MIRA INFORM REPORT

 

 

 

Report Date :

10.12.2008

 

IDENTIFICATION DETAILS

 

Name :

MEEN BEEN ELASTOMERS PRIVATE LIMITED

 

 

Registered Office :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, Mumbai – 400 003, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

21.10.2003

 

 

Com. Reg. No.:

11-142798

 

 

CIN No.:

[Company Identification No.]

U51490MH2003PTC142798

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM22219B

 

 

PAN No.:

[Permanent Account No.]

AADCM7401K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is Engaged in the business of Stock and Sell

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 470000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well – established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments.    

 

The company can be considered normal for business dealings at usual trade terms and conditions. 

 

INFORMATION PARTED BY

 

Name :

Mr. Ravindra Parekh

Designation :

Director

Contact No.:

91-9821044959

 

LOCATIONS

 

Registered Office :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, Mumbai – 400 003, Maharashtra, India

Tel. No.:

91-22-23413874/23447929/23433082/26254106/262541072620 9715

Mobile No.:

91-9821044959/9867344959/9821083188 (Mr. Surendra)

Fax No.:

91-22-23410496/26254108

E-Mail :

susaco@vsnl.com

ravindra@sriimpex.com

Website :

http://www.parekhgroup.com

Area :

560  Sq. ft

Location :

Owned

 

 

Administrative office:

101/102, Radhaka Building, 1st Floor, 55, Gulmohar Road, JVPD Scheme, Vile Parle (W), India-400056, Maharashtra, India

Tel. No.:

91-22-26254106/26254107/26209715

Fax No.:

91-22-26254108

E-Mail :

info@sriimpex.com

Area :

2250 Sq ft

 

 

Factory :

42/45, Harlukunte Village, Bangalore, Karnataka, India

Tel. No.:

91-80-32005388

Fax No.:

91-80-42045195

Area :

7250 Sq ft

Location :

Owned

 

 

Godown:

Biwandi, Mumbai, Maharashtra, India

Tel. No.:

91-22-22274243

Fax No.:

91-22-22274330

Area:

80000 Sq ft

 

 

Branches Located at  :
  • Delhi
  • Gurgaon
  • Chennai
  • Bangalore
  • Calcutta
  • Pune
  • Mumbai

 

DIRECTORS

 

Name :

Mr. Ravi Parekh

Designation :

Director

Date of Birth/Age :

40 Years

Qualification :

B. Com. MBA

Experience :

12 Years

 

 

Name :

Ms. Indra Parekh

Designation :

Director

Date of Birth/Age :

38 years

Qualification :

Rubber Technical

 

 

Name :

Mr. Surendra Parekh

Designation :

Director

Date of Birth/Age :

37 years

Qualification :

MBA

 

BUSINESS DETAILS

 

Line of Business :

Subject is Engaged in the business of Stock and Sell

 

 

Agencies Held :
  • Lord India Chemicals (A subsidiary of Lord Corporation, USA)
  • Nanjing Chemical Plant, China
  • Shenzhen Yanshan Petrochemical Company Limited, China
  • Schill + Scilacher Struktor – Germany
  • Baule – France

 

 

Exports :

 

Countries :

European Countries and South East Asia

 

 

Imports :

 

Countries :

France, Italy, UK, USA, China, Russia , Korea and European Countries

 

 

Terms :

 

Selling :

L/C, Cash , Credit (depends)

 

 

Purchasing :

L/C, Cash , Credit (depends)

 

GENERAL INFORMATION

 

Customers :

Producers, footwear manufacturers, oil seals, O rings, gaskets and fuel hoses producers, etc.

 

 

No. of Employees :

52 (In Office), 12 (In Factory)

Total:64

 

 

Bankers :
  • Canara Bank, JVPD Scheme, Vile Parle (West) Branch, Mumbai - 400 056
  • Citibank, Mumbai
  • YES Bank, Juhu Branch, Vile Parle (W), Mumbai

 

 

Facilities :

L/C Limit Rs. 130.000 millions

 

 

Auditors :

 

Name :
  • Gemavat and Company

             Chartered Accountants

 

  • P. Rathi and Company

            Chartered Accountants

 

 

Memberships :
  • Rubber and Chemicals Merchant Association
  • Bombay Metal Exchange Limited
  • Indo – China Chamber and Corporation

 

 

Associates/Subsidiaries :

S. R. I. Impex Private Limited, Mumbai

Line of Business - Indentors for synthetic rubber and industrial chemicals

 

Surendra Elastomers Private Limited 

Line of Business - Exporters of rubber goods

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

4000000

Equity Shares

Rs. 10/- Each

Rs. 40.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1576220

Equity Shares

Rs. 10/- Each

Rs. 15.762 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

16.662

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

76.972

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

93.634

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

26.243

2] Unsecured Loans

 

 

69.562

TOTAL BORROWING

 

 

95.805

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

189.439

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

5.668

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

108.044

 

Sundry Debtors
 

 

182.698

 

Cash & Bank Balances
 

 

15.642

 

Other Current Assets
 

 

5.127

 

Loans & Advances
 

 

11.711

Total Current Assets
 

 

323.222

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

135.594

 

Provisions
 

 

3.878

Total Current Liabilities
 

 

139.472

Net Current Assets
 

 

183.750

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.021

 

 

 

 

TOTAL

 

 

189.439

 

PROFIT & LOSS ACCOUNT

 

Provisional

 

PARTICULARS

 

 

 

31.03.2008

Sales Turnover [including other income]

 

 

957.437

 

 

 

 

Profit/(Loss) Before Tax

 

 

24.781

Provision for Taxation

 

 

0.000

Profit/(Loss) After Tax

 

 

24.781

 

 

 

 

Total Expenditure

 

 

932.656

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2008

PAT / Total Income

(%)
 

 

2.59

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

2.59

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

7.53

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

2.51

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.32

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

 

 

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.49.22

UK Pound

1

Rs.73.03

Euro

1

Rs.63.14

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

----

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions