MIRA
INFORM REPORT
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Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Bell House, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1992 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Trader, Distributor, Exporter and Importer of Danfoss
Dowty Bucher. Trading Hydraulic Power Pack, Hydraulic Pump, Hydraulic Motors,
Cylinder, Cooler Jacks, Ball Valves. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 87816 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Bell House, |
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Tel. No.: |
91-22-24138154 |
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Mobile No.: |
91-9323338154 |
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Fax No.: |
91-22-24149447 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Located at |
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Tel. No.: |
91-831-2445150 |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Ramesh B Havannavar |
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Designation : |
Proprietor |
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Address : |
Bell House, |
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Date of Birth/Age : |
42 years |
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Qualification : |
BE Mech. |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Distributor, Exporter and Importer of Danfoss
Dowty Bucher. Trading Hydraulic Power Pack, Hydraulic Pump, Hydraulic Motors,
Cylinder, Cooler Jacks, Ball Valves. |
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Exports : |
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Products : |
Hydraulic Power Pack, Hydraulic Jacking Equipments |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C (30 days) |
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Purchasing : |
L/C (30 days) |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Hydraulic Tank Jacking Equipment |
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10 Debts / month |
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Hydraulic Power Packs |
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50 Nos |
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Hydraulic Cylinders |
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150 Nos |
GENERAL INFORMATION
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Customers : |
Wholesaler, Retailers, End Users and OEM’s |
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Bankers : |
Bank of Dadar Brach, Mumbai – 2 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jalliwale and Company Chartered Accountants |
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Address : |
Vile Parle (West), Mumbai |
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Associates/Subsidiaries : |
Delta Techno Systems Address: Line of Business: Shipping Marine Services Bell Fluid Technics Private Limited Line of Business: Direction Control Valves |
CAPITAL STRUCTURE
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2686018 |
Equity Shares |
Rs.10/- each |
Rs.2.686
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.686 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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19.268 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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21.954 |
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LOAN FUNDS |
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1] Secured Loans |
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5.400 |
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2] Unsecured Loans |
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0.958 |
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TOTAL BORROWING |
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6.358 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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Suspences A/c |
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0.069 |
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TOTAL |
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28.381 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.543 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.084 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.395 |
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Sundry Debtors |
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8.011 |
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Cash & Bank Balances |
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3.636 |
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Other Current Assets |
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8.485 |
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Loans & Advances |
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12.473 |
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Total
Current Assets |
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37.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.246 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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10.246 |
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Net Current Assets |
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26.754 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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28.381 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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38.717 |
21.970 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.46 |
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Current Ratio (Current Asset/Current Liability) |
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3.21 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
Sauer Danfoss – Mr. Rajesh
Dynamatic Technologies – Mr. Arul Raj
Website Details Attached
Company Details:
Since its inception Subject has built a strong customer base through its
specialization in design and manufacture of Hydraulic Systems, Cylinders and
Valves for almost all industries like: Machine Tools, Steel Mill, Injection
Molding Machine, Presses, Marine, Fishing, Defence, Aero Space, Constructions
& Air port ground supporting equipments.
The main objective of the company is to serve the industries with high quality,
reliable status. It is not the product itself that is the focus of their ideas
and actions, but the products' purpose and finding cost-effective solutions
which meet or exceed their customer's expectations.
Their
Manufacturing Facilities
Their production units are fully equipped with latest machineries. They have
highly trained personal to customized production needs of customers. Each of
their equipment is a true representation of engineering excellence in
manufacturing and performance of designated production tasks.
To start with, the outsourced raw material undergoes quality checks to
determine its conformity to their prescribed quality standards.
Their Quality Assurance
They incorporate
strict quality guidelines in their manufacturing processes. Strict quality
checks and zero error tolerance are followed through out the production
process. For quality assurance, all machines are operated and thoroughly tested
by their technicians before shipment.
They have reputable and highly quality conscious companies as their regular clients.
They have earned the loyalty of the customers all across the globe by
perpetuating their association with them.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.67 |
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1 |
Rs.82.12 |
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Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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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 |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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