
Ø Alfa Laval India Limited, Pune
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. 40.18 |
|
UK
Pound |
1 |
Rs. 79.25 |
|
Euro |
1 |
Rs. 62.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
|
TOTAL |
|
55 |
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 |
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