MIRA
INFORM REPORT
|
Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
INVOLUTE TOOLING CORPORATION |
|
|
|
|
Registered Office : |
13 Jorbagh, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1982 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer, supplier and exporter of mechanical power drives and
transmission equipment. |
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 30000 |
|
|
|
|
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 fair.
Business is active. Payments
are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
13 Jorbagh, |
|
Tel. No.: |
91-11-24621453 |
|
Fax No.: |
91-11-24603609 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
600 sq. ft. as office (Residence of Mr. Alok Goyle) |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 65, Sector 27-C, |
|
Tel. No.: |
91-129-2275864 / 2258774 |
|
Fax No.: |
91-11-24603609 |
|
Area : |
1800 sq. ft. |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Alok Goyle |
|
Designation : |
Proprietor (Chief Executive Officer) |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B. Tech |
|
Experience : |
28 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, supplier and exporter of mechanical power drives and transmission
equipment. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
All products |
|
Countries : |
Australia, Belgium, Canada, Cyprus, Egypt, Israel, Netherlands,
Norway, Switzerland, UAE, UK & USA |
|
|
|
|
Terms : |
|
|
Selling : |
LC, Cash/ Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS
Capacity to increase production by: 25%
GENERAL INFORMATION
|
Suppliers : |
Purchase raw material from open market |
|
|
|
|
Customers : |
P S L Limited, |
|
|
|
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
Bank of Tokyo, State Bank of |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 7.500 Millions |
|
Borrowed : |
- |
|
Total : |
Rs. 7.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
50.000 |
45.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
11% |
11% |
Expected Sales (2007-08) : Rs. 60.000 Millions
LOCAL AGENCY FURTHER INFORMATION
As per Website
Subject has a long experience in mechanical power drives and
transmission equipment. The product range covers products from Shaft Mounted gear
units, Custom built gear units, Worm Reduction units, Worm and worm gears,
Hardened and ground helical and spur gears, Sprockets, Timing pulleys and other
allied machine tool components.
Involute products are compact, sturdy and economical to suit most engineering
application.
Involute products are manufactured to close tolerances on CNC Machines to give
trouble free, efficient and silent functioning. Proper choice of materials
along with good engineering process technology ensures smooth and safe power
transmission.
A total management system assures excellence from customer contact to delivery
of the product.
Metallurgical testing of raw materials for composition and final testing after
hardening by NDT and microstructure tests ensures trouble free gearings of the
highest standards.
The gear units are products of CAD design with 3D design incorporated with
stress analysis for casing and working life of bearings.
Gearings are of helical type with optimized geometry and manufactured from high
alloy steels hardened for strength, durability and compactness of design.
Special application gear units as per customer specifications and standards.
Involute caters to a variety of applications and the products are manufactured
to customers requirements and satisfaction.
Materials:
Medium carbon steels, alloy carbon steels, carburising steels and
stainless steels.
Aluminium, Bronze, SG Iron castings, Nylons and Bakelite.
Applications:
Speed reducers, machine tools, textile, printing, air compressor
and other allied industry.
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. 40.37 |
|
|
1 |
Rs. 81.97 |
|
Euro |
1 |
Rs. 55.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|