MIRA
INFORM REPORT
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Report Date : |
29.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BRIGHT METALS |
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Registered Office : |
59/61, Kika Street, Vijay Vallabh Marg, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1981 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Trader of Pipe and Pipe Fittings. |
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 12500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern meeting its normal
commitments timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Mangilal Jain |
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Designation : |
Proprietor |
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Contact No.: |
91-9223278899 / 9322185333 |
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Date : |
27.09.2008 |
LOCATIONS
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Registered Office : |
59/61, Kika Street, Vijay Vallabh Marg, Mumbai – 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-66151489 / 23462949 |
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Mobile No.: |
91-9223278899 / 9322185333 |
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Fax No.: |
91-22-66595530 / 66151489 |
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E-Mail : |
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Website : |
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Area : |
150 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
144, Opp. Tank, Churni Road, Mumbai – 400 004, Maharashtra, India |
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Area : |
200 Sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Mangilal Jain |
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Designation : |
Proprietor |
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Date of Birth/Age : |
50 Years |
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Qualification : |
S.S.C. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Pipe and Pipe Fittings. |
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Products : |
·
Bends ·
Elbows ·
Wire Meshes ·
Pipes and Pipe Fittings ·
Reducers ·
Pipe Reducers ·
Flanges ·
Union Couplings ·
Circle Sand Rings ·
Nuts and Bolts ·
Tees ·
Ignots ·
Coils ·
Wires ·
Perforated Sheets ·
Washers |
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Agencies Held : |
Chandan Alloys |
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Exports : |
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Countries : |
European Countries |
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Imports : |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
·
OEM’s ·
Maharashtra State Electricity Board ·
Rajasthan State Electricity Board ·
Bharat Pumps and Compressors Limited ·
Bharat Heavy Electricals Limited ·
Defense Research and Development Organization ·
Electronics and Radar Development Estate ·
Vehicles Research and Development Estate ·
Army Workshop ·
Aeronautical Quality Assurance ·
BARC Vikram Sarbhai Bhavan ·
Vikram Sarabhai Space Centre |
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No. of Employees : |
10 |
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Bankers : |
Bank of Baroda, Gulalwadi Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nitin Mehta and Company Chartered Accountants |
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Address : |
13, Panjarapole, Charni Road, Mumbai, Maharashta, India |
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Associates/Subsidiaries : |
·
Jain Bright Steel ·
Padmavati Steel Corporation |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.500 millions (Estimated) |
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Borrowed : |
- |
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Total : |
Rs.2.500 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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20.000 |
Expected Sales (2008-09) : Above Rs.20.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Bharat Heavy Electricals Limited
·
Army Workshop
Web Details
Quality,
precision and durability of the products have been the reason behind the immense
success of the company. Bright Metals
is a well known manufacturer,
exporter, stockist, and supplier of bends, elbows, wire meshes, pipes and pipe fittings,
reducers, pipe reducers, flanges, union couplings, circle sand rings, nut-bolts
and other pipe fittings. The products are available in various
shapes, sizes and specifications.
They
are also an importer of stainless steel,
copper, brass, aluminium, gunmetal, phosphorus, bronze, monel, nickel, inconel,
hastolly, titanium, zinc, tin, lead, antimony, bismuth, cadmium, tool alloy,
mild steel, high speed steel, minor and virgin metals. We specialize in ferrous
metals, non ferrous metals and alloys steels.
The
products are utilized in a variety of industries such as railways,
defence, power plants, fertilizer plants, cement plants, sugar mill plants,
docks and ports, and atomic energy plants.
The
pipe reducers and other products are exported to various parts
of the world and are often customized to suit the requirements of the
customers. An ISO 9001: 2000 certified company, they deliver products, which
are truly world class in quality. Along with assured product quality, timely
delivery is assured to all the customers. They are a member of the Metal and
Stainless Steel Merchants' association and the Bombay Non Ferrous Metal's
association.
Superior Quality
High quality
standards are maintained at the concern in line with the ISO 9001: 2000
requirements. High grade raw materials are utilized in the manufacturing
process, which are purchased from only select market vendors. All incoming raw
materials are fully tested by our experienced team of quality control analysts.
The production
process is also thoroughly supervised to negate the possibility of any flaws.
The final products are made to undergo numerous tests to assess their
durability and dimensional fitness. Only those products, which meet all the
requisite parameters, are allowed to be dispatched for sale in the market.
The Supply
System
Located in Mumbai, Bright Metals has an advanced and integrated supply system,
whereby the supply of the products is ensured in a timely and reliable manner.
Regularly updated infrastructure allows them to maintain a high monthly
production capacity. The spacious and organized warehouse is used to store goods
in the most efficient manner. Good transportation network and the proximity to
reliable transport routes ensures that they supply the products on time to the
customers.
Infrastructure
Over the years, they have updated the infrastructure by incorporating better
machinery and tools to bring about optimum production. A highly vast and
composite team of experts from various fields assists them in the production
process; this ensures a cost effective production of products.
With an aim of
achieving total customer satisfaction, the facilities are constantly updated to
provide the best quality products. The long years of experience have enabled
them to satisfy bulk orders on time and to provide timely and efficient
services. They own a large warehouse, where they store bulk of the products to
meet all kinds of market demands.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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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
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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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