|
Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT IMPEX |
|
|
|
|
Registered
Office : |
21 E/2, North Phase, SIDCO Industrial Estate, Ambattur, Chennai –
600098, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
1992 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Importers and Distributors of Hardness Steel, Structural Steel Plate, Hot
Rolled Steel and Alloy Steel. |
|
|
|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track. The concern is performing well. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct and as per commitments. The concern can be considered 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 – 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 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Raju |
|
Designation : |
Manager |
|
Contact No.: |
91-9380294877 |
|
Date : |
26.11.2012 |
LOCATIONS
|
Registered Office/ Factory : |
21 E/2, North Phase, SIDCO Industrial Estate, Ambattur, Chennai –
600098, Tamilnadu, India |
|
Tel. No.: |
91-44-42189013/ 29030408/ 65156222 |
|
Mobile No.: |
91-9380294877 (Mr. Raju) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
PARTNERS
|
Name : |
Mr. P Ramakrishnan and his brothers (Name not Divulged) |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Raju |
|
Designation : |
Manager |
BUSINESS DETAILS
|
Line of Business : |
Importers and Distributors of Hardness Steel, Structural Steel Plate,
Hot Rolled Steel and Alloy Steel. |
|
|
|
|
Agencies Held : |
· SSAB, Sweden · NLMK Group of Belgium |
|
|
|
|
Imports : |
|
|
Products : |
· Steel |
|
Countries : |
· Sweden · Belgium |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
25 (Approximately) |
|
|
|
|
Bankers : |
· HDFC Bank Ambattur, Chennai – 600098, Tamilnadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Divulged |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
180.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.2500.000 Millions.
The above information has been parted by Mr. Raju.
Note: Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one years |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
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 |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
No |
COMPANY PROFILE
This is a
partnership firm started in the year 1992. Mr. P Ramakrishnan and his brothers
are partners in the firm. Mr. P Ramakrishnan is the managing partner and looks after
the running of the firm. They are importers and distributors for hardness
steel, structural steel plate, hot rolled steel and alloy steel. They import
the steel from Sweden and distribute them all over India. They are one of the
major distributors of the products of:
SSAB
Klarabergsviadukte
70 D6
Post Office Box 70
10121 Stockholm,
Sweden
+46 84545700
A note on SSAB
SSAB -for a stronger, lighter, and more sustainable world
SSAB is a producer
of high strength steel. The company has a 6 million tonne capacity for crude
steel. The company's sale of niche products - the high strength steels -
amounts to approximately 37% of the total sales. The goal is to increase the
portion of high strength steels to 50% by 2015. The remaining sales volumes are
ordinary steel products. SSAB has production plants in Sweden and the U.S.A.
There is also a capacity to process and finish the various steel products in
China. In Sweden, the production is integrated in a blast furnace process. In
the U.S., it is scrap-based production in electric arc furnaces.
SSAB employs
approximately 9 000 persons in 45 countries. In 2011, SSAB sales amounted to
almost SEK 44.6 billion (44,600,000,000 Swedish krona). High strength steel
made by SSAB is sold all over the world. The high strength steels contribute to
lighter weight of the end product, as compared to the use of ordinary steel.
High strength steels also increase strength and longevity. SSAB markets high
strength steel under the trademarks Domex, Docol, Prelaq, Hardox, Weldox,
Armox, and Toolox.
SSAB is the player
its domestic markets, the Nordic region and North America. SSAB is the largest
manufacturer of strip products in the Nordics and the leading supplier of steel
plate in North America.
SSAB activities are divided among three geographic business regions:
SSAB EMEA -
Europe, Middle East, and Africa
SSAB Americas -
North America and Latin America
SSAB APAC - Asia, Australia, and New Zealand.
The steel distributor Tibnor is a wholly owned subsidiary of SSAB.
SSAB is listed on the NASDAQ OMX Nordic Exchange, Stockholm
The firm imports
the steel from SSAB and oofloads it in the docks of Chennai and Vishakapatnam.
From there they are moved through surface transport to different cities of
India.
The main buyers from them are
· All major cement companies and mining companies
· L and T India
· Caterpillar India
· Komatsu India
· GMMR India
· IL and S Infrastructure India Limited
They have now shifted
to the Industrial belt of Ambattur where they have their own warehouse for
storing the imported steel. They employ about 25 people in the Ambattur
warehouse. The sales is looked after by a representative in every big city of
lndia and the employee strength of the firm given above does not cover them.
Recently they have got distributorship of another company called:
Belgium
NLMK LA LOUVIERE S.A.
Rue des Rivaux 2
7100 La Louviere – Belgium
Phone: + 32 64 27 27 11 / FREE + 32 64 27 27 11
Fax: + 32 64 27 28 48
Located in Ittre,
Belgium, on the outskirts of Walloon Brabant, the Clabecq site produces steel
plates of thicknesses ranging from 3 to 120 mm.
Specializing in
thin plates; the plant offers a product that is renowned for its surface
aspect, its flatness and its tight thickness tolerances. This is the result of
impressive expertise combined with unique production equipment, including the
reversible quarto mill and the continuous finishing mill with 4 independent
stands on the same line.
Thanks to its
recent investments, including an accelerated cooling system and a quenching and
tempering unit (Q&T) which has just been commissioned, Clabecq is well
established as a key player in the niche markets of line pipes, abrasion
resistant steels (Quard) and steels within very high yield strength (Quend).
The plant is close
to the port of Antwerp and at the centre of a major European motorway network,
and it distributes its sheets to the four corners of the world, with a third of
sales destined for locations outside Europe. To stay one step ahead, it has
developed a multidisciplinary team that reacts quickly to specific customer
requirements.
The demand for the
products of this company they find is very high and they are very optimistic of
getting a very large share of the national market for these products.
Right now they are doing a turnover of 180 million INR per annum. They
hope to end with 2500 million INR for the year ending 31.3.2013.
Their bankers are
HDFC bank, Ambattur, Chennai 600098. There is no way to assess the financial
strength of the firm. However, they firm claims that they have not loans
outstanding and the premises they stand on is their own. Caution advised in all
financial transactions with them. Supplies may be dispatched against LCs or
documents may be negotiated through bank.
A medium sized
firm with a niche market that is doing well financially.
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.55.69 |
|
|
1 |
Rs.89.20 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.