MIRA
INFORM REPORT
|
Report Date : |
09.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
STEEL CASE |
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Registered
Office : |
2nd Floor, 40, Bhagat Singh Road, Vile Parle (West), Near Umesh
Kiron Housing Society, Mumbai – 400056, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
1962 |
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Capital
Investment / Paid-up Capital : |
Rs.29.625 Millions |
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IEC No.: |
0302029052 |
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PAN No.: [Permanent Account No.] |
AABPB8843R |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Manufacturer of various types of laboratory furniture, Fume hoods, glove
boxes and allied engineering fabrications products in mild steel wood,
stainless steel, plastics, engineering fabrications, from MS, SS, Aluminium,
plastics, FRP etc. |
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|
|
|
No. of Employees
: |
154 (Approximately) [In Office – 16 and In Factory I and II (128 +
26)] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old established proprietory concern having satisfactory
track. Proprietor is reported to be an experienced and respectable
businessman. Trade relations 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2nd Floor, 40, Bhagat Singh Road, Vile Parle (West), Near
Umesh Kiron Housing Society, Mumbai – 400056, Maharashtra, India |
|
Tel. No.: |
91-22-26714967/ 26288177 |
|
Mobile No.: |
91-9324287760/ 9324287762 |
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Fax No.: |
91-22-26714967/ 26288177 – Extension : 167 |
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E-Mail : |
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|
Area : |
100000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Village Dhanoli, Bombay Ahmedabad Highway No. 8, Taluka Umergaon, Via
Bhilad, District Valsad – 396105, Gujarat, India |
|
Tel. No.: |
91-260-3250583 |
|
Fax No.: |
91-260-2784714 |
|
Area : |
3480 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Shed No. C-1B-13, 1st Phase, Near GIDC Water Plant, GIDC,
Vapi – 396195, Gujarat, India |
|
Tel. No.: |
91-9825085706 |
SOLE PROPRIETOR
|
Name : |
Mr. Kamlesh J. Bhuta |
|
Designation : |
Proprietor |
|
Address : |
Nagardas Mansion, Bhagat Singh Road, Vile Parle (West), Mumbai –
400056, Maharashtra, India |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
DME, DPE |
|
Experience : |
32 Years |
KEY EXECUTIVES
|
Name : |
Mr. Shubhendu K. Bhuta |
|
Designation : |
Chief Executive Officer |
|
Address : |
Nagardas Mansion, Bhagat Singh Road, Vile Parle (West), Mumbai –
400056, Maharashtra, India |
|
Date of Birth/Age : |
30 Years |
|
Qualification : |
BE, MBA (Finance), Mater in Political Science (U.S.A), and Currently
pursuing PHD in Mumbai University |
|
Experience : |
7 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of various types of laboratory furniture, Fume hoods, glove
boxes and allied engineering fabrications products in mild steel wood,
stainless steel, plastics, engineering fabrications, from MS, SS, Aluminium,
plastics, FRP etc. |
|
|
|
|
Imports : |
|
|
Products : |
·
Duchem Laboratory Tops and Accessories Limited,
China ·
KK Lab Supplies SDN, Behind Uova Far SRL,
Malaysia ·
Temperature Electronics Limited, Water Saver
Sales Asia Pte Limited, Hebei Runwngda Making Clean Materials Company
Limited, China ·
Invent U. K. Limited, U.K. |
|
Countries : |
·
U.K. ·
Singapore ·
China ·
Malaysia |
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Terms : |
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Selling : |
L/C/ Credit (30 – 60 days) |
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Purchasing : |
L/C/ Cash/ Credit (30 – 60 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
154 (Approximately) [In Office – 16 and In Factory I and II (128 +
26)] |
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Bankers : |
State Bank of India, Andheri West Branch, Rahul Apartment, S. V. Road,
Mumbai – 400058, Maharashtra, India |
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Facilities : |
Rs.23.300 Millions including Cash Credit, Term Loan, BG
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Mr. Janak Mehta Chartered Accountant |
|
Address : |
8, Swastik Plaza, Next to Kala Niketan, V.L. Mehta Road, Juhu, Mumbai
– 400049, Maharashtra, India |
|
Tel. No.: |
91-22-26184030 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.29.625 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.29.625
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
29.625 |
16.293 |
12.472 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.764 |
0.764 |
0.764 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.389 |
17.057 |
13.236 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.008 |
8.972 |
9.288 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
14.008 |
8.972 |
9.288 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.397 |
26.029 |
22.524 |
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APPLICATION OF FUNDS |
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|
|
|
|
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|
|
|
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|
FIXED ASSETS [Net Block] |
29.232 |
29.411 |
31.383 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.002
|
11.341 |
8.587 |
|
|
Sundry Debtors |
18.994
|
9.131 |
12.307 |
|
|
Cash & Bank Balances |
0.067
|
0.876 |
0.191 |
|
|
Other Current Assets |
1.844
|
1.644 |
2.679 |
|
|
Loans & Advances |
6.591
|
5.474 |
5.075 |
|
Total
Current Assets |
44.498
|
28.466 |
28.839 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.962
|
27.209 |
31.622 |
|
|
Other Current Liabilities |
14.371
|
4.639 |
6.076 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
29.333
|
31.848 |
37.698 |
|
|
Net Current Assets |
15.165
|
(3.382) |
(8.859) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.397 |
26.029 |
22.524 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
122.825 |
106.236 |
130.342 |
|
|
|
Other Income |
0.089 |
0.211 |
0.330 |
|
|
|
TOTAL (A) |
122.914 |
106.447 |
130.672 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
107.521 |
93.274 |
110.651 |
|
|
|
Payment to Provision for Employees |
2.759 |
2.204 |
2.878 |
|
|
|
Administrative Expenses |
6.495 |
5.419 |
7.626 |
|
|
|
TOTAL (B) |
116.774 |
100.897 |
121.155 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.139 |
5.550 |
9.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.396 |
0.663 |
0.833 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.743 |
4.887 |
8.684 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.787 |
2.093 |
2.621 |
|
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|
|
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
2.956 |
2.794 |
6.063 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
2.956 |
2.794 |
6.063 |
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|
|
|
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|
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.40
|
2.62 |
4.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.41
|
2.63 |
4.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.01
|
4.82 |
10.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.16 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
2.39 |
3.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
8.41 |
0.76 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
·
Mr. Sanjay Mashruwala,
Director, Reliance Group
Address : Reliance
Corporate IT Park, Gate No – B, 5, TTC Industrial Area, Thane, Belapur Road,
Ghansoli, Navi Mumbai – 400701, Maharashtra, India
Tel No.: 91-22-44775001
·
Mr. DPS Rana, Vice
President, Reliance Industries Limited
Address : Village
: Motikhavdi, P.O. Digvijaygram, District Jamnagar – 361140, Gujarat, India
Mobile No.: 91-9998215332
·
Mr. Sadanand Reddy, The
Director, Aurobindo Pharma Limited
Address : Plot 2,
Maitrivihar, Ammeerpet, Hyderabad – 500038, Andhra Pradesh, India
Mobile No.: 91-9848031114
·
Mr. Dalipkumar, The
Associate Professor, Birla Institute of Technology and Science, BITS – Pilani –
333031Rajasthan, India
Mobile No.: 91-9829168047
·
Mr. Atul Goel, Senior
Superintendent – Engineering, Institute of Microbial Technology, Sector – 39-A,
Chandigarh – 160036, India
Mobile No.: 91-9815120662
·
Mr. Raghavendrachar J,
Head – Instrumentation, Centre for DNA Fingerprinting and Diagnostics, ECIL Road,
Nacharam, Hyderabad – 500076, Andhra Pradesh, India
Mobile No.: 91-9490792195
·
Mr. Abhay Kumar Sahoo,
Institute of Minerals and Materials Technology, Bhubaneshwar – 751013, Orissa,
India
Mobile No.: 91-9437224985
·
Dr. Gayatri Rath, The
Professor and Head, Department of Anatomy, Vardhaman Mahavir Medical College
and Safdarjung Hospital, New Delhi – 110029, India
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.51.78 |
|
|
1 |
Rs.80.32 |
|
Euro |
1 |
Rs.69.42 |
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 |
6 |
|
--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 |
|
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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.