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MIRA INFORM REPORT

 

 

Report Date :

16.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MERIDIAN EXPORTS

 

 

Registered Office :

26, Arihant Industrial Estate, Ground Floor, 94-C and D, Krantinagar, Opposite Shetty Chemicals, Saki Naka, Sakinaka, Mumbai – 400072, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

21.12.1992

 

 

IEC No.

0392072947

 

 

PAN No.:

[Permanent Account No.]

AADPG5045J

 

 

Legal Form :

Sole Proprietory Concern.

 

 

Line of Business :

Dealer and Distributor of Welding Consumables and Engineering goods.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 300000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established prorprietory concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

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

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INFORMATION PARTED BY

 

Name :

Ms. Deepali

Designation :

Finance Executive

Contact No.:

91-22-28473259

Date :

15.04.2011

 

 

LOCATIONS

 

Registered Office :

26, Arihant Industrial Estate, Ground Floor, 94-C & D, Krantinagar, Opp. Shetty Chemicals, Saki Naka, Sakinaka, Mumbai – 400072, Maharashtra, India

Tel. No.:

91-22-28473259/ 89

Mobile No.:

91-9820061002 (Mr. Himanshu Gandhi)

Fax No.:

91-22-28473294/ 0710

E-Mail :

meriweld@vsnl.com

Website :

http://www.meridian-welding.com

Area :

3500 sq. ft.

Location :

Owned

 

 

Warehouse :

Plot No. 57, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India

Tel. No.:

91-261-2398099

Area :

1000 Sq. ft.

Location :

Owned

 

 

Branches :

·       Unit 174, Plot No. 260, Surat Special Economic Zone, Sachin, Surat - 394230, Gujarat, India

Tel. No.: 91-261-2398099

Area: 1000 Sq. ft.

Location : Leased

 

·       Unit 161, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India

Area: 1000 Sq. ft.

 

 

SOLE PROPRIETOR

 

Name :

Mr. Himanshu I. Gandhi

Designation :

Sole Proprietor

Address :

11, Rajmilan, 4th Floor, Corner of Dixit & P.M.Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

28.07.1965

Qualification :

D.M.E., B.E. (Production)

 

 

 

 

KEY EXECUTIVES

 

Name :

Ms. Manju

Designation :

Logistics

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Dealer and Distributor of Welding Consumables and Engineering goods.

 

 

Products :

·       Welding Consumables

·       Engineering goods

 

 

Agencies Held :

·       Bohler, Austria

·       UTP, Germany

·       A B Sandvik, Sweden

·       Astrolite, U.S.A.

·       Soudokay, Belgium

·       INE, Italy

 

 

Imports :

 

Products :

·       Welding Consumables

Countries :
  • Germany
  • Austria
  • Belgium
  • USA

 

 

Terms :

 

Selling :

Cash and Credit  (30-60-90 days)

 

 

Purchasing :

L/C, Cash  and Credit (90-120 days )

 

 

GENERAL INFORMATION

 

Suppliers :

·       Gordon Woodroffe LoGistics Limited

·       Bohler Schweisstechnik Austria GMBH

·       UTP Schweissmaterial GMBH

·       Santrade Limited

·       I.N.E. Industrial Nazionale Eletrodi S.P.A.

 

 

Customers :

End Users

OEM’s

 

·       Gujarat Narmada Valley Fertilizers Company Limited

·       Jindal Vijaynagar Steel Limited

·       U.P. Steel

·       Larsen and Toubro Limited – Hazira

·       Larsen and Toubro Limited – ECC Group BPCL

·       Indian Sugar and General Engineering Corporation

·       Econo Valves Private Limited

·       Rane Engine Valves Limited

·       National Thermal Power Corporation Limited – Vidyutnagar

·       Neyveli Lignite Corporation Limited

·       Khanna Malhotra Enterprises

·       Hyundai Heavy industries Limited

·       Industrial Manufacturers

·       Indian Farmers Fertilizers Co-operative Limited

·       Super alloys and Metals Limited

·       BHEL – Hyderabad

·       BHEL – Bhopal

·       Bhageeratha Electricals and Structurals Limited

·       Punj Lloyd Limited – New Delhi (Panipat)

 

 

No. of Employees :

23 (Approximately)

 

 

Bankers :

State Bank of India, Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

State Bank of India (Loan secured against hypothecation of stock and bill discounting)

16.745

Total

16.745

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bharat Kanakia and Associates

Chartered Accountants

Address :

602, Abhinandan Swami CHS Ltd., Plot No. 21, Road No. 25, Sion, Mumbai – 400022, Maharashtra, India

Tel. No.:

91-22-24042222

Fax No.:

91-22-24040808

Email :

Bk_associates@hotmail.com

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Capital Investment :

 

Owned :

Rs. 57.114 millions (Approximately)

Borrowed :

Rs. 16.745 millions (Approximately)

Total :

Rs. 73.859 millions (Approximately)

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Proprietor’s Capital

 

 

57.114

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

57.114

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

16.745

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

16.745

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

73.859

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

14.774

Capital work-in-progress

 

 

0.000

 
 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 

27.172

 

Sundry Debtors
 
 

8.853

 

Cash & Bank Balances
 
 

133.614

 

Other Current Assets
 
 

9.000

 

Loans & Advances
 
 

1.530

Total Current Assets
 

 

180.169

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 
 

118.143

 

Other Current Liabilities
 
 

0.378

 

Provisions
 
 

2.563

Total Current Liabilities
 
 

121.084

Net Current Assets
 
 

59.085

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

73.859

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2010

 

SALES

 

 

 

 

 

Income

 

 

267.345

 

 

Other Income

 

 

48.797

 

 

Local Trading

 

 

9.803

 

 

SEZ Trading

 

 

19.738

 

 

TOTAL                                    

 

 

345.683

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

 

 

237.804

 

 

Foreign Traveling

 

 

2.577

 

 

Legal and Professional Fees

 

 

6.508

 

 

Retainer ship Fees

 

 

0.600

 

 

Salary

 

 

9.997

 

 

Other Expenses

 

 

6.675

 

 

TOTAL                                    

 

 

264.161

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, DEPRECIATION AND AMORTISATION

 

 

81.522

 

 

 

 

 

Less

INTEREST                                                       

 

 

32.645

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

 

48.877

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

 

1.972

 

 

 

 

 

 

NET PROFIT                   

 

 

46.905

 

Expected Sales (2010-2011) : Rs. 300.000 millions

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2010

PAT / Total Income

(%)
 
 

13.57

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
 
 

17.54

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 
 

24.06

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
 
 

0.82

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 
 

2.41

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
 
 

1.49

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FIXED ASSETS

 

·       Pager

·       Air-Conditioner

·         Binding Machine

·       Computer

·         Telephone System

·       EPABX

·       Fax

·       Furniture

·       Honda City Car

·       Inverter

·       Kinetic Honda

·       Labeling

·       Mobile

·       Maruti Wagan R

·         Maruti Omni

·       Office Electronics

·       Office Premises

·       Pallet Truck

·       Projector

·       Refrigerator, Stacker

·       Tea Coffee Machine

·       Time Recorder Machine

·       T.V.

·       Camera

·       Vacuum Cleaner

·       Versa DX2

·       Weighing Scale

·       Xerox Machine.

·         Music System

·         Scissor Lift

·         Money Counting Machine

·         Bajaj Pulsor (Bike)

·         Paper Shredder

 

TRADE REFERNCES :

 

  • Bonler Schweisstechnik, Austria
  • Rane Engine Valves Limited
  • BHEL – Bhopal

 

 

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. 44.52

UK Pound

1

Rs. 72.72

Euro

1

Rs. 64.41

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

 

45

 

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

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

-

NB

                                       New Business

-

 

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.