MIRA INFORM REPORT

 

 

Report Date :

08.01.2008

 

IDENTIFICATION DETAILS

 

Name :

PARMANAND VIJAYKUMAR

 

 

Registered Office :

488, Bartan Market, Sadar Bazar, Delhi 110006

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1948

 

 

Legal Form :

Partnership concern with an unlimited liability of the Partners

 

 

Line of Business :

Trader, Importer and Indenters of Tin Plates and Components, Tin Oblique Metal Plates, Oblique Components, Mill Products etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 80000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

Comments :

Subject is a well established and reputed concern having fine track.  Partners are reported as experienced, respectable and having satisfactory means of their own.  Trade relations are fair.  Business is active.  Payments are reported as usually correct and as per commitments.

 

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

 

 

LOCATIONS

 

Registered Office :

488, Bartan Market, Sadar Bazar, Delhi 110006, India

Tel. No.:

91-11-23679016 / 23673645

Fax No.:

91-11-23550405

E-Mail :

accounts@hindustantin.co.in

 

 

Corporate Office :

UGF, Antriksh Bhavan, 22, Kasturba Gandhi Marg, New Delhi 110001, India

Tel. No.:

91-11-23357276-9

Fax No.:

91-11-23357271/3

 

 

Branch 1 :

618, Tulsiani Chambers, Nariman point, Mumbai 400021, Maharashtra, India

Tel. No.:

91-22-22871612 / 22842223-24

Fax No.:

91-22-22044202

 

 

Branch 2 :

131/132 A, Steel Chamber Tower Kalamboli Raigad 410218, New Mumbai, Mumbai, Maharashtra, India

 

 

PARTNERS

 

Name :

Mr. Vijaykumar Bhatia

Designation :

Partner [Also the Chairman for Associate Company Hindustan Tin Works Limited]

Date of Birth/Age :

1942

Qualification :

Graduate

 

 

Name :

Mr. Ashok Bhatia

Designation :

Partner

Date of Birth/Age :

1945

Qualification :

Graduate

 

 

Name :

Mr. Sanjay Bhatia

Designation :

Partner

Date of Birth/Age :

1952

Qualification :

LLB Graduate

 

 

Name :

Mr. Gaurav Bhatia

Designation :

Partner

Date of Birth/Age :

1969

Qualification :

Graduate

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Importer and Indenters of Tin Plates and Components, Tin Oblique Metal Plates, Oblique Components, Mill Products etc.

 

 

Imports :

 

Products :

All Products

Countries :

Ø       Europe

Ø       Saudi Arabia

Ø       Japan

Ø       Muscat

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

L/C or Advance

 

 

GENERAL INFORMATION

 

Suppliers :

Ø       Stemcor Mesadmcc, Dubai [UAE]

Ø       Peter Creamer GMBH, Germany

 

 

Customers :

Manufacturers

 

 

No. of Employees :

20 to 30

 

 

Bankers :

Punjab National Bank, Nariman Street, Mumbai, Maharashtra, India

Punjab and Sind Bank, Nariman Point, Mumbai, Maharashtra, India

 

 

Facilities :

C/C Rs. 20.000 Millions from Punjab and Sind Bank

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Imran and Associates

Chartered Accountants

Address :

Mazgaon, Mumbai, Maharashtra, India

 

 

Associates/Subsidiaries :

Ø       Hindustan Tin Works Limited

Address : 488, Bartan Market, Sadar Bazar, Delhi 110006, India

Line of Business: Manufacturer of Detergent Powder, Dealing in Metal, Tin Plates etc.

 

Ø       Hi Tech Surfactants [Private] Limited

Address : 488, Bartan Market, Sadar Bazar, Delhi 110006, India

Line of Business : Manufacturer of Detergent Powders and Cakes

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 20.000 Millions

Borrowed :

--

Total :

Rs. 20.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

110.000

90.000

 

Expected Sales (2007-08) : Around Rs. 150.000 Millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES:

Ø       New Empire Tin Factory, Mumbai [Peddar Road]

Ø       Kamal Trading Company, Mumbai [Maulana Azad Road]

Ø       Stemcor Mesadmcc, Dubai [UAE]

Ø       Peter Creamer GMBH, Germany

 

 

HISTORY:

Subject is actively engaged in trading, indenting and importing Tin Mill products since 1948. Presently, with its offices in Delhi & Mumbai, it is catering to the requirements engaged in trading, indenting and importing Tin Mill products since 1948. Presently, with its offices in Delhi & Mumbai, it is catering to the requirements of tinplate consumers all over India (in all industrial sectors), including those situated in remote comers and villages. This ardent task is being carried out effectively with direct negotiations with foreign and Indian tinplate manufacturers.

 

 

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. 39.28

UK Pound

1

Rs. 77.33

Euro

1

Rs. 57.80

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

63

 

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