MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
METAL TRADING CORPORATION |
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Registered Office : |
39 CP Tank 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 : |
1979 |
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Com. Reg. No.: |
C/WI-4183 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM215105D |
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PAN No.: [Permanent
Account No.] |
AAEFM6045K |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Importers and Exporters of Stainless Steel and Nickel Alloys |
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 160000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established concern having satisfactory track. Partners are experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitments. The concern can be considered good for normal dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
39 CP Tank Road, Mumbai-400004, Maharashtra, India |
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Tel. No.: |
91-22-56362618 |
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E-Mail : |
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Website : |
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Administrative
Office : |
35, Krishna Bhuvan, 203 / 204, 2nd
Floor, 1st Carpenter Street, Mumbai – 400004, Maharashtra, INDIA |
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Tel. No.: |
91-22-23883922 / 23801334 / 56362577 |
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Fax No.: |
91-22-23883937 |
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E-Mail : |
sales@metaltrading.co.in / admin@metaltrading.co.in / mtc@bom4.vsnl.net.in / vbhansali@metaltrading.co.in |
PARTNERS
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Name : |
Mr. Vijay M. Bhansali |
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Designation : |
Partner |
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Passport No. : |
E6762369 |
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Date of Birth/Age : |
33 Years |
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Qualification : |
M. Com |
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Experience : |
8 Years |
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Name : |
Mr. Maneklal S. Bhansali |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Qualification : |
H. S. C. |
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Experience : |
25 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Mr. Vijay M. Bhansali |
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50.00 % |
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Mr. Maneklal S. Bhansali |
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50.00 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Importers and Exporters of Stainless Steel and Nickel
Alloys |
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Imports : |
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Countries : |
Japan, Germany, Italy, Middle East, U.K., Australia and
Belgium |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit, L/C |
GENERAL
INFORMATION
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Suppliers : |
· Lucky Recycling Limited P. O. Box 16850, Jebel Ali Free Zone, Dubai, UAE. Mr. Almbar · Thyssen Krupp VDM Gmbh P.O. Box 1251, D-58742 Altena, Germany Tel No.: 49-2392-552830 Fax No.: 49-2392-552855 · Prodac NV Vitshokstraat1, Zwijndrecht B-2070 Belgium Tel No.: 32-3-2522000 Fax
No.: 32-3-2525351 |
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Customers : |
Manufacturers, End-Users, Trading Firms and Government
Bodies
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No. of Employees : |
12 |
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Bankers : |
Punjab National Bank, 353, Mani Mahal, Kalbadevi Road,
Mumbai-400002 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manish Kothari and Company Chartered Accountants |
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Address : |
3A/28, R.M.L. Nagar, 306, L.B.S Marg, Kurla (West),
Mumbai-400070 |
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Associates/Subsidiaries : |
BHANSALI
INTERNATIONAL Address : 35, Krishna Bhavan, 1st Carpenter Street, Mumbai-400004 Activity : Importer and Stockest of Stainless Steel and Nickel Alloys SPECIAL METAL
INDUSTRIES Address : 4-A, 1st Floor. 52/54, C. P. Tank Road, Mumbai-400004 Activity : Manufacture
of chemical planets and machineries in stainless steel, nickel alloy and
titanium |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.894 Millions |
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Borrowed : |
Rs. 35.412 Millions |
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Total : |
Rs. 40.306 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] Share Capital |
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4.894 |
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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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4.894 |
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LOAN FUNDS |
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1] Secured Loans |
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4.405 |
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2] Unsecured Loans |
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31.007 |
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TOTAL BORROWING |
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35.412 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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40.306 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.362 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.101 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.260 |
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Sundry Debtors |
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23.570 |
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Cash & Bank Balances |
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0.019 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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4.183 |
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Total
Current Assets |
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63.032 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.189 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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23.189 |
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Net Current Assets |
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39.843 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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40.306 |
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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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158.123 |
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Other Income |
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0.663 |
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Closing Stock |
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35.260 |
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Total Income |
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194.046 |
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Profit/(Loss) Before Tax |
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2.341 |
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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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2.341 |
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Expenditures : |
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Interest |
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3.791 |
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Insurance Expenses |
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0.339 |
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Depreciation & Amortization |
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0.092 |
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Other Expenditure |
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187.483 |
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Total Expenditure |
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191.705 |
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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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1.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.69 |
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Return on Investment (ROI) (PBT/Networth) |
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0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.97 |
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Current Ratio (Current Asset/Current Liability) |
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2.72 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Subject is a firm dealing in Stainless Steel, Nickel Alloy
& Titanium.
The firm started operation predominantly as a dealer in stainless steel materials.
From the year 1998 it started import of Prime quality Nickel Alloy products
from the leading manufacturers in the world.
Subject is specialists in High Alloy Products particularly Nickel Alloys &
Stainless Steels for the Fine Chemicals, Fertilisers, Pharmaceutical,
Agro-chemical, Petrochemical, Refining and Chemical Process Industries.
Subject have a complete product line in Alloy 200/201 (commonly known as Nickel
200/201), Alloy C-22 (commonly known as Hastelloy C-22), Alloy C-276 (commonly
known as Hastelloy C-276), Alloy 825 (commonly known as Inconel 825),, Alloy
400 (commonly known as Monel 400), Alloy 600(commonly known as Inconel 600),
Alloy 625 (commonly known as Inconel 625), Alloy 800/800H/800HT (commonly known
as Incolloy 800/800H/800HT), as well as Titanium & various grades of
Stainless Steel in sheet, plate, pipe & bar. In addition they stock welding
products in Alloy C-22, Alloy C-276 Alloy 400, Alloy 600, Alloy 625 & Alloy
825.
All the Nickel Alloy products imported are of prime quality with correlating
Mill Test Certificate.
Subject manufactures welded pipes, pipe-fittings, flanges & fasteners in
Nickel Alloys from subcontractors. Forms and quantities not readily available
from stock can be produced in short periods of time.
Subject has an excellent reputation for supplying the highest quality
materials, immediate response to enquiries and delivery of materials promptly
and efficiently. They are dedicated to constantly improving sources and
quality.
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.40.77 |
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UK Pound |
1 |
Rs.82.10 |
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Euro |
1 |
Rs.64.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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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46 |
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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