MIRA INFORM REPORT
1. Summary Information
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|
Country |
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Company Name |
MARUTHI IMPEX |
Principal Name 1 |
MR. G. J. RAJA |
|
Status |
Satisfactory |
Principal Name 2 |
MR. JAYARAM REDDY |
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|
|
Registration # |
--- |
|
Street Address |
No. 138, 5th Floor, |
||
|
Established Year |
1996 |
SIC Code |
-- |
|
Telephone# |
91-80-25275848/
25298608 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-80-25266289 |
Business Style 2 |
TRADER |
|
Homepage |
-- |
Product Name 1 |
WELDING
CONSUMABLES |
|
# of employees |
160 (Approximately) |
Product Name 2 |
ACCESSORIES |
|
Paid up capital |
RS.
35309000 |
Product Name 3 |
FLUXES AND FLOORING LAMINATES |
|
Shareholders |
-- |
Banking |
CANARA BANK
|
|
Public Limited Corp. |
-- |
Business Period |
19 YEARS |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba (45) |
|
Related
Company |
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|
Relation
|
Country
|
Company Name |
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|
Subsidiary
Company |
|
G Jayram Reddy
and Sons, |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
43,769,000 |
Current Liabilities |
50,208,000 |
|
Inventories |
38,537,000 |
Long-term Liabilities |
16,709,000 |
|
Fixed Assets |
3,211,000 |
Other Liabilities |
1,750,000 |
|
Deferred Assets |
--- |
Total Liabilities |
68,667,000 |
|
Invest& other Assets |
--- |
Retained Earnings |
--- |
|
|
|
Net Worth |
16,850,000 |
|
Total Assets |
85,517,000 |
Total Liab. & Equity |
85,517,000 |
|
Total Assets (Previous Year) |
--- |
|
|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
177,398,000 |
Net Profit |
5,472,000 |
|
Sales(Previous yr) |
125,226,000 |
Net Profit(Prev.yr) |
4,357,000 |
MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MARUTHI IMPEX |
|
|
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Registered Office : |
No. 138, 5th Floor, |
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Country : |
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|
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Financials (as on) : |
31.03.2010 |
|
|
|
|
Year of Establishment : |
1996 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02522C |
|
|
|
|
Legal Form : |
Partnership concern
with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Trader of Welding Consumables and Building Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba ( 44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 67400 |
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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 an
established Partnership 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.
INFORMATION PARTED BY
|
Name : |
Mr. Nagraj |
|
Designation : |
Manager |
|
Contact No.: |
91-9845062149 |
|
Date : |
29.03.2011 |
LOCATIONS
|
Registered Office : |
No. 138, 5th Floor, |
|
Tel. No.: |
91-80-25275848/
25298608 |
|
Mobile No: |
91-9845062149 (Mr. Nagraj) |
|
Fax No.: |
91-80-25266289 |
|
E-Mail : |
|
|
Area : |
2400 Sq. ft. |
|
Location: |
Owned |
|
|
|
|
Branch 1 : |
No. 19/7, 5th
Floor, “ |
|
Location : |
Owned |
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|
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Branch 2 : |
Located at: |
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|
|
Factory : |
Sy. No. 18, Plot
No. B1, N.C.P.R. Indl. Layout, Doddanekkundi Indl. Area, |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. G. J. Raja |
|
Designation : |
Managing Partner |
|
|
|
|
Name : |
Mr. Jayaram Reddy |
|
Designation : |
Partner |
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|
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|
Name : |
Ms. Padma J Reddy |
|
Designation : |
Partner |
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|
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|
Name : |
Mr. G J
Vijaykumar |
|
Designation : |
Partner |
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|
Name : |
Mrs. G J Aruna
Reddy |
|
Designation : |
Partner |
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|
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|
Name : |
Ms. Shaila Raja |
|
Designation : |
Partner |
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|
|
|
Name : |
Ms. Sudha Vijay
Kumar |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. K Suresh |
|
Designation : |
General Manager |
|
Date of
Birth/Age : |
48 Years |
|
Qualification
: |
Graduate |
|
Experience : |
18 Years |
|
|
|
|
Name : |
Mr. Ramachandra |
|
Designation : |
Marketing
Agriculture |
|
Date of
Birth/Age : |
53 Years |
|
Qualification
: |
Graduate |
|
Experience : |
28 Years |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer and Trader
of Welding Consumables and Building Products |
|
|
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|
Products : |
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Exports : |
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|
Products : |
Welding Consumables and Building Products |
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Countries : |
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Imports : |
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Products: |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit,
Credit (30 - 90 days) |
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|
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Purchasing : |
L/C, Credit,
Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
·
Hyundai
Welding Company,
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|
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Customers : |
|
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No. of Employees : |
160 (25 in
Office, 120 in Factory and 15 In Branches) Approximately |
|
|
|
|
Bankers : |
Canara Bank, Cunnigham Road, Bangalore-560052, Karnataka, India |
|
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Facilities : |
Subject enjoys
Cash Credit facility of Rs. 15.000 millions from its bankers |
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Banking
Relations : |
Satisfactory |
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|
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Auditors : |
|
|
Name : |
Mr. T Vijaykumar Chartered
Accountant Mr. K Sudhakar Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
·
G Jayram Reddy and Sons, Line of Business: Real Estate Developer
Line of Business: Manufacturing of Welding Electroplates
Line of Business: Manufacturing of Bricks
Line of Business: Manufacturing of G I Wires. |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 16.850 Millions (Estimated) |
|
Borrowed : |
-- |
|
Total : |
Rs. 16.850 Millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
Sales Turnover (Approximately) |
|
250.000 |
220.000 |
Expected Sales (2010-11): Rs. 260.000 millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners
Capital Account |
|
1.000 |
1.000 |
|
|
2] Partners Current
Account |
|
15.850 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
16.850 |
1.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
16.709 |
6.614 |
|
|
2] Unsecured Loans |
|
0.000 |
22.205 |
|
|
TOTAL BORROWING |
|
16.709 |
28.819 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
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|
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|
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TOTAL |
|
33.559 |
29.819 |
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.211 |
3.086 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
38.537 |
8.709 |
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Sundry Debtors |
|
32.732 |
21.667 |
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|
Cash & Bank Balances |
|
3.211 |
3.812 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
7.826 |
4.687 |
|
Total
Current Assets |
|
82.306 |
38.875 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
|
50.208 |
10.610 |
|
|
Provisions |
|
1.750 |
1.532 |
|
Total
Current Liabilities |
|
51.958 |
12.142 |
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|
Net Current Assets |
|
30.348 |
26.733 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
33.559 |
29.819 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
177.398 |
125.226 |
|
|
Other Income |
|
0.034 |
19.720 |
|
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Total Income |
|
177.432 |
144.946 |
|
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Expenditures : |
|
|
|
|
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Cost of Goods Sold |
|
143.309 |
NA |
|
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Salaries |
|
0.378 |
NA |
|
|
Freight and Transportation |
|
5.917 |
NA |
|
|
Repairs and Maintenance |
|
2.238 |
NA |
|
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Rates and Taxes |
|
0.331 |
NA |
|
|
Rent |
|
0.712 |
NA |
|
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Postage, Telephone and Telegram |
|
0.440 |
NA |
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Traveling Expenses |
|
1.206 |
NA |
|
|
Bank Charges |
|
0.779 |
NA |
|
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Insurance |
|
0.179 |
NA |
|
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Advertisement Expenses |
|
0.019 |
NA |
|
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Interest |
|
1.560 |
0.699 |
|
|
Conveyance Expenses |
|
0.407 |
NA |
|
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Depreciation & Amortization |
|
0.579 |
0.544 |
|
|
Other Expenditure |
|
13.906 |
15.841 |
|
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Total |
|
171.960 |
16.385 |
|
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Profit/(Loss) Before Tax |
|
5.472 |
21.439
|
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Provision for Taxation |
|
0.000 |
17.082 |
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Profit/(Loss) After Tax |
|
5.472 |
4.357 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total
Income |
(%) |
|
3.08 |
3.00 |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.08 |
17.12 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.40 |
51.09 |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.29 |
21.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
4.08 |
40.96 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.58 |
3.20 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Hundai Welding Company
- L and T Komastsu Limited,
- Volvo India Limited,
- Stanzen Yoyotetsu India
P.L., Bangalore
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
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 |
No |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
nO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.