MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHUBHLAXMI METALS AND TUBES PRIVATE LIMITED |
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Registered Office : |
3/A, R.K. Wadi, 1st Parsiwada Lane, Near Alankar Talkies,
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 : |
01.07.2005 |
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Com. Reg. No.: |
11-154412 |
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CIN No.: [Company
Identification No.] |
U51420MH2005PTC154412 |
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IEC No.: |
0305075624 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS51137C |
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PAN No.: [Permanent
Account No.] |
AAJCS3740H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Stainless Steel, Pipes and
Tubes. |
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 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has yet to establish track records. Its payments
are reported as slow and delayed. In absence of financial and business details it would be advisable to
deal with the company in safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
3/A, R.K. Wadi, 1st Parsiwada Lane, Near Alankar Talkies,
Mumbai – 400004, Maharashtra |
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Tel. No.: |
91-22-23893301/
02/ 03 91-9892238933/ 9892738933 |
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Fax No.: |
91-22-23864199 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
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Branch : |
Plot No. 9, 52 Sector, Expansion Area, New G. T. D. C, Umbergao. |
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Tel. No.: |
91-260-3295303 |
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Fax No.: |
91-260-2561717 |
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E-Mail : |
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Area : |
9000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Pinesh A.
Shah |
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Designation : |
Director |
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Address : |
Pratiksha Tower,
C – Wing, 604, R. S. Nimkar Marg, Mumbai – 400 008. |
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Date of Birth/Age : |
30 Years |
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Qualification : |
S.S.C |
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Experience : |
10Years |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Anaraj H.
Shah |
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Designation : |
Director |
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Address : |
Pratiksha Tower,
C – Wing, 604, R. S. Nimkar Marg, Mumbai – 400 008. |
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Date of Birth/Age : |
58 Years |
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Qualification : |
T. Y. Bcom |
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Experience : |
34Years |
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Name : |
Mr. Vivek A. Shah |
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Designation : |
Director |
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Address : |
Pratiksha Tower,
C – Wing, 604, R. S. Nimkar Marg, Mumbai – 400 008. |
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Date of Birth/Age : |
25 Years |
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Qualification : |
M. B. A |
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Experience : |
3 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr.Pinesh A. Shah |
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4000 |
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Mr. Anaraj H.
Shah |
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3000 |
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Mr. Vivek A. Shah |
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3000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter in Stainless Steel, Pipes and Tubes |
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Brand Names : |
SHUBHLAXMI |
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Exports : |
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Products : |
Stainless Steel, Tubes and Pipes |
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Countries : |
Italy, Middle East, Africa |
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Imports : |
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Products : |
Stainless Steel, Coil |
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Countries : |
Korea, Japan, Brazil |
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Terms : |
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Selling : |
L/C, COD |
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Purchasing : |
Credit 120 days |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End users |
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No. of Employees : |
68 (10 Office, 58 Factory) |
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Bankers : |
State Bank of India, Girgaon, Mumbai – 400 004, Maharashtra, India Dena Bank, Gulalwadi Branch, Girgaon, Mumbai – 400 004, Maharashtra,
India |
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Facilities : |
The concern enjoy cash credit of Rs.5.000 millions from its bankers |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Pravin Shah and
Associates Chartered
Accountants |
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Address : |
7, Harharwala
Building, 1st Floor, S V P Road, Opp Moti Talkies, Mumbai – 400
004, Maharashtra, India |
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Associates/Subsidiaries : |
Subhalaxmi Steel 3/A, R.K. Wadi, 1st Parsiwada Lane, Near Alankar Talkies,
Mumbai – 400004, Maharashtra -- Line of Business: Traders Sagar Stainless
Steel 3/A, R K Wadi, 1st Parsiwada Lane, Mumbai-400 004. Maharashtra, India -- Line of Business : Trading
house of Ferrous and Non Ferrous Metal |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10 each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10 each |
Rs.5.000
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 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.761 |
(0.001) |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.761 |
0.099 |
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LOAN FUNDS |
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1] Secured Loans |
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8.000 |
1.575 |
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2] Unsecured Loans |
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12.562 |
9.533 |
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TOTAL BORROWING |
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20.562 |
11.108 |
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DEFERRED TAX LIABILITIES |
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0.156 |
0.000 |
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TOTAL |
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27.479 |
11.206 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.340 |
2.735 |
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Capital work-in-progress |
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0.000 |
6.537 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.987 |
2.029 |
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Sundry Debtors |
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26.476 |
0.000 |
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Cash & Bank Balances |
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2.280 |
0.706 |
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Other Current Assets |
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0.138 |
0.082 |
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Loans & Advances |
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2.830 |
2.324 |
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Total
Current Assets |
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36.711 |
5.141 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.756 |
3.362 |
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Provisions |
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0.827 |
0.000 |
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Total
Current Liabilities |
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35.583 |
3.362 |
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Net Current Assets |
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1.128 |
1.779 |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.155 |
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TOTAL |
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27.479 |
11.206 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.32 |
147.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.03 |
1.52 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on
the business to purchase sell, import and export and to deal in all kind of
Ferrous and Non ferrous meatls, its alloys and semi, metals utensils, and to
deal in all kind of hardware metal,
industrial raw material goods, electrical goods.
Trade References:
v Jindal Stainless Limited, Hisar
Mobile No.: 91-9820284831
v Real Strips Limited
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.40.26 |
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UK Pound |
1 |
Rs.79.88 |
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Euro |
1 |
Rs.61.26 |
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 |
2 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
1 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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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16 |
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/normal. |
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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