MIRA INFORM REPORT

 

 

 

Report Date :

14.11.2008

 

IDENTIFICATION DETAILS

 

Name :

SHREEJI AND COMPANY

 

 

Registered Office :

30, Ahiripukur road, 2nd Floor, Kolkata 700019, West Bengal.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

08.09.1980

 

 

IEC No.:

0288032896

 

 

PAN No.:

[Permanent Account No.]

AAKFS3595E

 

 

Legal Form :

Partnership Concern With an Unlimited Liability of the Partner.

 

 

Line of Business :

Trade, Dealer and Importer of Electrical, Electronic, Mechanical Components and Chemicals.

 

 

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

 

Maximum Credit Limit :

USD 6000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established small trader. Trade relations are fair. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Siten Patel

Designation :

Partner

Contact No.:

91-9831076014

Date :

07.11.2008

 

 

LOCATIONS

 

Registered Office :

30, Ahiripukur road, 2nd Floor, Kolkata 700019, West Bengal, India.

Tel. No.:

91-33-22876965

Mobile No.:

91-9831076014 / 9831078014

Fax No.:

91-33-22871593 / 22471593

E-Mail :

shreejico@vsnl.com

Area :

850 sq ft

Location :

Owned

 

 

Warehouse1:

Uma Chawla 2, Hide Road, Kolkata 700043, West Bengal.

Tel. No.:

91-33-24393339

Area :

1000 sq ft

Location :

Rented

 

 

Warehouse 2:

C/o. United Trading Corporation, 38, Dr. Sudhir Basu Road, Kolkata 700023, West Bengal.

 

 

PARTNERS

 

Name :

Mr. Siten Patel

Designation :

Partner

Address :

Mousumi Flat No: 8A.3, 15BBC. Road, Kolkata 700019, West Bengal.

Date of Birth/Age :

50 Years

Qualification :

B.com

Experience :

27 Years

 

 

Name :

Mrs. Krutika Patel

Designation :

Partner

Address :

Mousumi Flat No: 8A.3, 15BBC. Road, Kolkata 700019, West Bengal.

Date of Birth/Age :

49 Years

Qualification :

BA, LLB.

Experience :

24 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Trade, Dealer and Importer of Electrical, Electronic, Mechanical Components and Chemicals.

 

 

Product With Brand

Names:

PRODUCTS

BRAND NAMES

1) DL-Menthionine Feed Grade

DEGUSSA

2) Electronic Over Current Relay (EOCR)

SAMWHA

3) Power Supplies

MEANWELL

4) Electrical and Electronic Components

Various Brands

 

 

Agencies Held :

·         Evonik Degussa AG, Germany

     

·         Rara Electronics Corporation, Korea

 

·         Atlantis America Inc

      7607, 250th Street, Bellerose,

      New York, 11426, U.S.A.

 

·         DSM Polymers International

      Post Box 43, 6130 Aasittard,

      The Netherlands

 

·         Gamfior Spa

      C-50 Guilio Cesare, 424/29, 10156 Torino, Italy

 

·         R S Components and Controls India Limited

      A-9, Sector VIII, Noida, Uttar Pradesh

 

·         Sagem S A, Le Ponant  De Paris,

      27 Rue Lablanc, France

 

·         Evonikdegussa, Germany

 

·         Samwha, Korea.

 

 

Imports :

 

Products :

·         DL-Methionine Feed Grade

·         Electrical and Electronic Components

·         Electronic Overcurrent Relay

Countries :

·         Germany/Singapore

·         USA

·         Korea

·         Indonesia

 

 

Terms :

 

Selling :

Credit (30/60days)

 

 

Purchasing :

L/C, Credit (60days)

 

 

 

GENERAL INFORMATION

 

Customers :

·         End Users

·         OEM's

·         Philips India Limited

·         The Tata Engineering and Locomotive Company Limited

·         The Tata Iron and Steel Company Limited

·         Tata Timken Limited

 

 

No. of Employees :

6

 

 

Bankers :

·         HDFC Bank Limited, 11, DR. U. N. Bahamachari Street, Kolkata 700017.

·         Andhra Bank, Chowringhee Branch, 58, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal

 

 

Facilities :

L/C: Rs.8.000 Millions, Cash and Credit: Rs.2.500 Millions.

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mr. Sanjay Gopal and Associates,

Chartered Accountant.

Address :

9, Crooked Lane, 3rd Floor, Kolkata 700069, West Bengal, India.

Tel. No.:

91-33-22483207/3653

Fax No.:

91-33-22483653

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs.1.187 Millions

Borrowed :

----

Total :

Rs.1.187 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital

 

1.187

1.196

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

1.187

1.196

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

1.211

2] Unsecured Loans

 

1.196

1.281

TOTAL BORROWING

 

1.196

2.492

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

2.383

3.688

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.207

0.243

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

1.628

1.145

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

3.008

5.356

 

Sundry Debtors
 

9.022

5.511

 

Cash & Bank Balances
 

1.673

0.183

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.240

1.536

Total Current Assets
 

13.943

12.586

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

13.359

10.252

 

Provisions
 

0.062

0.056

Total Current Liabilities
 

13.421

10.308

Net Current Assets
 

0.522

2.278

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

INCOME TAX ADVANCE

 

0.026

0.022

TOTAL

 

2.383

3.688

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

55.915

49.811

Other Income

 

0.000

0.000

Total Income

 

55.915

49.811

 

 

 

 

Profit/(Loss) Before Tax

 

0.337

0.256

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

0.337

0.256

 

 

 

 

Expenditures :

 

 

 

 

Purchases made for re-sale

 

38.727

33.807

 

Salaries, Wages, Bonus, etc.

 

0.207

0.204

 

Interest

 

0.159

0.243

 

Depreciation & Amortization

 

0.036

0.044

 

Other Expenditure

 

16.449

15.257

Total Expenditure

 

55.578

49.555

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2008

31.03.2007

PAT / Total Income

(%)
 

0.60

0.51

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

0.60

0.51

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

2.38

2.00

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.28

0.21

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

12.31

10.70

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.04

1.22

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCE:

 

o        Evonik Degussa India Private Limited.

 

Address: Krislon House, Saki Vihar Road, Sakinaka Andheri, Mumbai-400072,

      Contact Person: Mr. Shreedhar Patel

      Tel No: 91-22-67238800

 

o        Atlantis America Inc., USA

 

o        CV Mitra  Asiatama, Indonesia.

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 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.48.79

UK Pound

1

Rs.75.41

Euro

1

Rs.61.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

48

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>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