MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SANDEEP ENTERPRISES |
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Registered Office : |
11-B, Big Jo’s
Tower, A-8, Netaji Subhash Place, Pitam Pura, Delhi-110034 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1979 |
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IEC No.: |
0597037841 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Importer, Distributor and Trader of Tool, Alloy Steel and Stainless
Steel. |
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 93000 |
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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 concern and reputed concern. Proprietor
is reported as experienced and respectable businessmen. His 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. |
LOCATIONS
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Registered Office : |
11-B, Big Jo’s
Tower, A-8, Netaji Subhash Place, Pitam Pura, Delhi-110034, India |
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Tel. No.: |
91-11-52470530 / 31 / 32 / 33 |
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Fax No.: |
91-11-27355242 |
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E-Mail : |
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Website : |
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Area : |
850 sq. ft. [Owned] |
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Location : |
Commercial |
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Branches : |
Ludhiana 225, Industrial Area A, Ludhiana Mobile No.: 91-9356056962 Area : 200 sq. ft. [Rented] Faridabad Sohana – Samepur Road, Rajiv Colony, Ballabgad, Haryana Mobile No. : 91-9311325363 Area : 1000 sq. ft. [Rented] Mumbai B – 12, Kamal Building, Harsha Park, Chandravakar Road, Borivali
[West], Mumbai Mobile No.: 91-9320398272 Area : 600 sq. ft. |
SOLE PROPRIETOR
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Name : |
Mrs. Suman Jain |
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Designation : |
Proprietor |
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Address : |
C-5, Ashok Vihar,
Phase-I, Delhi 110052 |
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Date of Birth/Age : |
61 Years |
KEY EXECUTIVES
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Name : |
Mr. Jagdish Bahl |
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Designation : |
Branch Manager |
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Date of Birth/Age : |
50 Years |
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Name : |
Mr. Sandeep Jain |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
37 Years |
BUSINESS DETAILS
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Line of Business : |
Importer, Distributor and Trader of Tool, Alloy Steel and Stainless
Steel. |
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Product : |
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Exports : |
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Countries : |
Bangladesh |
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Imports : |
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Countries : |
Germany, Czech Republic, China, Japan and Korea |
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Terms : |
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Selling : |
Credit [30 to 60 days], L/C and at Sight |
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Purchasing : |
L/C [90-120 days], D/A [90-120 days] [From Japan 180 days Credit against L/C] |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
· Union Bank of India, Ashok Vihar Branch, Delhi ·
ICICI Bank |
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Facilities : |
Cash Credit Limit
: Rs. 38.000 Millions Bank Guarantee /
Letter of Credit : Rs. 40.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Devi Dayal and
Associates Chartered
Accountant |
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Associates/Subsidiaries : |
Victor Engineering and Steel Company Establishment :
1977 Legal Status :
Proprietorship Proprietor : Mr.
Sandeep Jain Turnover : Rs.
4.000 millions as on 31st March 2005 Line of Business
: Stockist for Tool, Alloy Steel and Stainless Steel |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 12.500 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 12.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Capital Account |
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23.216 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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23.216 |
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LOAN FUNDS |
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1] Secured Loans |
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27.117 |
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2] Unsecured Loans |
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2.696 |
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TOTAL BORROWING |
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29.813 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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53.029 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.608 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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2.470 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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48.560 |
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Sundry Debtors |
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50.137 |
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Cash & Bank Balances |
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0.585 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.652 |
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Total
Current Assets |
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100.934 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Other liabilities |
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2.743 |
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Total
Current Liabilities |
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51.983 |
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Net Current Assets |
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48.951 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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53.029 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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204.499 |
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Other Income |
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0.000 |
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Total Income |
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204.499 |
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Profit/(Loss) Before Tax |
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3.393 |
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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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3.393 |
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Expenditures : |
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Additional Demand (sales tax) |
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0.026 |
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Advertisement |
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0.010 |
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Bank Interest |
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2.729 |
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Bank Charges |
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0.800 |
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Bonus & Leave Encashment |
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0.149 |
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Books & Periodicals |
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0.049 |
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Business Promotion |
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0.194 |
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Cartage |
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0.432 |
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Commission |
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1.743 |
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Compur & Running & Maintain |
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0.083 |
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Conveyance |
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0.102 |
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Rebate & discount |
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0.021 |
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Depreciation |
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0.324 |
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Diwali Expenses |
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0.052 |
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EESPL |
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0.007 |
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Electricity Expenses |
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0.076 |
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Fees & taxes |
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0.008 |
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General Expenses |
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0.019 |
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Insurance expenses |
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0.069 |
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Interest |
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0.197 |
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Legal Expenses |
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0.143 |
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Loading
& Unloading Expenses |
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0.305 |
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Motor maintenance |
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0.089 |
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Motor Cycle expenses |
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0.019 |
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Miscellaneous Expenses |
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0.000 |
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Printing & Stationery |
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0.116 |
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Postage & Telegram |
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0.092 |
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Professional Charge |
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0.113 |
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Rent Repair & Maintenance |
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0.546 |
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Salary |
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0.054 |
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Staff Welfare |
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1.581 |
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Subscription |
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0.042 |
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Telephone Expenses |
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0.011 |
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Testing charges |
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0.228 |
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Traveling Expenses |
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0.059 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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1.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.65
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.30
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.52 |
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Current Ratio (Current Asset/Current Liability) |
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1.94 |
LOCAL AGENCY
FURTHER INFORMATION
Subject imports
Tools and Alloy Steel.
Subjects does not export
and sells locally and supplies to consumer, traders, public sector undertakings
and governments agencies.
The concern is in trade terms with:
Ø
I S Inter
Steel Star Handle, Germany
As Per Website
Profile
Subject is a Trading House dealing in all kinds of Tool
Steel, Die Steel and High Alloy Steel used in making of Rolls, Tools and Dies
for various Engineering Industries.
The concern is exclusive agents in India for M/s Kalyani
Carpenter Special Steels Limited, Pune (A Bharat Forge Group Company) and is
also purchasing these types of Steel from M/s Steel Authority of India Limited
(ASP Plant and VISL Plant) and other Mills in India.
Other than Indian Mills, the concern is also importing these
Steels from various Mills all over the world and are exclusive agents in India
for M/s Poldi Hutte (Czech Republic), M/s Villares Metal SA (Brazil) and M/s IS
Intersteel Stahlhandel (Germany) and are also importing these materials from
Germany, Taiwan, Korea, Japan, China, Russia, Romania, etc.
The firm also has branches for better sales realization and
managing the business at Mumbai, Ludhiana, Faridabad and Kolkata. The total
business of the firm is spread out in the whole of India and also Exports.
Partners
Exclusive Partners
POLDI HUTTE S.R.O.
Prumyslova 1343,
272 62 Kladno
ICO 25649787 DIC CZ 25649787
Czech Republic
International Partners
Brazil
1. M/s Villares Metal SA
China
1. Zhejiang East Tools Manufacture Company Limited
2. M/s Dongbei Special Steel Group Company
Germany
1. M/s IS Intersteel Stahlhandel Gmbh
2. M/s Eschmann Stahl
Japan
1. M/s Nachi-Fujikoshi Corporation
Korea
1. M/s Changwon Speciality Steel
Romania
1. The Special Steel Complex Targoviste (Costa)
Taiwan
1. Gloria Material Technical Corporation
Domestic Partners
India
1. Kalyani Carpenter Special Steels Limited
2. Alloy Steel Plant (SAIL Enterprises)
3. VISL (SAIL Enterprises)
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.28 |
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UK Pound |
1 |
Rs.77.02 |
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Euro |
1 |
Rs.58.16 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
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 |
YES |
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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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47 |
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 |
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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 |
|
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 |
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<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 |
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