MIRA INFORM REPORT

 

 

 

Report Date :

20.05.2008

 

IDENTIFICATION DETAILS

 

Name :

VIMAL ROLLING MILLS

 

 

Registered Office :

C/101-102, Omkar Apartment, Agashi, Bazarpeth, Virar [West], Thane – 401301, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

14.05.2008

 

 

Date of Incorporation :

25.07.2007

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEV06737D

 

 

PAN No.:

[Permanent Account No.]

AAGFV4477J

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners

 

 

Line of Business :

Manufacturing of S. S. Patta / Patti used in S. S. Steel Utensils Manufacturing

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

New Project

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new project and proposes to commence manufacturing of S. S. Patta / Patti used in S. S. Steel Utensils. Partners are reported as experienced, respectable and having satisfactory means of their own. Trade relations are fair. No payment could be available at present.

 

In view of the good financial position of the partner and guarantors, the concern can be considered normal for business dealings at usual trade terms and conditions.  

 

 

INFORMATION PARTED BY

 

Name :

Mr. Jayesh Gada

Contact No.:

91-9324509209

 

 

Name :

Mr. Kinjal Gada

Contact No.:

91-9322666302

 

 

Date :

08.05.2008

 

 

LOCATIONS

 

Registered Office :

C/101-102, Omkar Apartment, Agashi, Bazarpeth, Virar [West], Thane – 401301, Maharashtra, India

Tel. No.:

91-250-3296552 / 2452866

Mobile No.:

91-932260554 [Mr. Jayesh Gada]

91-9324509209 [Mr. Govindjibhai Gada]

Fax No.:

91-250-2452866

E-Mail :

rga1698@yahoo.co.in

vimalrolling@rediffmail.com

Area :

Owned

 

 

Factory :

Plot No. 4801/4815, Chemical Zone, GIDC, Sarigam Taluka, Umbergam, Valsad, Gujarat

Tel. No.:

91-260-2780027

Area :

52634 sq. ft. [Leased]

 

 

PARTNERS

 

Name :

Mr. Govindji L Gada

Designation :

Partner

Address :

C/101-102, Omkar Apartment, Agashi, Bazarpeth, Virar [West], Thane – 401301, Maharashtra, India

Date of Birth/Age :

59 Years

Qualification :

S.S.C.

Experience :

35 Years

 

 

Name :

Mrs. Hemal R Gada

Designation :

Partner

Address :

C/101-102, Omkar Apartment, Agashi, Bazarpeth, Virar [West], Thane – 401301, Maharashtra, India

Date of Birth/Age :

36 Years

Qualification :

12th

 

 

Name :

Mrs. Neeta R Gada

Designation :

Partner

Address :

C/101-102, Omkar Apartment, Agashi, Bazarpeth, Virar [West], Thane – 401301, Maharashtra, India

Date of Birth/Age :

32 Years

Qualification :

12th

 

 

Name :

Mr. Jiten Vasantlal Gada

Designation :

Partner

Address :

A/40, 103, 1st Floor Aakash Darshan, Shanti Nagar, Sector – 3, Mira Road [East], Thane – 401207

Date of Birth/Age :

26 Years

Qualification :

S. S. C.

Experience :

6 Years

 

 

Name :

Mrs. Vaishali K Gada

Designation :

Partner

Address :

A/40, 103, 1st Floor Aakash Darshan, Shanti Nagar, Sector – 3, Mira Road [East], Thane – 401207

Date of Birth/Age :

29 Years

Qualification :

H. S. C.

 

 

Name :

Mr. Vasantlal L Gada

Designation :

Partner

Address :

A/40, 103, 1st Floor Aakash Darshan, Shanti Nagar, Sector – 3, Mira Road [East], Thane – 401207

Date of Birth/Age :

52 Years

Qualification :

S. S. C.

Experience :

25 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of S. S. Patta / Patti used in S. S. Steel Utensils Manufacturing

 

 

Terms :

 

Selling :

Credit [30-90 days]

 

 

Purchasing :

Cash

 

PRODUCTION STATUS

 

Particulars

Installed Capacity

 

Actual Production

S. S. Patta / Patti

300 ton

Yet to be commenced

 

 

Installed Capacity

 

 

Average Production per day

12 MTPA

No. of Days

300

Total Installed Capacity

3600 MTPA

 

 

GENERAL INFORMATION

 

Suppliers :

Name of the Suppliers and their contact numbers

 

Location

Bindal Steel

Delhi

Laxo Steel

Delhi

 

 

Customers :

End Users

 

Name of the Customers and their contact numbers

Location

Relationship [No. of Years]

A. B. Rolling Mills Private Limited

Sarigam

1 Year

Rajshree Metal

Bhayander

20 Years

Vimal Steel

Vasai

7 Years

 

 

No. of Employees :

75 [In Office : 5 and In Factory : 70]

 

 

Bankers :
  • Bank of Baroda, Mira Road [East] Branch
  • Canara Bank, Agashi, Virar [West]  

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Rajesh Gada and Associates

Chartered Accountants

Address :

207/213, Poorvee Chambers, 2nd Floor, Near Navahar Manickpur Nagar Parishad, Station Road, Vasai [West] – 401202

Tel No.:

91-250-2340032 / 2346118

Fax No.:

91-250-2346025

E-Mail :

Garajesh@vsnl.net

rga1698@yahoo.co.in 

 

 

Associates/Subsidiaries :

Name of Associate

Nature of Activity

Bankers

Rajshree Steel

Manufacturing

Dena Bank

Vimal Steel

Manufacturing

Dena Bank

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 6.332 Millions

Borrowed :

--

Total :

Rs. 6.332 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

As at 14.05.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

6.332

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.220

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

6.552

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

5.843

TOTAL BORROWING

 

 

5.843

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

12.395

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

17.285

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.000

 

Sundry Debtors
 

 

0.000

 

Cash & Bank Balances
 

 

0.860

 

Other Current Assets
 

 

0.469

 

Loans & Advances
 

 

0.900

Total Current Assets
 

 

2.229

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

7.119

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

7.119

Net Current Assets
 

 

[4.890]

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

12.395

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

As at 14.05.2008

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

1.98

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.31

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FIXED ASSETS

 

 

 

COST OF PROJECT

Rs in Millions

Land / Construction of Factory Building

9.250

 

 

Plant and Machinery

25.160

 

 

Pre-Operative Expenses

0.840

 

 

Provision for Contingencies

0.750

 

 

Working Capital Margin

6.500

 

MEANS OF FINANCE

 

Partners Capital / Unsecured  Loan

22.000

 

 

Term Loan

22.500

 

GENERAL INFORMATION

 

Total Plant Capacity [TPA]

3600

 

 

Repayment of Loan

5 Years with moratorium period of six months from date of production

 

 

Interest on Term Loan

13.00 %

 

 

Raw Material Required

HR / CR Coils

 

 

Finance Required

 

 

 

Term Loan

Rs. 25.500 Millions

 

 

Working Capital Facilities

Rs. 25.000 Millions

 

 

Expected date of commencement of production

1st April, 2008

 

 

FINANCIAL HIGHLIGHTS

 

 [Rs in Millions]

2009

2010

2011

2012

2013

2014

 

 

 

 

 

 

 

Turnover

188.482

210.023

224.063

238.103

238.680

238.680

 

 

 

 

 

 

 

Profit after tax

7.932

9.636

10.991

12.414

12.907

13.213

 

 

 

 

 

 

 

Cash Profit

10.787

12.491

13.845

15.268

15.761

16.067

 

 

 

 

 

 

 

Net Worth

24.932

34.569

45.560

57.974

70.881

84.094

 

 

 

 

 

 

 

Current Ratio

0.150

0.146

0.150

0.156

0.155

0.155

 

 

 

 

 

 

 

TOL / TNW

0.197

0.143

0.100

0.071

0.050

0.038

 

INTRODUCTION

 

THE FIRM

 

Vimal Rolling Mills is a partnership firm established on 25th July 2007 under the Indian Partnership Act with the objective to set up an rolling mill to manufacture SS Patta. The registered office of the firm is situated at C / 101-102, Omkar Apartments, Agashi, Bazarpeth, Virar [West], Thane – 401301

 

DETAILS OF PROPOSED EXPANSION TO BE UNDERTAKEN       

 

Varied applications of stainless steel products in various avenues such as automobile, medical, hardware fittings and the utensils has resulted in buoyancy in the consumption of the stainless steel products. Stainless steel has the most prominent growth potential among the various steel categories and has registered an enormous growth rate. The rising disposal income and increasing fascination amount the Indian customers has resulted in the increase in demand of the utensils made up of stainless steel profiles and circles.

 

To capitalize on the said opportunity, the Company has proposed to set up a manufacturing unit of SS Patta at Plot No. 4801/4815, Chemical Zone, GIDC, Sarigam Taluka Umbargam, District Valsad, Gujarat

 

The final products of the proposed project will be raw material to the utensils industry and will also provide value added products to various industries such as automobiles, logistics, hardware furniture and fittings and infrastructure and construction.

 

Particulars

 

Cost of Project

Rs in Millions

 

Land / Construction of Factory Building

9.250

Plant and Machinery

25.160

Pre-operative Expenses

0.840

Provision for Contingencies

0.750

Working Capital Margin

6.500

 

 

Total

42.500

 

 

Means of Finance

 

 

 

Partners Capital / Unsecured Loan

20.000

Term Loan

22.500

Total

42.500

 

Implementation

 

Latest Completion date

Last week of February, 2008

 

 

Building

 

 

 

Machinery

 

 

 

-          Identification of suppliers

Done

 

 

-          Delivery at Site

Last week of February, 2008

 

 

-          Installation and Erection

Second week of March 2008

 

 

-          Trial Runs

Third Week of March 2008

 

 

-          Commercial Production

Last Week of March 2008

 

 

Locational Benefits

 

 

 

 

 

 

 

 

MANAGEMENT EVALUATION

 

PARTNERS AND THEIR BACKGROUND

 

The company is managed by the Partners comprising of the following persons :

 

Mr. Govindji Gada

 

Mr. Govindji Gada, aged 58 years, is a businessman having more than decade of rich experience in the stainless steel business and manufacturing of stainless steel products. He has earned very good reputation in the market over the period.

 

Mr. Vasantlal Gada 

 

Mr. Vasantlal Gada, aged 52 years, brother of Mr. Govind Gada, is a very energetic and enthusiastic person. He too possesses decade of rich experience in the steel Industry and is the man behind the overall functioning, sales and marketing.

 

Mr. Jiten Gada

 

Mr. Jiten Gada, aged 23 years son of Mr. Vasantlal Gada is a dynamic young person. He has good hands of knowledge of the field.

 

The order partners of the firm are Mrs. Hemal Gada, Mrs. Neeta Gada and Mrs. Vaishali Gada who will assist the partners n handling day today activities of the business.

 

NETWORTH OF PARTNERS   

 

NAME OF THE PARTNERS

AGE

NET WORTH AS ON 31.03.2007

Mr. Govind Gada

58

12.872

Mr. Vasantlal Gada

52

2.600

Mr. Jiten Gada

25

0.660

Mrs. Hemal Gada

30

4.790

Mrs. Neeta Gada

31

4.410

Mrs. Vaishali Gada

25

0.475

Total

 

25.807

 

TECHNICAL EVALUATION

 

Product

 

Main Product and their uses

 

The company is engaged in re-rolling of stainless steel coils i.e. conversion of thick coils into thin coils, it is a basic raw material for manufacturing of stainless steel utensils.

 

By Products  

 

There are no By products produced by he Company other than steel scrap which are the resultants of production of utensils.

 

MANUFACTURING PROCESS

 

The raw material, which is procured directly, does not suit to re-rolling process because of its hardness and thickness. Therefore, it goes to the rewinding line for wrapping of coil on the drum so as to hold it properly. Than, it passes through annealing and pickling line [A.P. Line]. A. P. Line consists of a furnace, water tank, acid tank, washing machine and dryer. First, the coil passes through the hot furnace and then immediately moves into the water tank in order to cool the coil. Then it passes through the acid tank, which is pretty long and helps to soften the coil. After softening, the coil again passes through a washing machine where the coil is washed with the help of brush and water. The wet coil is then passed through the dryer in order to dry the coil and finally it goes for wrapping. This process softens the hard coil to make easy the re-rolling of coil and then it becomes easier to reduce the thickness of the coil. The soft coil, then is placed on the main mill, where the re-rolling process starts. The mill re-rolls the coil to reduce it to required thickness. The re-rolled coil again passes through the softening process, after that it gets ready either for sale or for further manufacturing of utensils.

 

ALTERNATIVE PROCESS       

 

This process of manufacture is standardized and there is no alternative process.

 

QUALITY CONTROL MEASURE

 

The quality in this case is quite subjective and depends upon the knowledge of the person operating the machine. Since the promoters of the Company are in the field for quite a long time and have in depth technical knowledge, the Company manufactures standard quality products. Further, the company is now up-grading its machines to ensure better quality and minimize the deviations.

 

 

SUPPLIERS WITH THE EXPENSES

 

The plant and machinery would be procured from indigenous suppliers. The company earlier also had procured machines from the same suppliers. The suppliers are having good reputation for supply of quality machineries and have supplied to many re-rolling mills in India.

 

RAW MATERIALS

 

MAIN RAW MATERIALS REQUIRED

 

The main raw material required is HR and CR coils. The other required raw material is furnace oil, which is added during the manufacturing process. The entire requirement of raw material is met indigenously.   

 

YIELD PERCENTAGE

 

The yield percentage of raw materials in case of HR / CR Coils in nearly 99 %, after considering wastage of 1 %.

 

ARRANGEMENTS MADE FOR PROCUREMENT OF THE RAW MATERIALS 

 

The company procures raw materials from the local market. The major suppliers of the raw materials ar :

 

      

 

UTILITIES AND ARRANGEMENTS

 

The utilities required by the unit are water and electricity.

 

WATER

 

The company’s requirement of water for its manufacturing process for cooling of hot coils, for washing of the coils and also for domestic consumption is being met through normal water supply.

 

POWER  

 

Since, the new machines will be of modern technique, this will reduce the power requirement of the Company. Further, the firm will get connection from Gujarat State Electricity Board for supply of power.

 

EFFLUENT TREATMENT  

 

The firm will install effluent treatment plant to manage any effluents arising from the manufacturing process.   

 

COMMERCIAL EMULATION

 

BUSINESS PROSPECTS / DEMAND – SUPPLY SCENARIO 

 

Increasing use of stainless steel is a barometer of the technical excellence of the steel industry and development of modern society. Among alternative materials, the versatility, durability and aesthetic quality stainless steel make it a material of choice for the new millennium. There is no limit for use of stainless steel. Among steel categories, stainless steel is the most growth intensive. Considering the total world production during the period since 1960, while carbon steel has registered an annual growth rate of around 2-3 percent, stainless steel has registered an annual of growth rate of more than 6 percent.

 

The stainless steel industry has made tremendous progress in India during the last 25 years only. Initially, India had to depend on foreign countries especially, Japan for its requirement of stainless steel.

 

In India, its production in 1980-81 was only 66,000 tonnes and this has now reached around 7,60,000 tonnes in 2000-01. India is now self sufficient to make stainless steel of all grades, shapes & sizes and is also a major exporter of stainless steel of utensil grade. In the Public Sector, the special steel plants of Steel Authority of India Limited (SAIL) at Durgapur and Salem have made significant contribution for the growth of this industry. Mukand Limited, Panchmahal Steel Limited, Shah Alloys Industries Limited, Jindal Strips Limited have also contributed significantly in making India self-sufficient in stainless steel production. India now produces 1.2 million tonnes of stainless steel representing a share of 5.58 per cent of total global stainless steel production of 21.5 million tonnes. In spite of fierce competition in the global stainless steel market, India has exported about 4 lakh tonnes of stainless steel worth over Rs. 25000 Millions. With an export coverage of more than 30 per cent, the stainless steel sector is much ahead of the overall steel sector, where the export coverage is about 10 per cent. Stainless steel industries has good amount of strength and can be crucial factor in growth of the economy.

 

 

Stainless steel industry in India and in world has shown very promising trend. Indian stainless steel is only about three decades old but the industry has already made its present felt in the international market. The impressive growth of stainless steel industry has been due to some of the following reasons :

 

(i) Increasing fascinations towards Kitchen utensils among the general public, due to its versatility. The
kitchen utensils sector accounts for 76 per cent of the total consumption of stainless steel in India.

(ii) There has also been consistent growth in the non-utensil sector, particularly in

(a) Chemical and process industries

(b) New and non-traditional applications like architecture building and construction (ABC)

(c) The automobiles, railways and transportation sectors (ART)

(d) Kitchen sinks, gas stoves and miscellaneous items growing over the years to dominate specific application areas.

 

The stainless steel industry in India has a bright future with 75% of the usage coming from domestic kitchen segment alone which includes utensils. However the use in industrial and other segments is still very low which would increase in the coming years. This is because there are various opportunities which would be beneficial for the steel industry. The same can be listed as follows :

 

 

 

With the onset of liberalisation, the steel industry has now to geared up to the global competition in terms of product range, quality and price. The growth of the steel sector is intricately linked with the growth of the Indian economy and especially the growth of the steel consuming sectors. India has become self-sufficient in iron and steel materials in the last 3 - 4 years. Exports are rising and imports are falling. Stainless Steel Industry in India can increase exports with major focus on China which still imports 70% of its total requirement of 1.4 million tons. The 200 series developed in India has potential in every developing country including value added products like Pipes & Tubes and kitchen utensils. India also has good facilities for stainless steel long products like bar, wire rod and wires which has good prospects in Europe, USA and South East Asian region. Production and production capacities are increasing. This position needs to be further consolidated and issues affecting production and consumption need to be resolved on a continuous basis. At the same time, productivity of our steel plants must be maintained at levels close to international standards. The Ministry of Steel continues to play an active and major role in helping the steel industry to overcome bottlenecks in the growth of this sector.

 

MARKETING ARRANGEMENTS

 

The firm’s product is used in manufacturing of utensils and various other kitchen products. Since the partners are in this industry for more than decades, they have developed a good network of agents and have good reputation and credibility among the customers. The firm has a number of customers prominent for its product and it is confident to sell the entire production thought the existing network. Further, fair business practices adapted by the firm to stay ahead in competition.

 

DETAILS OF COST OF LAND AND BUILDING

 

Particulars

Area

 

Unit

Rate [Rs ]

Unit

Amount in Millions

 

 

 

 

 

 

GIDC Land

5500

Sq. ft.

1000

Per Sq. ft.

5.500

Stamp Duty, Registration Charges, Legal Fees etc. 

 

 

 

 

0.500

GIDC Charges

 

 

 

 

0.250

Construction and Repairing

 

 

 

 

3.000

Total

 

 

 

 

9.250

 

 

WORKING OF PRE OPERATIVE EXPENSES

 

Particulars

 

Amount in Millions

Establishment Expenses

0.175

Internet During the construction period

0.366

Upfront Fees + processing Fees + Syndication Fees

0.300

Total

0.841

 

WORKING OF PROVISION FOR CONTINGENCES

 

Particulars

Amount in Millions

Provision for Contingences 3.00 %

Land and Building

9.250

0.00

Plant and Machineries

25.160

7.55

Total

34.410

7.55

 

 

OPERATING STATEMENT

 

Rs  in Millions

Particulars

Projected

 

 

 

31.03.2009

31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

 

 

 

 

 

 

 

Gross Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES

18848.200

21002.300

22406.300

23810.300

23868.000

23868.000

Less : Excise duty

 

 

 

 

 

 

 

 

 

 

 

 

 

NET SALES

18848.200

21002.300

22406.300

23810.300

23868.000

23868.000

 

 

 

 

 

 

 

%  rise / fall in net sales as compared to previous year

--

0.11

0.07

0.06

0.00

--

 

 

 

 

 

 

 

Cost of Sales

 

 

 

 

 

 

Raw Material consumption

15428.600

16530.600

17632.700

18734.700

18734.700

18734.700

Excise Duty

132.000

132.000

132.000

132.000

132.000

132.000

Furnace Oil and Chemicals

512.200

548.800

585.400

621.900

621.900

621.900

Power Cost and LDO

655.200

702.000

748.800

795.600

795.600

795.600

Wages and Salary

252.000

264.600

277.800

291.700

306.300

321.600

Stores and Other Manufacturing Expenses

126.000

135.000

144.000

153.000

153.000

153.000

Depreciation

285.400

285.400

285.400

285.400

285.400

285.400

Sub - Total

17391.400

18598.400

19806.100

21014.300

21029.000

21044.300

Add : Opening Stock of WIP and Finished Goods

000.000

374.900

401.400

427.800

454.300

454.700

 

17391.400

18973.300

20207.500

21442.200

21483.300

21498.900

Less : Closing Stock of WIP and Finished Goods

374.900

401.400

427.800

454.300

454.700

455.000

Sub Total [Cost of Sales]

17016.500

18572.000

19779.600

20987.900

21028.700

21044.000

 

 

 

 

 

 

 

Administrative and Selling Expenses

377.000

420.000

448.100

476.200

477.400

477.400

 

 

 

 

 

 

 

Sub Total

17393.400

18992.000

20227.700

21464.100

21506.000

21521.300

 

 

 

 

 

 

 

Operating Profit Before interest

1454.800

2010.300

2178.600

2346.200

2362.000

2346.700

 

 

 

 

 

 

 

Interest and Financial Charges

 

 

 

 

 

 

Interest – Term Loan

288.100

249.800

199.500

142.200

077.000

11.300

Interest – Working Capital

275.000

275.000

275.000

275.000

275.000

275.000

 

 

 

 

 

 

 

Profit After Interest

891.700

1485.500

1704.100

1929.000

2009.900

2060.400

 

 

 

 

 

 

 

Profit Before Tax

891.700

1485.500

1704.100

1929.000

2009.900

2060.400

 

 

 

 

 

 

 

Provision for Taxes

73.000

499.800

587.300

675.000

712.400

738.100

 

 

 

 

 

 

 

Net Profit / Loss

818.700

985.700

1116.800

1254.000

1297.500

1322.300

 

 

 

 

 

 

 

Net Retained Profit

818.700

985.700

1116.800

1254.000

1297.500

1322.300

 

 

ANALYSIS OF BALANCE SHEET

 

Rs.  in Millions

Particulars

Projected

 

 

As at 31st March

31.03.2009

31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Short Term Bank Borrowing

2500.000

2500.000

2500.000

2500.000

2500.000

2500.000

 

 

 

 

 

 

 

[On which BP and BD]

[--]

[--]

[--]

[--]

[--]

[--]

 

 

 

 

 

 

 

Sub Total

2500.000

2500.000

2500.000

2500.000

2500.000

2500.000

 

 

 

 

 

 

 

Short term borrowing others

--

--

--

--

--

--

 

 

 

 

 

 

 

Trade Creditor

--

--

--

--

--

--

 

 

 

 

 

 

 

Provision for Expenses

--

--

--

--

--

--

 

 

 

 

 

 

 

Provision for Taxation

73.000

499.800

587.300

675.000

712.400

738.100

 

 

 

 

 

 

 

Provision for Dividend

--

--

--

--

--

--

 

 

 

 

 

 

 

Other statutory Liabilities

--

--

--

--

--

--

 

 

 

 

 

 

 

Instalments of term loan payable within one year

--

--

--

--

--

--

 

 

 

 

 

 

 

Other Current Liabilities

--

--

--

--

--

--

 

 

 

 

 

 

 

Sub Total

73.000

499.800

587.300

675.000

712.400

738.100

 

 

 

 

 

 

 

Total Current Liabilities

2573.000

2999.800

3087.300

3175.000

3212.400

3238.100

 

 

 

 

 

 

 

TERM LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Debenture

--

--

--

--

--

--

 

 

 

 

 

 

 

Preference Shares

--

--

--

--

--

--

 

 

 

 

 

 

 

Other Loan

--

--

--

--

--

--

 

 

 

 

 

 

 

Term Loan

2084.700

1720.100

1305.300

833.100

295.800

[0.000]

 

 

 

 

 

 

 

Unsecured Loan

--

--

--

--

--

--

 

 

 

 

 

 

 

Deferred Tax Liabilities

--

--

--

--

--

--

 

 

 

 

 

 

 

Total Term liabilities

2084.700

1720.100

1305.300

833.100

295.800

[0.000]

 

 

 

 

 

 

 

Total outside Liabilities

4657.600

4719.900

4392.600

4008.100

3508.300

3238.100

 

 

 

 

 

 

 

NET WORTH

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Share Capital

2000.000

2000.000

2000.000

2000.000

2000.000

2000.000

 

 

 

 

 

 

 

General Reserve

--

--

--

--

--

--

 

 

 

 

 

 

 

Capital Reserve

--

--

--

--

--

--

 

 

 

 

 

 

 

Profit and Loss Account

818.700

1804.500

2921.200

4175.200

5472.700

6795.000

 

 

 

 

 

 

 

Other Reserve

--

--

--

--

--

--

 

 

 

 

 

 

 

Net Worth

2818.700

3804.500

4921.200

6175.200

7472.700

8795.000

 

 

 

 

 

 

 

TOTAL LIABILITIES

7476.400

8524.400

9313.800

10183.300

10981.000

12033.100

 

 

ANALYSIS BALANCE SHEET

 

Particulars

Projected

 

As at 31st March

31.03.2009

31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Bank Balance

358.000

502.600

581.200

739.700

815.400

902.600

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

-          Domestic Receivables

2323.800

2589.300

2762.400

2935.500

2942.600

2942.600

 

 

 

 

 

 

 

-          Export Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

Instalments of deferred receivables due within one year

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

Raw Material

655.100

701.900

748.700

795.500

795.500

795.500

 

 

 

 

 

 

 

Finished Goods and WIP

374.900

401.400

427.800

454.300

454.700

455.000

 

 

 

 

 

 

 

Advances to suppliers

 

 

 

 

 

 

 

 

 

 

 

 

 

Advance payment of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current Assets

200.000

300.000

300.000

300.000

300.000

300.000

 

 

 

 

 

 

 

Total current assets

3911.800

4495.200

4820.100

5225.000

5308.100

5395.700

 

 

 

 

 

 

 

FIXED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Block

3600.000

3600.000

3600.000

3600.000

3600.000

3600.000

 

 

 

 

 

 

 

Capital Work in Progress

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation to Date

285.400

570.900

856.300

1141.700

1427.100

1712.600

 

 

 

 

 

 

 

Net Block

3314.600

3029.100

2743.700

2458.300

2172.900

1887.400

 

 

 

 

 

 

 

OTHER NON CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Long term investments

250.000

1000.000

1750.000

2500.000

3500.000

4750.000

 

 

 

 

 

 

 

Non consumable stores

 

 

 

 

 

 

 

 

 

 

 

 

 

Other non current assets advance for capital goods – Net

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other n/Current Assets

250.000

1000.000

1750.000

2500.000

3500.000

4750.000

 

 

 

 

 

 

 

Intangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

7476.400

8524.400

9313.800

10183.300

10981.000

12033.100

 

 

 

 

 

 

 

TANGIBLE NET WORTH

2818.700

3804.500

4821.200

6175.200

7472.700

8795.000

 

 

 

 

 

 

 

NET WORKING CAPITAL

1338.800

1495.400

1732.800

2050.100

2095.700

2157.600

 

 

 

 

 

 

 

CURRENT RATIO

1.52

1.50

1.56

1.65

1.65

1.67

 

 

 

 

 

 

 

Total Outside Liabilities / Tangible net worth

1.65

1.24

0.89

0.65

0.47

0.37

      

 

PROJECTED OPERATING STATEMENT

 

Rs in Millions

Particulars

Projected

 

As at 31st March

31.03.2009

31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

 

 

 

 

 

 

 

SS Circle

188.482

210.023

224.063

238.103

238.680

238.680

Total Sales

188.482

210.023

224.063

238.103

238.680

238.680

 

 

 

 

 

 

 

Direct Cost

192.231

210.288

224.328

238.368

238.368

238.368

 

 

 

 

 

 

 

Raw Material Consumption

78.60%

154.286

165.306

176.327

187.347

187.347

187.347

Excise Duty

0.55%

1.320

1.320

1.320

1.320

1.320

1.320

Furnace Oil and Chemicals 

2.61%

5.122

5.488

5.854

6.219

6.219

6.219

Power Cost and LDO

3.34%

6.552

7.020

7.488

7.956

7.956

7.956

Wages and Salary

1.22%

2.520

2.646

2.778

2.917

3.063

3.216

Stores and other Manufacturing Expenses 

0.64%

1.260

1.350

1.440

1.530

1.530

1.530

 

 

 

 

 

 

 

Add : Opening Stock of WIP Finished Goods  

--

3.749

4.014

4.278

4.543

4.547

 

 

 

 

 

 

 

Less : Closing Stock of WIP Finished Goods

3.749

4.014

4.278

4.543

4.547

4.550

 

 

 

 

 

 

 

Cost of Operation

167.310

182.865

194.942

207.025

207.432

207.585

 

 

 

 

 

 

 

Operating Profit

21.172

27.158

29.121

31.078

31.248

31.095

%

11.23

12.93

13.00

13.05

13.09

13.03

 

 

 

 

 

 

 

Adm. and Selling Expenses

3.770

4.200

4.481

4.762

4.774

4.774

 

 

 

 

 

 

 

EBDITA

17.402

22.957

24.640

26.316

26.474

26.321

%

9.23

10.93

11.00

11.05

11.09

11.03

 

 

 

 

 

 

 

Finance Charges

 

 

 

 

 

 

Term Loan

2.881

2.498

1.995

1.422

0.770

0.113

Working Capital

2.750

2.750

2.750

2.750

2.750

2.750

 

5.631

5.248

4.745

4.172

3.520

2.863

 

 

 

 

 

 

 

EBDTA

11.771

17.709

19.895

22.144

22.954

23.458

%

6.25

8.43

8.88

9.30

9.62

9.83

 

 

 

 

 

 

 

Depreciation

2.854

2.854

2.854

2.854

2.854

2.854

 

 

 

 

 

 

 

EBT

8.917

14.855

17.041

19.290

20.099

20.604

%

4.73

7.07

7.61

8.10

8.42

8.63

 

 

 

 

 

 

 

Provision for Taxation

 

 

 

 

 

 

Income Tax

0.730

4.998

5.873

6.750

7.124

7.381

 

 

 

 

 

 

 

EAT

8.187

9.857

11.168

12.540

12.975

13.223

%

4.34

4.69

4.98

5.27

5.44

5.54

 

 

 

 

 

 

 

Cash Profit

11.042

12.712

14.022

15.394

15.829

16.077

%

5.86

6.05

6.26

6.47

6.63

6.74

 

0.384

0.495

0.660

0.982

1.784

11.783

 

PROJECTED BALANCE SHEET

Rs in Millions

Particulars

Projected

 

As at 31st March

31.03.2009

31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

 

 

 

 

 

 

 

Source of Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Partner Capital

20.000

20.000

20.000

20.000

20.000

20.000

 

 

 

 

 

 

 

Reserve and Surplus

 

 

 

 

 

 

Profit and Loss A/c

8.187

18.045

29.212

41.752

54.727

67.950

 

 

 

 

 

 

 

Loan Funds

 

 

 

 

 

 

Term Loan

20.847

17.201

13.053

8.331

2.958

[0.00]

Working Capital Limit

25.000

25.000

25.000

25.000

25.000

25.000

 

45.847

42.201

38.053

33.331

27.958

25.000

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Trade Creditors

0.000

0.000

0.000

0.000

0.000

0.000

Term Loan Payable 1 Year

0.000

0.000

0.000

0.000

0.000

0.000

Provision for Tax

73.000

499.800

587.300

675.000

712.400

738.100

 

73.000

499.800

587.300

675.000

712.400

738.100

 

 

 

 

 

 

 

Total

74.764

85.244

93.138

101.833

109.810

120.331

 

 

 

 

 

 

 

Application of Funds

 

 

 

 

 

 

Fixed Assets

 

 

 

 

 

 

Gross Block

36.000

36.000

36.000

36.000

36.000

36.000

Less : Depreciation

2.854

5.709

8.563

11.417

14.271

17.126

 

33.146

30.291

27.437

24.583

21.729

18.874

 

 

 

 

 

 

 

Capital Work in Progress

 

 

 

 

 

 

Net Block

33.146

30.291

27.437

24.583

21.729

18.874

 

 

 

 

 

 

 

Investment in Non – Current Assets

2.500

10.000

17.500

25.000

35.000

47.500

 

 

 

 

 

 

 

Current Assets, Loan and Advances 

 

 

 

 

 

 

Raw Material

6.551

7.019

7.487

7.955

7.955

7.955

Finished Goods and WIP

3.749

4.014

4.278

4.543

4.547

4.550

Debtors

23.238

25.893

27.624

29.355

29.426

29.426

Others Loan and Advances

2.000

3.000

3.000

3.000

3.000

3.000

Cash and Bank Balance

3.580

5.026

5.812

7.397

8.154

9.026

Total current balance

39.118

44.952

48.201

52.250

53.081

53.957

 

 

 

 

 

 

 

Misc Assets

--

--

--

--

--

--

 

 

 

 

 

 

 

Total

74.764

85.244

93.138

101.833

109.810

120.331

 

 

 

 

 

 

 

Current Ratio

1.52

1.50

1.56

1.65

1.65

1.67

Current Ratio [TL]

1.52

1.50

1.56

1.65

1.65

1.67

TOL/TNW

1.65

1.24

0.89

0.65

0.47

0.37

 

CALCULATION OF DEBT SERVICE COVERAGE RATIO

 

Particulars

Projected

 

As at 31st March

31.03.2009

31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

 

 

 

 

 

 

 

Cover Available

 

 

 

 

 

 

Profit after tax

8.187

9.857

11.168

12.540

12.975

13.223

Depreciation

2.854

2.854

2.854

2.854

2.854

2.854

Interest – Term Loan

2.881

2.498

1.995

1.422

0.771

0.113

Sub – Total [A]

13.922

15.209

16.017

16.816

16.600

16.190

 

 

 

 

 

 

 

Debt to be Served

 

 

 

 

 

 

Term Loan Instalments 

1.653

3.645

4.149

4.721

5.373

2.958

Interest – Term Loan

2.881

2.498

1.995

1.422

0.770

0.113

Sub – Total [B]

4.534

6.143

6.144

6.143

6.143

3.071

 

 

 

 

 

 

 

DSCR [A/B]

3.07

2.48

2.61

2.74

2.70

5.27

 

 

 

 

 

 

 

DSCR

2.94

2.92

 

 

 

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

 

Mr. Govindji L Gada

 

Source

Annual Income [Rs in Millions]

 

Rent Received

0.082

Business Income

0.190

Interest Received

0.010

Total

0.282

 

Mrs. Hemal R Gada

 

Source

Annual Income [Rs in Millions]

 

Rent Received

0.055

Business Income

0.110

Total

0.165

 

Mrs. Neeta R Gada

 

Source

Annual Income [Rs in Millions]

 

Rent Received

0.021

Business Income

0.118

Other Sources

0.032

Total

0.171

 

 

Mr. Jiten Vasantlal Gada

 

Source

Annual Income [Rs in Millions]

 

Business Income

0.088

Other Sources

0.042

Total

0.130

 

Mrs. Vaishali K Gada

 

Source

Annual Income [Rs in Millions]

 

Business Income

0.127

Other Sources

0.002

Total

0.129

 

Mr. Vasantlal L Gada

 

Source

Annual Income [Rs in Millions]

 

Business Income

0.179

Other Sources

0.003

Total

0.182

 

 

GUARANTOR

 

SMT : GANGABEN GOVINDJI GADA

BALANCE SHEET AS ON 31ST MARCH 2007

 

Rs in Millions

Liabilities

 

Amount

Assets

Amount

CAPITAL ACCOUNT

 

FIXED ASSETS

 

Gangaben G Gada

1.306

Gala Premises Vasai

0.174

SUNDRY LOAN AND ADVANCE

 

Shop at Mira Road

0.185

Mukesh S. Shah

0.050

Flat at Virar ˝ Share

0.105

Jyoti K Gala

0.100

Advance For Flat [Kandivali]

0.376

Kalyanji J Gala

0.100

 

 

Bhavesh H Gada

0.125

INVESTMENT

 

Lalji M Gada

0.030

Unit Trast of India

0.005

 

 

Agriculture Land

0.027

 

 

Agriculture Land

0.067

 

 

Kishan Vikas Ptara

0.035

 

 

NATIONAL SAVING CERTIFICATION

0.193

 

 

Principal                                       0.142

 

 

 

Add : Acc Inter                             0.011

 

 

 

Add : During Year                        0.040  

 

 

 

Reliance Petrolium Limited

0.003

 

 

Furniture and Fixture

0.049

 

 

Telephone Deposit

0.001

 

 

SUNDRY LOAN AND ADVANCE

 

 

 

Rajesh G Gada

0.100

 

 

Ratilal Lalji Gada

0.200

 

 

Tarun Vora

0.050

 

 

Bhavesh Gada

0.040

 

 

Ramesh G Gada

0.040

 

 

CASH AND BANK BALANCE

 

 

 

Canara Bank

0.015

 

 

Cash in Hand

0.046

 

 

 

 

TOTAL

1.711

TOTAL

1.711

 

 

GUARANTOR

 

MR : RATILAL LALJI GADA

BALANCE SHEET AS ON 31ST MARCH 2007

 

 

Liabilities

 

Amount

Assets

Amount

CAPITAL ACCOUNT

 

FIXED ASSETS

 

Ratilal Lalji Gada

1.318

Shop Deposit [Agashi]

0.075

SUNDRY LOAN AND ADVANCE

0.870

Gala Premises Kanjurmarg

0.400

 

 

Gala Premises, Bhayander

0.325

 

 

Gala Premises Vasai

0.450

 

 

Flat at Agashi

0.174

 

 

Agriculture Land

0.003

 

 

Machinery

0.007

 

 

Vimal Associated Advance [Gala Premises Vasai]

0.270

 

 

Land Purchases [Agashi]

0.120

 

 

 

 

 

 

INVESTMENT

 

 

 

Kishan Vikas Ptara

0.029

 

 

Aarti Durg Limited

0.005

 

 

 

 

 

 

NATIONAL SAVING CERTIFICATION

0.105

 

 

Principal                                       0.060

 

 

 

Add : Acc Inter                             0.040

 

 

 

Add : During Year                        0.005  

 

 

 

Kamdhenu Deposit

0.010

 

 

Television

0.013

 

 

Telephone Deposit

0.002

 

 

Sada Pharmaceutical

0.005

 

 

SUNDRY LOAN AND ADVANCE

 

 

 

Tarun Vora

0.150

 

 

CASH AND BANK BALANCE

 

 

 

Canara Bank

0.043

 

 

Cash in Hand

0.002

 

 

 

 

TOTAL

2.188

TOTAL

2.188

 

GUARANTOR

 

MR : RAMESH GOVINDJI GADA

BALANCE SHEET AS ON 31ST MARCH 2007

 

Rs in Millions

Liabilities

 

Amount

Assets

Amount

CAPITAL ACCOUNT

 

FIXED ASSETS

 

Ramesh G Gada

0.724

Godown

0.135

SUNDRY LOAN AND ADVANCE

 

Ownership Flat 1/2 Share

0.167

Lalbai L Gada

0.170

Gala Premises

0.237

Lalji M Gada

0.135

Telephone Deposit

0.001

Pranilal Manilal

0.045

LML Vespa Scooter

0.015

Manilal Lalji Gada

0.020

Car Purchases

0.075

Gangaben G Gada

0.040

Land Purchases

0.015

Meghana Moonver

0.050

SUNDRY LOAN AND ADVANCES

 

Ratanben Moonver

0.050

Bhavesh Gada

0.040

Girish Moonvar

0.050

Hemal R Gada

0.070

Kajal Moonvar

0.050

Vimal Steel

0.083

Parshwa Credit Capital

0.040

Ambika Metal

0.010

Rajesh Gada

0.060

Closing Stock

0.013

Neeta Gada

0.150

CAPITAL WITH

 

Bhavesh Ukani

0.050

Vimal Associated

0.625

 

 

Vimalnath Associated

0.100

 

 

INVESTMENT

 

 

 

NSC

0.045

 

 

CASH AND BANK BALANCE

 

 

 

Canara Bank

0.001

 

 

Cash in Hand

0.002

 

 

 

 

TOTAL

1.634

TOTAL

1.634

 

GUARANTOR

 

MR : RAJESH GOVINDJI GADA

BALANCE SHEET AS ON 31ST MARCH 2007

Rs in Millions

Liabilities

 

Amount

Assets

Amount

CAPITAL ACCOUNT

 

FIXED ASSETS

 

Ramesh G Gada

0.821

Gala Premises, Bhayander

0.111

LOAN AND ADVANCE

1.265

Ownership Flat 1/2 Share

0.475

 

 

Kinetic Scooter

0.026

 

 

Gala Premises Vasai

0.493

 

 

CAPITAL WITH

 

 

 

Vimal Steel R. F.

0.522

 

 

CURRENT ASSETS LOAN AND ADVANCE

 

 

 

NATIONAL SAVING CREDIT

 

 

 

Principal

0.045

 

 

ACC Interest N.S.C.

0.007

 

 

Advance for land Pur.

0.400

 

 

CASH AND BANK BALANCE

 

 

 

Canara Bank

0.002

 

 

Cash in Hand

0.005

 

 

 

 

TOTAL

2.086

TOTAL

2.086

 

GUARANTOR

 

M/S VIMAL STEEL

BALANCE SHEET AS ON 31ST MARCH 2007

 

Rs in Millions

Liabilities

 

Amount

Assets

Amount

CAPITAL ACCOUNT

 

FIXED ASSETS

0.186

Rajesh G Gada

0.522

 

 

 

 

 

 

UNSECURED LOAN

0.939

CURRENT ASSETS LOAN AND ADVANCE

 

 

 

Sangeeta N. Shah

0.100

SUNDRY CREDITORS

2.226

 

 

 

 

SUNDRY DEBTORS

0.372

CURRENT LIABILITIES

 

 

2.402

M. VAT [Sales Tax]

0.028

CLOSING STOCK

 

ICICI

0.014

 

 

 

 

ADVANCE FOR LAND PURCHASE

0.350

Mumbai Sales Tax

[0.011]

 

 

 

 

CASH AND BANK BALANCE

 

 

 

Canara Bank

0.108

 

 

Cash in Hand

0.200

 

 

 

 

TOTAL

3.718

TOTAL

3.718

 

 

 

 

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.42.64

UK Pound

1

Rs.83.00

Euro

1

Rs.66.00

 

 

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