MIRA
INFORM REPORT
|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
HEMENDRA METAL INDUSTRIES |
|
|
|
|
Registered
Office : |
17, Patthe Bapurao
Marg, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Year of
Establishment : |
1974 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.261 Millions |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Lead Products. |
|
|
|
|
No. of Employees
: |
40 [Approximately] |
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 17000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having moderate trade.
Mr. Manish Doshi, Director of sister concern
provided to us general information and denied to disclose financial details.
However, trade relations are reported as fair. Business is active. Payments
are unknown. The concern can be considered for business dealings with some
cautions. |
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 |
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Manish Doshi |
|
Designation : |
Director of Sister Concern |
|
Contact No.: |
91-9619053231 |
|
Date : |
10.03.2012 |
LOCATIONS
|
Registered Office : |
17, Patthe Bapurao
Marg, Near Diana Cinema, Tardeo,
Mumbai-400034, Maharashtra, India |
|
Tel. No.: |
91-22-23811916/64526978 |
|
Mobile No.: |
91-9619053231 [Mr. Manish Doshi] |
|
Fax No.: |
91-22-23811916/23811917 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
500 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
231/1 GIDC, |
|
Area : |
15000 sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mrs. Shaila V Doshi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
69 Years |
|
|
|
|
Name : |
Dr. Panna Doshi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
66 years |
|
|
|
|
Name : |
Mr. Hemendra K. Doshi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
57 years |
|
|
|
|
Name : |
Mr. Abhay R. Doshi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
57 years |
|
|
|
|
Name : |
Mrs. Dipika J. Doshi |
|
Designation : |
Partner |
|
Date of Birth/Age : |
55 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Lead Products. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Lead Products |
|
Countries : |
·
Middle East ·
Africa |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Europe ·
Asia |
|
|
|
|
Terms : |
|
|
Selling : |
Advance / Document Against Payment |
|
|
|
|
Purchasing : |
Advance / Document Against Payment |
GENERAL INFORMATION
|
Customers : |
Others [Corporate and Manufacture] |
|
|
|
|
No. of Employees : |
40 [Approximately] |
|
|
|
|
Bankers : |
HDFC Bank, Worli Branch, Mumbai, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandwana and Shah Chartered Accountant |
|
|
|
|
Memberships : |
|
|
|
|
|
Parent Company : |
Standard Metalworks Private Limited Year of Establishment - 1946 |
CAPITAL STRUCTURE
AS ON 31.03.2010
|
Capital Investment : |
|
|
Owned : |
Rs. 4.261 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 4.261 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.261 |
5.084 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.116 |
0.117 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.377 |
5.201 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
15.374 |
12.170 |
|
|
TOTAL BORROWING |
|
15.374 |
12.170 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
19.751 |
17.371 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.681 |
1.792 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11.692 |
|
|
Sundry Debtors |
|
|
5.961 |
|
|
Cash & Bank Balances |
|
16.070 |
3.985 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
3.109 |
|
Total
Current Assets |
|
16.070 |
24.747 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000 |
|
|
|
Current Liabilities |
|
0.000 |
|
|
|
Provisions |
|
0.000 |
0.480 |
|
Total
Current Liabilities |
|
0.000 |
9.168 |
|
|
Net Current Assets |
|
16.070 |
15.579 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
19.751 |
17.371 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
36.083 |
33.148 |
|
|
|
Other Income |
|
3.625 |
4.345 |
|
|
|
TOTAL (A) |
|
39.708 |
37.493 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
30.426 |
28.501 |
|
|
|
Payment to and Provision for
Employees |
|
1.423 |
1.459 |
|
|
|
Manufacturing Expenses |
|
2.124 |
2.417 |
|
|
|
Establishment and Administrative Expenses |
|
2.191 |
1.334 |
|
|
|
Selling Expenses |
|
0.621 |
0.647 |
|
|
|
TOTAL (B) |
|
36.785 |
34.358 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.923 |
3.135 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.507 |
2.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.416 |
0.985 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.493 |
0.322 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/ LOSS |
|
[0.077] |
0.663 |
|
The above information has been declined by Mr. Manish Doshi.
Note : Sole Proprietory and
Partnership concerns are exempted from filing their financials with the
Government Authorities or Registry Records.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
[0.19] |
1.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[0.21] |
2.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[0.39] |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.02] |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.51 |
4.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.00 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
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.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
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 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.