MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIYARAM IMPEX PRIVATE LIMITED |
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Registered Office : |
Plot No. 6 and 7, Lakhabval, Khodiyar Colony, Jamnagar-361006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
12.02.2007 |
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Com. Reg. No.: |
04-49999 |
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CIN No.: [Company
Identification No.] |
U27106GJ2007PTC049999 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTS05162D |
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PAN No.: [Permanent
Account No.] |
AAKCSS857Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Metal Alloys |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 280000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old and relatively new company in its field. The
company has incurred some initial losses. Trade relations are fair. No
complaints have been heard. The company can be considered good for small to mediocre business
dealings, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Amit Jawar |
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Designation : |
Administrative Officer |
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Date : |
15.12.2008 |
LOCATIONS
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Registered Office : |
Plot No. 6 and 7, Lakhabval, Khodiyar Colony, Jamnagar-361006,
Gujarat, India |
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Tel. No.: |
91-288-2560090/ 2889082/ 2889002/ 03 |
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Mobile No.: |
91-9825119571/ 9825805000 |
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Fax No.: |
91-288-2889082/ 2889022 |
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E-Mail : |
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Website : |
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Area : |
Approximately 48000 sq.ft ( Owned) |
DIRECTORS
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Name : |
Mr. Ramgopal Maheshwari |
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Designation : |
Director |
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Address : |
2, Owsal Colony, Behind Ayumbil, Bhavan, Jamnagar-361005, Gujarat,
India |
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Date of Birth/Age : |
12.06.1959 |
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Qualification : |
B.Com |
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Date of Appointment : |
12.02.2007 |
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Other Directorship: |
Siyaram Metals Private Limited U27209GJ2000PTC037229 Siyaram Extrusions Private Limited U27101GJ2007PTC049753 |
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Name of partnership Firm: |
Prakash Recycling Industries Address: B 18, Shanker Tekri, Udyognagar, Jambnagar-361008, Gujarat,
India |
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Name of Sole proprietorship: |
Siyaram Metal Udyog Address: B 18, Shanker Tekri, Udyognagar, Jambnagar-361008, Gujarat,
India |
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Name : |
Mr. Dhawal J Shah |
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Designation : |
Director |
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Address : |
Amidara Oswal Colony, Street No. 1, Jamnagar-361005, Gujarat, India |
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Date of Birth/Age : |
07.07.1981 |
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Qualification : |
MBA |
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Date of Appointment : |
12.02.2007 |
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Other Directorship: |
Rajhans Impex Private Limited U27106GJ2004PTC043917 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Jawar |
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Designation : |
Administrative Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 15.09.2008
|
Names of Shareholders |
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No. of Shares |
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Amit J Shah |
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20000 |
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Bhavini Dhaval Shah |
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10000 |
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Dhaval J Shah |
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10000 |
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Jayaben J Shah |
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10000 |
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Jinesh F Shah |
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10000 |
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Madhuben R Maheshwari |
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40000 |
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Ramgopal O Maheshwari |
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160000 |
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Siyaram Metals Private Limited |
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740000 |
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Total |
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1000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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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 : |
Manufacturer and Trader of Metal Alloys |
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Products : |
·
Copper
Alloy Ingots (Brass Ingots) ·
Copper Alloy Billets (Brass
Billets) |
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Exports : |
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Countries : |
·
Germany ·
Australia ·
Italy ·
Israel |
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Imports : |
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Countries : |
·
USA ·
Gulf Countries |
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Terms : |
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Selling : |
Advance, CAD |
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Purchasing : |
Cash and CAD |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Bank of Baroda, Digvijay Plot Branch, Summair Club Road,
Jamnagar-361005, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kamlesh Rathod and Associates Chartered Accountant |
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Address : |
408-409, Jyot Tower, Opposite Town Hall, Jamnagar-361001, Gujarat,
India |
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Group company : |
·
Siyaram Metals Private Limited Address: Jamnagar Tel No. : 91-288-2560090 Line of Business: Manufacturer and Trader of Metals |
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Associates/Subsidiaries : |
·
Siyaram Udyog Address: Jamnagar Line of Business: Only Trading in Metals |
CAPITAL STRUCTURE
As on 31.03.2008
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 |
Issued, Subscribed & Paid-up 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 |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.189 |
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3] Reserves & Surplus |
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50.000 |
0.000 |
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4] (Accumulated Losses) |
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[2.272] |
0.000 |
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NETWORTH |
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57.728 |
0.289 |
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LOAN FUNDS |
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1] Secured Loans |
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87.289 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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87.289 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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145.017 |
0.289 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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53.846 |
0.095 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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68.414 |
0.000 |
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Sundry Debtors |
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10.880 |
0.000 |
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Cash & Bank Balances |
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0.040 |
0.080 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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13.704 |
0.000 |
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Total
Current Assets |
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93.038 |
0.080 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.919 |
0.117 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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3.919 |
0.117 |
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Net Current Assets |
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89.119 |
[0.037] |
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MISCELLANEOUS EXPENSES |
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2.052 |
0.231 |
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TOTAL |
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145.017 |
0.289 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2008 |
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Profit/(Loss) Before Tax |
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[2.272] |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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[2.272] |
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Expenditures : |
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Interest |
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0.926 |
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Preliminary/ Pre Operative Expenses W/ off |
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0.513 |
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Depreciation & Amortization |
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0.408 |
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Other Expenditure |
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|
0425 |
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Total Expenditure |
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2.272 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[1.55] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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[0.04] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
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2374 |
0.68 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Rajhan Metal Private Limited, Udyognagar
·
Peshawariya Export Private Limited, Udyognagar
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27106GJ2007PTC049999 |
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Name of the company
|
SIYARAM IMPEX PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 6 and 7, Lakhabval, Khodiyar Colony, Jamnagar-361006,
Gujarat, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of Baroda, Digvijay Plot Branch, Summair Club Road,
Jamnagar-361005, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Hypothecation
to secure term Loan, Cash Credit cum Packing Credit, FBP Hypothecation
stock and book debts and bank guarantee |
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Date of
instrument Creating the charge |
22.12.2007 |
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Amount secured by
the charge |
Rs. 185.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per first
schedule of the Agreement Enclosed Terms of
Repayment As per Terms of
Agreement Attached Margin Fro term loan 25%
on Plant and Machienry ands 30% on Rest of Items Fro packing
Credit 25% on Stock and 50% on Book Debts For Bank
Guarantee 15% for Performance and 100% for Disputed Guarantees Fro FBP/ FBD/
FCBP – Nil Extent and
Operation of the charge As per the Agreement
Enclosed here with Others As per agreement
enclosed here with |
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Short particulars
of the property charged |
As per second
schedule of the term of agreement attached |
AS PER WEBSITE
Company Profile:
Subject is established as a
Joint Venture of Siyaram Metals and Rajhans Impex group
which is a 100 % Export Oriented Unit where
they would be manufacturing
brass billets for EXTRUSIONS ranging from
5" up to 10" diameter , brass ingots in
various international alloys of Leaded Brass, Gun metal
brass, Aluminium Bronze and Cupro Nickle later on.
The modern plant includes 5 most modern furnaces i.e. 3 Mains
Frequency Channel Induction Melting Furnaces and 2 Medium Frequency Coreless Induction
Melting Furnaces for different alloys for Ingots and Billets. Both Medium
Frequency Coreless Induction Melting Furnaces are
exclusively designed and sourced for production of Gun Metal and
Aluminium Bronze Ingots.
Value Added Services:
The plant is furnished with unique casting process and well
equipped laboratory with the most sophisticated and accurate machines like :
·
Spark Emission Photo Spectrometer
·
Metallurgical microscope with CCD camera
·
Analytical Lab to provide un compromise quality of material.
·
Work in progress for Physical testing Lab with Ultimate tensile testing
machine (UTM)
·
Vickers Hardness Machine
·
Electrical Conductivity Meter
·
Procurement of Ultra Sonic crack detection machine is also a part the
strategic planning.
All this signifies the commitment towards quality. With the blend of the
modern and innovative plant and dedicated expertise workforce they are
confident to satisfy all the quality requirements.
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.47.94 |
|
UK Pound |
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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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 |
YES |
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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 |
|
31 |
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 |
|