MIRA
INFORM REPORT
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Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VALFIT
ENGINEERS |
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Registered Office : |
Unit
No.25, Pilot Industrial Estate, Navghar, Vasai (East), Thane, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04951C |
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PAN No.: [Permanent
Account No.] |
AADFV8123G |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer
of SS Pipes and Fittings, Tanks and Equipments, Tank Attachments and Pipeline
Erection |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small
Concern |
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Payment Behaviour : |
Slow
and delayed |
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Litigation : |
Clear |
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Comments : |
Subject
is a small concern having mediocre performance. It’s trade relations are
fair. Payments are reported as slow delayed. The
concern can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory: |
Unit
No.25, Pilot Industrial Estate, Navghar, Vasai (East), District Thane,
Maharashtra, India |
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Tel. No.: |
91-250-2390419 |
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Mobile No.: |
91-9860562444 |
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Fax No.: |
91-2502392577 |
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E-Mail : |
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Website : |
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Area : |
3000
sq.ft. |
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Location : |
Owned |
PARTNERS
|
Name : |
Ramesh
Shetty |
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Designation : |
Partner |
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Age : |
40
years |
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Qualification : |
Graduate |
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Experience : |
18
years |
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|
|
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Name : |
Suman
Shetty |
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Designation : |
Partner |
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Age : |
41
years |
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Qualification : |
Diploma |
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Experience : |
18
years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of SS Pipes and Fittings, Tanks and Equipments, Tank Attachments and Pipeline
Erection |
|
|
|
|
Products : |
Ø
Tanks
and Equipments Ø
Tank
Attachments Ø
SS
Pipes and Fittings Ø
Valves Ø
Filters Ø
Pumps Ø
Pipeline
Erection |
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Terms : |
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Selling : |
Credit
(30 days and 60 days) |
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Purchasing : |
Credit
(30 days) |
GENERAL
INFORMATION
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Customers : |
End
Users |
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No. of Employees : |
6 |
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Bankers : |
Bharat
Cooperative Bank Limited Vasai
(West), District Thane, Mahatashtra, India |
|
Banking Relations : |
Unknown |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.2.000
millions |
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Borrowed : |
-- |
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Total : |
Rs.2.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2006 |
|
Sales Turnover |
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|
2.000 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References – Local (along with address)
Pectochem
Consultant Private Limited, Mumbai
Web
Site Details:
Their manufacturing unit is equipped with the latest machines imperative for qualitative production.
Valfit Engineers are leading exporter and manufacturer of SS valves, pumps, tanks, pressure vessels, filter housing and complete piping erection. Their valves are used in a variety of applications including industrial, military, commercial, residential, transportation etc. They have built up an excellent track record in supply of quality valves to their customers by following the policy of customer satisfaction through continual improvement in design of product and technological improvement.
Quality
Their strength lies in the quality of the products manufactured to meet customers requirements at affordable prices. Their prompt services and the unflinching commitment to excel in the field motivates for further improvement. Their products have been enjoying a sustained presence in the national as well as international markets in chemical and process industries. Each product undergoes strict quality control to eliminate any discrepancy. Their supervisors undertake surveillance to deliver an impeccable range of products.
Infrastructure
Valfit Enginners has been trudging on its mission to ameliorate its products in line with the advanced technology. They provide a complete line of standard and custom designed solutions for difficult applications. The company is committed to product innovation, engineering excellence, precision manufacturing, 100% quality testing and hands-on technical assistance to the customer. Sprawled in the wide premises, their manufacturing unit is equipped with the latest machines imperative for qualitative production. The company houses in line of proficient professionals well versed with the industrial advances and policies.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
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 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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
37 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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