MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAREKH BRIGHT BARS PRIVATE LIMITED |
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Registered Office : |
18th Road, Plot No.116, Behind Orkay Mills, MIDC Andheri, Mumbai
– 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2000 |
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Date of Incorporation : |
16.12.1988 |
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Com. Reg. No.: |
11-50061 |
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CIN No.: [Company
Identification No.] |
U27200MH1988PTC050061 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM26789A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers
of Bright Bars of Various Carbon, Alloy & Stainless Steel Grades |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Mrs. Shilpa Parekh, Accounts Manager Assured to up-date the details but
buying time, at present. Her cell no. is 09324275931. In absence of financials from available sources, it would be difficult
to assess company’s performance and financials states. Management promised to provide latest financials but not received, so
far. The company’s payments are reported as slow. Hence, it would be advisable to deal with the company on fully safe
and secured trade terms and conditions.
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LOCATIONS
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Registered Office/ Factory : |
18th Road, Plot No.116, Behind Orkay Mills, MIDC Andheri,
Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-3881720 |
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Fax No.: |
91-22-5163463 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
32, Khetwadi, 7th Lane, S V P Road, Mumbai – 400004, Maharashtra,
India |
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Corporate Office 2: |
C – 346, TTC Pawne, APMC Market Vashi, Mumbai – 400705, Maharashtra,
India |
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Tel No.: |
91-22-27683682 |
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Corporate Office 3: |
1303 Alaknanda Neelkanth Valley, Ghatkopar East, Mumbai – 400075, Maharashtra,
India |
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Tel No.: |
91-22-25160322/ 67901875/ 28310357/ 2560322 |
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Fax No.: |
91-22-25163463 |
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Mobile No.: |
91-9324657408 |
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Email : |
DIRECTORS
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Name : |
Mr. Devidas C. Parekh |
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Designation : |
Director |
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Address : |
1203 Alaknanda Neelkanth Valley, Ghatkopar, Mumbai – 400077,
Maharashtra, India |
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Date of Birth/Age : |
11.04.1934 |
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Date of Appointment : |
16.12.1988 |
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Name : |
Mr. Hitesh Parekh |
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Designation : |
Director |
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Address : |
1203 Alaknanda Neelkanth Valley, Ghatkopar, Mumbai – 400077,
Maharashtra, India |
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Date of Birth/Age : |
26.01.1967 |
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Date of Appointment : |
16.12.1988 |
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Name : |
Mrs. Usha D. Parekh |
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Designation : |
Director |
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Address : |
1203 Alaknanda Neelkanth Valley, Ghatkopar, Mumbai – 400077,
Maharashtra, India |
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Date of Birth/Age : |
05.03.1942 |
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Date of Appointment : |
28.12.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2000)
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Names of Shareholders |
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No. of Shares |
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Devidas C. Parekh |
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200500 |
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Hitesh Parekh |
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149000 |
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Usha D. Parekh |
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239500 |
(As on 30.09.2000)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Bright Bars of Various Carbon, Alloy & Stainless Steel Grades |
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Products : |
Stainless Steel
Bright Bars are used for different applications like, Pins & Shafts,
Studs, Connecting Rods, Piston Rods, Bolt / Nuts, High Tensile Fastener
Connecting Rods, Axles, Propeller Shafts, High Tensile Bolts, Bushes Ball
& Tapes Rollers, Needle, Rollers, Tapes, Drills, Pouches, Injector Pins,
Dowel Pins, Gears, Pinion, Bushes, Piston Pins Rivets, Self Tapping Screws. |
GENERAL
INFORMATION
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Bankers : |
Industrial Finance Branch, Lekhraj Bhavan, Saki Vihar Road, Saki Naka,
Mumbai – 400072, Maharashtra, India |
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Facilities : |
Rs.8.400 Millions from State Bnak of India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
R J Gandhi and Company Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
Parekh Stainless Wire Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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885000 |
Equity Shares |
Rs.10/- each |
Rs.8.850 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions].
No financials are available after 31.03.2000 when the sales was of
Rs.154.87 Millions.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.850 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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5.569 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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14.419 |
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LOAN FUNDS |
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1] Secured Loans |
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26.064 |
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2] Unsecured Loans |
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6.043 |
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TOTAL BORROWING |
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32.107 |
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DEFERRED TAX LIABILITIES |
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0.326 |
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TOTAL |
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46.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.156 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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39.833 |
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Sundry Debtors |
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5.952 |
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Cash & Bank Balances |
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0.758 |
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Other Current Assets |
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15.278 |
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Loans & Advances |
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0.289 |
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Total
Current Assets |
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62.110 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.237 |
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Provisions |
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0.178 |
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Total
Current Liabilities |
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21.415 |
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Net Current Assets |
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40.695 |
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MISCELLANEOUS EXPENSES |
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0.001 |
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TOTAL |
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46.852 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2000 |
31.03.1999 |
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Sales Turnover |
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154.673 |
48.659 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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154.673 |
48.659 |
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Profit/(Loss) Before Tax |
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3.367 |
0.735 |
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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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3.367 |
0.735 |
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Expenditures : |
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Cost of Goods Sold |
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126.324 |
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Manufacturing Expenses |
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17.390 |
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Office Expenses |
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2.905 |
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Directors Remuneration |
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0.105 |
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Interest and Financial Charges |
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4.243 |
47.924 |
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Marketing Expenses |
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0.084 |
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Depreciation & Amortization |
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0.255 |
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Other Expenditure |
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0.000 |
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Total Expenditure |
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151.306 |
47.924 |
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KEY RATIOS
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PARTICULARS |
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31.03.2000 |
31.03.1999 |
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PAT / Total Income |
(%) |
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2.18 |
1.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.18 |
1.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.93 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.71 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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2.90 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Electrical
Installment
- Furniture
- Boiler
- Dies
- Air
Conditioner
- Motor Car
- Fax Machine
- Cycle
- Office
Equipment
- Computers and
Printer
Website Details:
Profile:
The
company's manufacturing base at New Bombay Produces Bright Bars in various shapes
and sizes. Company produces Bright Bars in Martensite and Austenitic grades of
stainless steel, free cutting steels and alloy steels. The company is well
equipped to meet the technical & physical parameters of the customers.
With the state-of-the art machinery the Company is able to nchieve a capacity
of supplying Bright Steel Bars in smooth turned, centreless ground, cold drawn
and polished conditions or in the combination of these conditions.
With modern, automatic, high precision machines sophisticated production
system, regorous quality control and inspection methods ensures consistent and
efficient performance of the company products
Subject has an adroit in process inspection as well as final inspection
procedures to guarantee 100% quality of its products. The company has to its
credit full-fledged Laboratory with physical & metallurgical testing
facilities.
They are pleased to introduce ourselves as one of the largest manufacturers of
bright bars of various carbon, alloy & stainless steel grades. They are
exporting stainless steel bright bars of Aisi 303, Aisi 304, Aisi 316, Aisi 410
& AISI 420 to various customers in Europe, South America & Middle East.
The plant is equipped with latest & machinery capable of producing wide
range of steel bars in various sizes and specification covering diverse
application (As per attached product range) we make a conscious effort to
continuously update the plant to keep abrest of changing technology.
The manufacturing facilities are suoervised by technologically expert and
experienced people and high-level quality standards are adhered to using the
sophisticated inspection facilities available in house. Besides the initial raw
material testing stage, inspection is carried out during the manufacturing and
finally at the finished stage.
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 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.49.79 |
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UK Pound |
1 |
Rs.73.37 |
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Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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22 |
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 |
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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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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