MIRA
INFORM REPORT
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Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KONARK METAL INDUSTRIES |
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Registered Office : |
26, Durgadevi Street, 1st Floor, Office No. 6, Mumbai – 400
004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
2006 |
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PAN No.: [Permanent
Account No.] |
AAIFK1768M |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Supplier and Stockiest of SS pipes and tubes, Copper Sheets and Plates, Brass Rods |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established concern having steady business. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mahesh Chaudhry |
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Designation : |
Manager |
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Contact No.: |
91-9892247717 |
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Date : |
13.10.2008 |
LOCATIONS
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Registered Office : |
26, Durgadevi Street, 1st Floor, Office No. 6, Mumbai – 400
004, Maharashtra, India |
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Tel. No.: |
91-22-66109373 |
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Mobile No.: |
91-9867361333 (Mr. Ramesh) / 9322476132 (Mr. Harish) / 9892247717 (Mr. Mahesh) |
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Fax No.: |
91-22-23821411 |
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E-Mail : |
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Area : |
1000 Sq.fts |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Ramesh Parmar |
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Designation : |
Partner |
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Date of Birth/Age : |
26 years |
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Qualification : |
H.S.C |
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Name : |
Mr. Harish Chaudhary |
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Designation : |
Partner |
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Date of Birth/Age : |
30 years |
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Qualification : |
S.S.C |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Chaudhry |
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Designation : |
Manager |
BUSINESS DETAILS
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Line of Business : |
Supplier of SS pipes and tubes, Copper Sheets and Plates, Brass Rods |
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Products : |
· Stainless Steel Pipes and Tubes · Stainless Steel and MS Pipe Fittings and Flanges · Stainless Steel Rods and Wire · Stainless Steel Sheets and Plates ·
· Stainless Steel Valves · Copper Sheets and Plates · Copper Tubes · Brass Tubes · Brass Rods · Perforated Sheets ·
Forged Fittings |
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Terms : |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers · Kirlosker Brothers Limited · Hindustan Lever Limited · The West Coast Limited · Aracon Limited |
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No. of Employees : |
2 |
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Bankers : |
HDFC Bank, Charni Road, Mumbai – 400 004, Maharashtra, India |
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Facilities : |
The concern do not enjoy facility from its bankers |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Chandubhai Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Associates/Subsidiaries : |
Pratap Steel |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.500 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 1.500 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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20.000 |
Expected Sales (2008-09): Rs. 40.000 millions
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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VAT / TIN : 27050574888 |
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PAN / TAN : AAIFK1768M |
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Bank Name : HDFC Bank |
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Bank Address : Charni Road Branch, Mumbai, Maharashtra,
India |
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Bank A/c. No.: 3562560002757 |
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Account Since : 2006 |
TRADE REFERENCES:-
· Kirloskar Brothers Limited
· Hindustan Lever Limited
· Aracon Limited
WEBSITE DETAILS:-
Concern Profile
Established in the
year 2006, they have made inroads in the domestic market through their
perseverance in providing standard industrial supplies such as SS pipes and
tubes, copper sheets and plates, brass rods and many more. Under the insightful
guidance of their mentor Mr. S.P.Chaudhary, they have registered consistent
growth rate for their business over a very short time period.
They have nurtured a viable team which comprises of industry experts who have
profound understanding of quality products and innovative ideas to facilitate
convenient transactions for customers ease. Leveraging on their team, they
import and stock only high quality products that successfully meet industrial
requirements of their clients and satisfy their needs.
Further, they make the entire product range undergo strict quality checks
despite the fact these are sourced from reliable vendors that in intended to
rule out any sort of discrepancy in their service. Their vendor base is quite
rich that include various renowned names which have recognition as the most
trusted source for standard and durable products.
Sister Concern
Pratp Steel is one
of their sister concern company, which also deals in same products.
Products
They deal in a comprehensive
range of industrial supplies that are widely acknowledged in a host of
industries owing to their qualitative features.
Their range comprises of pipes and tubes in stainless steel, copper and brass,
rods and wire in grades of steel and brass along with a wide range of pipe
fittings, valves, channels and angles and perforated sheet made of qualitative
grades of stainless steel.
Some of the salient features of these
products are as follows:
· Dimension accuracy
· Corrosion resistant
· Abrasion resistant
· No leakage
· High tensile strength
· Excellent finishing
· High durability
· Consistent in varying temperature
Exhibiting the above
mentioned features their range is well known for showcasing superior performance
in harsh application area as well. Their procurement experts and quality
auditors always take care to assure that these products conform to established
standards of fabrication and material of construction used are of superior
quality.
Industries Catered To
Over the years of
their operation, they have diversified their range of industrial supplies
products that successfully cater to various application based requirements of
different industries.
Some out of the most cited industries
where their products are used includes:
· Fertilizers industry
· Sugar mills and distilleries
· Chemical industry
· Cement industry
· Textile Machinery's
· Ship builders
· General engineering
· Paper industry
· Pumps manufacturing
· Petrochemicals
· Oil and natural gas
· Pharmaceuticals industry
Their products are extensively used in aforementioned industries spread in many
of the states in domestic market such as Maharashtra, Madhya Pradesh,
Chhattisgarh, Gujarat and many others.
Vendor Base
They have maintained
cordial business relations with their vendors which enables them to
successfully cater to the requirements of their clients spread in a host of
industry. Their vendor base comprises of a large number of well-recognized
names who have firm hold over providing high quality industrial supply products
such as pipes, tubes, rods, wires and many more.
In addition to this,
their marketing and sales experts stay in continuous touch with these vendors
with an intention to consistently provide them information about happenings
being occurred at their side.
This enables them to
comprehend their position which further enables them to draw their strategies
in order to fulfill clients’ orders and demands in order to meet their
industrial requirements.
Team of Experts
Leveraging on the
efforts of their dexterous team members and intuitive guidance of their
mentors, they have come a long way and established their selves in this
industry.
Their team of experts comprises of industry experts who have firm experience of
ins-and-outs of trading industry that involved industrial supply products.
Their profound experience and knowledge have benefited them in terms of huge
clientele and wide recognition in market.
This team includes following
professionals:
· Procurement personnel
· Technical personnel
· Market analysts
· Marketing professionals
· Quality auditors
· Sales experts
· Business managers
· Skilled workforce
Their product procurement personnel proceed in close coordination with
technical men who provide them sufficient support in order to recognize only
high quality industrial supplies that conform to industry standards.
In addition to this,
their marketing analysts conduct market surveys on regular time period in order
to gather information on issues of market demands and trends for pipe fittings,
valves and many other industrial supply products. Apart from this, their
quality auditors uphold significant quality checks that help them to ensure
high qualitative features of the entire product range.
Their business managers
endeavor to receive supply orders consistently from clients along with
potential names to their huge client base.
For this, they
receive proficient support from competent marketing executives who have deep
understanding of market trends and marketing procedure. All of their team
members work with high team spirit which results in securing total customer
satisfaction.
Quality Assurance
Quality is their
prime concern and they are guided by self-established quality policy that
consistently motivates them to procure and supply only high quality products.
This quality assurance policy comprises of high level of quality measures that
result in achieving their corporate objectives. For this purpose, they have
hired apt quality auditors who undertake different quality checks including
manual checks on engineering perfection and various other parameters such
as:
· Corrosion and abrasion resistance
· Material of construction
· Grades of material
· Finishing
· Dimensional accuracy
Further, these quality auditors conduct quality checks at different stage of
procurement and supply procedure such as at the premises of vendors and at
their own premise after procurement.
Payment Mode
Their entire
organizational policies are determined in a manner that provides sufficient
convenience to their valued clients throughout the transaction. Adding to this,
understanding the valued of money and time of their clients, they have made
provisions for easy payment modes which include:
· Money transfer through bank
· Cash
· Letter of credit
They also have an option of 30 – 60 days credit limit that makes the
transaction flawless for their clients bringing them optimum satisfaction.
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] 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.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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 |
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 |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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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43 |
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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