MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEELCON STEEL INDUSTRIES |
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Registered Office : |
439, Pathe Bapurao Marg, Somji Building, Opposite Islampura, Mumbai –
400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2007-08 |
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IEC No.: |
0308020952 |
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PAN No.: [Permanent
Account No.] |
AXFPS9623K |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Traders and Exporters of Pipes, Fittings, Flanges, Plates, Round Bars
etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2500 |
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Status : |
New Concern |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish track. Trade relations are
reported as fair. Payments are usually correct and as per commitments. However, as the subject is new, it would be prudent to deal with it on
safe and secured trade terms and conditions, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Pankaj Shah |
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Designation : |
Proprietor |
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Contact No.: |
91-9819591024 |
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Date : |
29.07.2008 |
LOCATIONS
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Registered Office : |
439, Pathe Bapurao Marg, Somji Building, Opposite Islampura, Mumbai –
400 004, Maharashtra, India. |
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Tel. No.: |
91-22-23861187/66109950/ 66109960 |
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Mobile No.: |
91-9819591024 |
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Fax No.: |
91-22-23861170 |
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E-Mail : |
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Website : |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Pankaj Shah |
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Designation : |
Proprietor |
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Address : |
Goragandhi Palace, C/402, 8th Khetwadi, Mumbai – 400 004,
Maharashtra, India. |
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Date of Birth/Age : |
23 Years |
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Qualification : |
T.Y.BMS |
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Experience : |
2 Years |
KEY EXECUTIVES
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Name : |
Mr. Manish Shah |
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Designation : |
V.P. Exports |
BUSINESS DETAILS
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Line of Business : |
Traders and Exporters of Pipes, Fittings, Flanges, Plates, Round Bars
etc. |
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Products : |
·
Steel Pipes ·
Steel Buttweld Fittings ·
Steel Flanges ·
Steel Screwed & Forged Fittings ·
Steel Sheets & Plates ·
Stainless Steel Wire, Rods & Bars ·
Copper & Brass Products ·
Stainless Steel Nut Bolts & Fasteners · Valves |
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Exports : |
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Products : |
Pipes, Fittings |
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Countries : |
Dubai, Malaysia |
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Terms : |
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Selling : |
L/C, Cash |
GENERAL
INFORMATION
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Customers : |
· Nuclear Power
Corporation of India Limited · The Fertilisers
and Chemicals Travancore Limited · Hindustan Latex
Limited · Cochin Shipyard
Limited · Hindustan Zinc
Limited · Indian Oil
Corporation Limited · Hindustan Petroleum
Corporation of India Limited · Bharat
Electronics Limited · Bharat Aluminium
Company Limited |
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No. of Employees : |
6 (In office) |
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Bankers : |
Bank of Baroda Gulalwadi, Mumbai |
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Facilities : |
The concern do not enjoy facility from its Bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Mr. Ratan Mehta Chartered Accountants |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.500 Million (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs. 0.500 Million (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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Below 4.800 |
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Expected Sales (2008-09): Rs.10.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART:
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Parameters |
Detail |
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Existence
Verification |
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Name |
NEELCON STEEL INDUSTRIES |
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Address |
439, Pathe Bapurao Marg, Somji Building, Opposite Islampura, Mumbai –
400 004, Maharashtra, India. |
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Phone/Mobile
Numbers |
91-22-23861187 |
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Fax Numbers |
91-22-23861170 |
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Statutory
Approvals |
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Legal Status Of
Firm |
Proprietorship Firm |
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Income Tax
Registration |
AXFPS9623K |
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VAT/ TIN
Registration |
27490619848V w.e.f.25.07.2007 |
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Import Export
Code |
0308020952 |
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Name Of the Bank |
Bank of Baroda |
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Current Account
Number |
14390200001531 |
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Account Since |
20.07.2007 |
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Credibility
Factors |
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India Mart
Client Since |
1 Year |
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Years Of
Establishment |
2007-08 |
TRADE REFERENCES:
· Trade Link Agency – Baroda
· Sunrise Tubes - Mumbai
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.42.47 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.66.14 |
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 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
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 |
YES |
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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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25 |
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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