MIRA INFORM REPORT

 

 

Report Date :

11.04.2007

 

IDENTIFICATION DETAILS

 

Name :

DEVELOP ENGINEERING CORPORATION

 

 

 

 

Registered Office :

1/ 421, Street No.6, Friends Colony, Industrial Area, Jhimil Post, New Delhi – 110 095.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1997

 

 

 

 

Legal Form :

Subject is a Sole  Proprietory Concern

 

 

Line of Business :

Manufacturer of Wire Machinery, Rod Break Down Machine, Cable Machinery

 

 

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

 

Maximum Credit Limit :

USD 4800

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern having satisfactory track. Proprietor is reported as experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The concern can be considered normal for business dealing at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

1/ 421, Street No.6, Friends Colony, Industrial Area, Jhimil Post, New Delhi – 110 095.

Tel. No.:

91-11-22575484/ 22590921

Fax No.:

91-11-22354656/ 22575823

E-Mail :

radish@bol.net.in

Website :

http://www.developengg.tradeindia.com

Area :

120 Sq. Mt.

Location :

Rented

 

 

 

SOLE PROPRIETOR

 

Name :

Mrs. Amarjeet Kaur

Designation :

Proprietor

 

 

KEY EXECUTIVES

 

Name :

Mr. M. B. Radesh

Designation :

Chief Executive Officer

Mobile No.:

91-9810287434

Date of Birth/Age :

44 Years

Qualification :

M.Tec

Experience :

20 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Wire Machinery, Rod Break Down Machine, Cable Machinery

 

 

Products :

Ø       Wire Machinery

Ø       Rod Break Down Machine

Ø       Cable Machine

 

 

Exports :

 

Countries :

Middle – East and Bangladesh

 

 

Terms :

 

Selling :

Cash, Credit (30 to 60 days)

 

 

Purchasing :

Cash, Credit (30 Days)

 

 

GENERAL INFORMATION

 

 

 

Customers :

Cable & Wire Manufacturer

 

 

No. of Employees :

16

 

 

Bankers :

Canara Bank, Dilshad Garden, New Delhi

 

 

Facilities :

---

 

 

 

Banking Relations :

Satisfactory

 

 

 

 

Memberships :

Engineering Export Promotion Council

 

 

Associates :

Sangam ESA Wire Technologies

Address :

J-71, G I (GF) Dilshad Garden, New Delhi

Tel No.:

91-11-22575484/ 22590921

Fax No.:

91-11-22354656/ 22575823

Line of Business :

Exporter of Wire Machinery, Rod Break Down Machine, Cable Machinery

Sales Turnover :

Rs.50.000 Millions

Employees :

5

 

Export in this company to:

 

Ø       Rusal Al Khamah – Dubai

Ø       R C A Cable – Bur – Dubai

Ø       Singer Bangladesh Limited  - Bangladesh

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.1.200 Millions

Borrowed :

---

Total :

Rs.1.200 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2007

31.03.2006

 

Sales Turnover

24.000

20.000

 

 

 

 

 

Profit Before Tax

13%

 

 

 

 

 

 

Profit After Tax

8 %

 

 

 

Expected Sales (2007-08) : Rs.30.000 Millions

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Web Details Attached :

 

Develop Engineering Corporation, incepted in the year 1977, is a leading manufacturer and exporter of Wire Machinery, Rod Break Down Machine, Cable Machinery, etc.

The company possesses a well-equipped, state-of-the-art manufacturing unit, which enables them to produce a range of higher quality Wire Machinery, Rod Break Down Machine, Cable Machinery and many more related machineries. The Company offers the most comprehensive range of non-ferrous Wire and Cable Machinery to their wide customer base.

It’s highly skilled experienced staff of engineers has a broad base of experience in the Wire and Cable industry. In keeping with the general trend towards increased specialization, The Company has chosen to put emphasis on quality and latest technology. The Company is dedicated to respecting and following our major goals of providing quality products and efficient services and achieving Total Customer Satisfaction.

The company believes in quality and timely delivery of product and just to serve the purpose, the company has a specialized department for Quality Control. Rigid in-process quality control is maintained at every stage of the production right from the purchase of Raw Material to the finished products, which in return give the trust and support of their clients. The uncompromising quest to satisfy their customer needs facilitated in a consistent increase in their business and that's how the company has also earned name and fame in the International Market.

 

 

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 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.42.86

UK Pound

1

Rs.84.75

Euro

1

Rs.57.71

 

 

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

6

--PROFITABILIRY

1~10

4

--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

YES

--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

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions