MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIDDHIVINAYAK STEEL |
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Registered Office : |
31, Katararia Mansion, 7th Khetwadi, S. V. P
Road, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Importers, Stockists and Suppliers of all grades of Stainless Steel Sheets, Plates and Coils |
RATING &
COMMENTS
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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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory track. Partners are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions |
INFORMATION PARTED
BY
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Name : |
Mr. Manoj Kanungo |
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Designation : |
Partner |
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Contact No.: |
91-9820094706 |
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Date : |
14.02.2008 |
LOCATIONS
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Registered Office : |
31, Katararia Mansion, 7th Khetwadi, S. V. P
Road, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23822315 / 66362692 |
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Fax No.: |
91-22-66362650 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. - Owned |
PARTNERS
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Name : |
Mr. Manoj Kanungo |
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Designation : |
Partner |
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Date of Birth/Age : |
31 years |
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Qualification : |
Graduate |
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Experience : |
11 years |
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Name : |
Mr. Ramesh Jain |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Importers, Stockists and Suppliers of all grades of Stainless Steel Sheets, Plates and Coils |
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Products : |
Stainless Steel Sheets, Plates And Coils |
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Imports From : |
Belgium, Netherlands, USA, Dubai, Italy, China and Taiwan
etc. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Contract Basis |
GENERAL INFORMATION
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Customers : |
Wholesaler and Retailer |
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No. of Employees : |
11 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kanungo and Associates Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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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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170.000 |
130.000 |
Expected Sales (2007-08) : Rs.200.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Subject is a Mumbai based Stainless Steel Trading Concern
having its reach through out the world. They not only stock material of all
Indian Manufacturers such as Jindal, SAIL & Shah Alloys but are importing Stainless
Sheets, Coils, Strips Coils, Plates, Rods & Pipes from all parts of the
world direct from Stainless Steel Mills and also from big Stainless Steel
Traders right from North America, Canada, Mexico, South Africa, Europe and also
from various Asian Countries.
The concern is No Ordinary Trading Concern and Not just any
other products supplier. Together with their clients, they strive towards a
sound housekeeping of Raw Materials with this approach to business operation in
mind and considering their extensive product line; they are able to meet the
need of a highly diversified clientele. Both large and small orders are
executed fast and direct. Order processing stock management & physical
distribution are handled with great speed & efficiency.
Their
Mumbai Godown is in front of their office, which stocks all materials in all
sizes, grades of Stainless Steel starting from 200 series, 300 series & 400
series. Their expert sales team will provide the answer of all the queries.
Their Second Godown is outside Mumbai octroi limits so as to benefit their
outstation clients from unnecessary octroi charges. They are direct importers.
They also purchase directly from Indian Manufacturers and therefore they are
able to pass on the benefits of Excise Modvat to their esteemed clients hence
reducing their cost of purchases.
Subject
has supplied their material to Chemical Fertilizer & Petrochemical
Industries, Sugar & Distillations Plants, Pump & Valve Manufacturers,
Engineering & Cement Industries for their New Project, Project Expansion
& Routine Maintenances. From Government owned Companies to Multinational
Company to Small Scale Industries they have supplied to all.
They
are also able to import & supply specific Material as per requirement
direct from Stainless Steel Mills all over the world to their Indian Customers.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.68 |
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UK Pound |
1 |
Rs.77.67 |
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Euro |
1 |
Rs.57.81 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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45 |
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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