MIRA INFORM REPORT
|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
REMI EDELSTAHL TUBULARS LIMITED |
|
|
|
|
Formerly Known
As : |
RALENDRA MECHANICAL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Remi House, Plot No. 11, Cama Industrial Estate, Goregaon (East),
Mumbai – 400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.08.1970 |
|
|
|
|
Com. Reg. No.: |
11-014746 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 95.824
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1970PLC014746 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR13940D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR0408G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Stainless
Steel Pipes and Tubes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1790000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record.
Profitability of the company appears to be low. However trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short term – Non fund based limit : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
January 11, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan : BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
January 11, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
Remi House, Plot No. 11, Cama Industrial Estate, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-40589800/ 888 |
|
Fax No.: |
91-22-26852335/ 3868 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. N-211/1, M.I.D.C., Tarapur, Maharashtra, India |
|
Tel. No.: |
91-2525-270492 / 93 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Village Brahmanwel, Taluka Shakri, District Dhule, Maharashtra, India |
|
|
|
|
Branch Office : |
Located at: Ř Ahmedabad Ř Ř Bengaluru Ř Ř Chennai Ř Kolkata Ř Ř Ř Gurgaon Ř Ř Ř
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Vishwambhar C. Saraf |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rishabh R. Saraf |
|
Designation : |
Managing director |
|
|
|
|
Name : |
Mr. Rajendra C. Saraf |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kamal Kumar Dujodwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ritvik V. Saraf |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shankar Lal Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopikishan Biyani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sandeep Shriya |
|
Designation : |
Director |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
2419330 |
25.25 |
|
|
2807176 |
29.30 |
|
|
61748 |
0.64 |
|
Trust |
61748 |
0.64 |
|
|
5288254 |
55.19 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5288254 |
55.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
Mutual
Funds/UTI |
9000 |
0.09 |
|
|
1000 |
0.01 |
|
|
10000 |
0.10 |
|
|
|
|
|
|
2059680 |
21.49 |
|
|
|
|
|
|
1538563 |
16.06 |
|
|
505792 |
5.28 |
|
|
180111 |
1.88 |
|
|
14556 |
0.15 |
|
Overseas
Corporate Bodies |
162344 |
1.69 |
|
|
3211 |
0.03 |
|
|
4284146 |
44.71 |
|
Total Public shareholding (B) |
4294146 |
44.81 |
|
Total (A)+(B) |
9582400 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9582400 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless
Steel Pipes and Tubes. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Stainless Steel Pipes and Tubes |
|
N.A. |
10445 |
4894.014 |
|
Wind Power |
(Units) |
N.A. |
2.25 MW |
2940650 |
Notes:
1. The Company
manufactures wide range of small and big diameter stainless steel welded and
Seamless pipe and tubes and installed capacity in tons is based on Standard size
of diameter.
2. Installed capacity is as certified by the management and relied by
auditors being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Sundarlal, Desai and Kanodia Chartered Accountants |
|
Address : |
903, Arcadia, 195, N.C.P.A. Road, Mumbai – 400021, Maharashtra, India |
|
|
|
|
Relatives of key
management personnel and other related parties: : |
Rajendra Electrical Motor Industries |
|
|
|
|
Associates : |
Ř
Remi Process Plant and Machinery Limited Ř
Remi Elektrotechnik Limited Ř
Remi Metals Gujarat Limited Ř
Remi Finance and Investment Private Limited Ř
Remi Sales and Engineering Limited Ř
Bajrang Finance Limited Ř
Remi Securities Limited Ř
Rajendra Finance Private Limited Ř
Calplus Trading Private Limited Ř Aura Realfinvest
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9582400 |
Equity Shares |
Rs.10/- each |
Rs. 95.824
Millions |
|
|
|
|
|
a) Terms/ Rights Attached to Equity Shares:
The company has only one class of equity shares having par value of 10/-each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividend in Indian Rupees.
b) In the event of liquidation of the company, the holders of the equity
shares will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
c) Details of Shareholders Holding more than 5%
Shares of the Company:
|
Name of the
Shareholder |
No. of shares as
on 31.03.2012 |
|
Vandana V. Saraf |
485,972 |
|
Vishwambharlal Chiranjilal HUF |
501,264 |
|
Minakshi R. Saraf |
552,580 |
|
Rajendra Finance Private Limited |
625,000 |
|
Remi Finance and Investment Private Limited |
625,000 |
|
Remi Securities Limited |
1,209,390 |
|
Hanuman Forging and Engineering Private Limited |
1,000,000 |
|
Hanuman Freight and Carriers Private Limited |
1,000,000 |
d) There is no change in share Capital during the year.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
95.824 |
95.824 |
95.824 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
351.999 |
339.197 |
330.346 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
447.823 |
435.021 |
426.170 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
419.298 |
330.717 |
254.655 |
|
|
2] Unsecured Loans |
195.054 |
170.055 |
106.024 |
|
|
TOTAL BORROWING |
614.352 |
500.772 |
360.679 |
|
|
DEFERRED TAX LIABILITIES |
72.174 |
68.336 |
67.688 |
|
|
|
|
|
|
|
|
TOTAL |
1134.349 |
1004.129 |
854.537 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
430.289 |
419.530 |
369.301 |
|
|
Capital work-in-progress |
54.238 |
6.846 |
63.238 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.582 |
0.477 |
0.477 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
361.460
|
441.675 |
299.410
|
|
|
Sundry Debtors |
421.374
|
273.630 |
192.992
|
|
|
Cash & Bank Balances |
23.864
|
24.825 |
14.673
|
|
|
Other Current Assets |
1.117
|
0.471 |
0.000
|
|
|
Loans & Advances |
113.829
|
113.941 |
55.290
|
|
Total
Current Assets |
921.644
|
854.542 |
562.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
140.222
|
169.921 |
95.696
|
|
|
Other Current Liabilities |
128.477
|
101.568 |
41.559
|
|
|
Provisions |
3.705
|
5.777 |
3.589
|
|
Total
Current Liabilities |
272.404
|
277.266 |
140.844 |
|
|
Net Current Assets |
649.240
|
577.276 |
421.521
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1134.349 |
1004.129 |
854.537 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1815.372 |
1291.349 |
914.583 |
|
|
|
Other Income |
8.761 |
8.016 |
25.677 |
|
|
|
TOTAL (A) |
1824.133 |
1299.365 |
940.260 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1420.178 |
1056.962 |
|
|
|
|
Purchase of stock in trade |
20.781 |
18.691 |
|
|
|
|
Change in inventories of finished goods and work in progress |
(49.756) |
(87.099) |
|
|
|
|
Employee benefit expenses |
64.524 |
61.954 |
|
|
|
|
Other expenses |
241.788 |
166.692 |
|
|
|
|
TOTAL (B) |
1697.515 |
1217.200 |
883.798 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
126.618 |
82.165 |
56.462 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.937 |
45.767 |
27.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.681 |
36.398 |
28.729 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.003 |
26.870 |
25.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17.678 |
9.528 |
2.984 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.876 |
0.677 |
(5.045) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.802 |
8.851 |
8.029 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
117.977 |
119.126 |
121.097 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
10.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
125.779 |
117.977 |
119.126 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
221.276 |
132.323 |
121.701 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
927.339 |
822.372 |
309.136 |
|
|
|
Stores and Spare Parts |
2.503 |
0.703 |
0.000 |
|
|
|
Fixed Assets |
7.167 |
5.065 |
52.449 |
|
|
TOTAL IMPORTS |
937.009 |
828.140 |
361.585 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.34 |
0.92 |
0.84 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
433.930 |
485.400 |
|
Total Expenditure |
402.27 |
454.220 |
|
PBIDT (Excl OI) |
31.660 |
31.180 |
|
Other Income |
0.640 |
0.640 |
|
Operating Profit |
32.300 |
31.820 |
|
Interest |
20.200 |
18.070 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
12.280 |
13.750 |
|
Depreciation |
7.700 |
8.280 |
|
Profit Before Tax |
4.590 |
5.480 |
|
Tax |
1.240 |
2.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
3.350 |
3.380 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
3.350 |
3.380 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.70 |
0.68 |
0.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.97 |
0.74 |
0.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.31 |
0.75 |
0.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98 |
1.79 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38 |
3.08 |
3.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS:
The year ended
March, 2012 has been a turbulent year for the Global as well as the Indian
Economy. The Indian Rupee was very volatile and has experienced new lifetime
lows against the US Dollar. Apart from this phenomenon, the high interest rate
regime in the Indian Economy has taken its toll on the Capital Goods Industry.
In spite of these negatives, the Company has achieved higher production by 54%
volume, registering a growth of 30% which helped to achieve an EBIDTA growth of
over the last year. The NP of the Company increased by 44.64% on the strength
of higher EBIDTA. The benefit of the increased volume and sales did not reflect
in the profitability due to the depreciating Rupee/ higher interest burden.
The adverse market
conditions were tackled by the Company by its continuous effort of focusing on
specialty product sectors, especially in the Energy Sectors. The management
believes that further focus on these sectors is imperative for the Company’s
growth and continues to focus on these specialty sectors. The expansion
programme initiated in the previous year is under implementation. Certain
up-gradations have been completed by March while the remaining would be
completed in the coming year. The benefits of this would be accrued partially in
the coming year and thereafter reflect in the future performance. The Company
has received approval from the American Petroleum Institute (API) which would
help selling its products in the Petroleum sector in India and overseas.
The management
believes that the product portfolio up-gradation (derived from the expansion
programmed undertaken) coupled with the measures to control the financial cost
would help in achieving a better performance in the coming year.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Development:
The
Stainless steel tube and pipe industry can be classified in the organized
sector, in which the Company operates has witnessed sharp growth in capacity
over the past few years. The growth in the product markets have shifted from
the traditional focus on oil and petrochemical sector to the power sector. This
shift stands to become more prominent in the next few years as the installation
of nuclear power plants becomes more critical for the growth of the economy.
There has been a revival in demand in the Fertilizer sector owing to the
governments focus on increasing the agricultural produce.
Outlook:
The
management firmly believes that the Stainless Steel Tubular industry has strong
fundamentals and views that thesis an essential product required during the
further industrialization of the country. Its expansion programmed which
catered to meeting the demand for value added products is going to give the
Company a chance to participate in the specialized markets which are currently
dominated with few manufacturers. The approvals received from users abroad will
help in redevelopment of an export market which is currently negligible in the
Company's portfolio.
CONTINGENT LIABILITIES
(Rs. in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Bank guarantee given by bankers on behalf of
the company |
72.849 |
86.486 |
|
Guarantee given by the company to bakers on
behalf of Associate Company |
66.500 |
66.500 |
|
Bills discounted |
31.260 |
48.727 |
|
Claims of collection |
35.347 |
35.347 |
|
Central Excise (Disputed in Appeal) |
7.094 |
7.094 |
|
Subletting Charges |
0.000 |
0.137 |
|
In respect of custom Duty |
3.301 |
1.067 |
|
Income tax matter |
0.000 |
0.602 |
FIXED ASSETS
Tangible Assets
Ř Leasehold Land
Ř Land
Ř Leasehold Land
Ř Windmill
Ř Dies and Moulds
Ř Electrical Installation
Ř Office Equipments
Ř Air Conditioners
Ř Computers
Ř Furniture and Fixtures
Ř Vehicles
Intangible Asset
Ř Computer Software
WEBSITE DETAILS
PROFILE:
Subject is a highly acclaimed company initiated its stainless steel
manufacturing processes in 1970, in association with M/s. KOBE STEEL, Japan.
For making the products conveniently available to the customers under a single
purview, Subject has centralised its manufacturing functions at Tarapur in an
industrial plot of 51,000 sq. mtrs. Eventually through relentless endeavours,
Subject has carved an unmatched standing in the industry for multiple series of
seamless and welded construction of tubes and pipes holding a capacity of
12,000 MT per annum.
Subject constantly elevates product excellence and performance by Quality
testing in a well equipped laboratory. Subject is honourably approved by all
chief consultants in India and abroad, such as TUV, Bureau Veritas, TOYO, UHDE,
FWL, Bechtel, Technip etc.
Subject is extremely vigilant about health and safety of the environment and
society as a whole. Hence, as a responsible Corporate Company, they meet their
power requisites from renewable energy sources. Their products have been a boon
to various sectors like Refineries, Petrochemicals, Fertilizers,
Pharmaceuticals, Paper and Pulp Industries, etc. Subject’s true asset is its
experienced and dedicated team delivering exceptional products round the year.
Superior products, Quality packaging, Timely delivery, Competent prices and
Effective support is what REMI offers explicitly.
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 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 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. 54.39 |
|
|
1 |
Rs. 87.78 |
|
Euro |
1 |
Rs. 71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.