MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KASIN IMPEX PRIVATE LIMITED |
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Registered Office : |
401, Mehjabin Arcade, 9/ 13, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.01.2005 |
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Com. Reg. No.: |
150545 |
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CIN No.: [Company
Identification No.] |
U51909MH2005PTC150545 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK15022A |
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PAN No.: [Permanent
Account No.] |
AACCK5054H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer of Ferrous, Non Ferrous Metal and Iron Scrap. |
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 15000 |
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Status : |
Small company |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Scale of activity is limited. No complaints have been heard. The company can be considered
for small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
401, Mehjabin Arcade, 9/ 13, |
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E-Mail : |
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Corporate Office : |
106, 25th Floor, Matru Mandir, 278, Javji Dadaji Road, Opposite
Bhatia Hospital, Mumbai – 400 007, Maharashtra, India |
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Tel. No.: |
91-22-23891454/ 23841214 |
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Fax No.: |
91-22-23855634 |
DIRECTORS
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Name : |
Mr. Ajit S. Patil |
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Designation : |
Director |
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Address : |
Matru Mandir Flat No.105, 24th Floor, |
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Date of Birth/Age : |
28 years |
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Date of Appointment : |
22.05.2008 |
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DIN No.: |
02096181 |
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Tel. No.: |
91-22-23891454 |
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Name : |
Mr. Babanna S. Nayak |
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Designation : |
Director |
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Address : |
18/ 2, |
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Date of Birth/Age : |
62 years |
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Date of Appointment : |
09.07.2008 |
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DIN No.: |
02066536 |
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Name : |
Mr. Shabbir Siddique Khan |
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Designation : |
Director |
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Address : |
S.S. Khan Manzil, Amar Nagar CHS, Sion - |
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Date of Birth/Age : |
34 years |
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Date of Appointment : |
11.07.2008 |
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DIN No.: |
02096161 |
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Tel. No.: |
91-22-25573332 |
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Name : |
Mr. Ajay Singhal |
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Designation : |
Director |
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Date of Appointment : |
11.01.2005 |
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Date of Ceasing : |
31.07.2008 |
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Name : |
Mr. Nitin Shah |
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Designation : |
Director |
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Date of Appointment : |
11.01.2005 |
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Date of Ceasing : |
24.06.2008 |
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Name : |
Mr. Palsi Bhathena Nadersha |
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Designation : |
Director |
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Date of Appointment : |
11.01.2005 |
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Date of Ceasing : |
10.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Nitin Shah |
3300 |
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Palsi Bhathena Nadersha |
3300 |
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Ajay Singhal |
3400 |
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Total |
10000 |
As on 31.03.2008
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Names of Allottees |
No. of Shares |
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Pas Steel Private Limited |
240000 |
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Total |
240000 |
As on 25.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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96.00 |
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Directors
or relatives of directors |
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4.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Ferrous, Non Ferrous Metal and Iron Scrap. |
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Products : |
Ferrous and Non Ferrous Metal |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shyam Padia and Company Chartered Accountants |
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Address : |
D-41/ 013, Virat, Gokuldham, |
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Name : |
P.S. Sangoi and Company Chartered Accountants |
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Address : |
207, Anna Bhawan, 87/ C, Devji Ratanshi Marg, Masjid - Bunder, Mumbai
– 400 009, |
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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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.527 |
0.143 |
0.057 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.027 |
0.243 |
0.157 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.820 |
0.826 |
0.780 |
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TOTAL BORROWING |
0.820 |
0.826 |
0.780 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.847 |
1.069 |
0.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.023 |
0.711 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
62.252
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32.206 |
0.000 |
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Sundry Debtors |
24.367
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14.819 |
0.000 |
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Cash & Bank Balances |
0.636
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0.115 |
53.648 |
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Other Current Assets |
0.000
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0.000 |
0.799 |
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Loans & Advances |
2.579
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1.838 |
0.120 |
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Total
Current Assets |
89.834
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48.978 |
54.567 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
84.063
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48.009 |
53.427 |
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Provisions |
3.087
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0.611 |
0.203 |
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Total
Current Liabilities |
87.150
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48.620 |
53.630 |
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Net Current Assets |
2.684
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0.358 |
0.937 |
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MISCELLANEOUS EXPENSES |
0.140 |
0.000 |
0.000 |
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TOTAL |
3.847 |
1.069 |
0.937 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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69.137 |
151.079 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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69.137 |
151.079 |
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Profit/(Loss) Before Tax |
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0.135 |
0.081 |
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Provision for Taxation |
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0.049 |
0.034 |
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Profit/(Loss) After Tax |
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0.086 |
0.047 |
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Expenditures : |
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Cost of Goods Sold |
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68.130 |
149.333 |
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Administrative Expenses |
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0.872 |
1.665 |
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Total Expenditure |
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69.002 |
150.998 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
NA
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0.12 |
0.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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0.20 |
0.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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0.27 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.56 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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29.06
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203.48 |
346.56 |
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Current Ratio (Current Asset/Current Liability) |
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1.03
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1.01 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
GENERAL
OBSERVATION:
1)
Reference: B.R. Engineering Company
Name of the Person: Mr. Nitin Shah
Contact No.: 26855121
Since How Long Known: 5 to 6 years
Experience: Satisfying
Maximum Limit Dealt: Credit of 30 to 40 days
Remark: Mr. Nitin confirmed that, they have slow down their work with
this company, they grant them limit of 30 to 40 days but payment are received
within 60 to 90 days.
2)
Reference: Arihant Agripro International
Name of the Person: Mr. Prakash Trivedi
Contact No.: 91-9821529960
Since How Long Known: 3 to 4 years
Experience: Good experience
Maximum Limit Dealt: 10 to 15 days
Remark: Mr. Prakash says “Mr. Ajay Singhal” (Director) is a very good
person, and they have good relation with the company.
Payments: Mr. Prakash says we directly give them import bill where they
have condition to pay within 10 to 15 days, and payments are done on time by
them.
3)
Reference: Bhagwati Steel Cast Limited
Name of the Person: Mr. GDP Maheshwari
Contact No.: 26865084
Since How Long Known: 3 years
Experience: Good
Maximum Limit Dealt: 30 days
Remark: Mr. Maheshwari (Finance Advisor) confirmed with his sales broker
Mr. Arun Somani, about this company, because they don’t deal directly with the
company he says, they are well established company and heard that they are
coming up with a new factory. He says that payment terms are good, they grant
them 30 days limit and payment is received within that time period.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.76 |
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1 |
Rs.71.68 |
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Euro |
1 |
Rs.69.17 |
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 |
4 |
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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 |
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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30 |
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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