MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
METALS CRAFTS |
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Registered Office : |
M-3, Industrial Estate, Udyambag, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1967 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of Material
Handling Equipments. |
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 32000 |
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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 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 dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
M-3, Industrial Estate, Udyambag, |
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Tel. No.: |
91-831-2440614 / 2441932 / 6514615 |
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Fax No.: |
91-831-2441461 |
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E-Mail : |
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Area : |
24000 sq.ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mrs. Viswalakshmi Sashidaran |
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Designation : |
Proprietor |
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Date of Birth/Age : |
66 Years |
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Experience : |
25 Years |
KEY EXECUTIVES
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Name : |
Mr. Jagdeeshchandran Mohan |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Material
Handling Equipments |
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Products : |
·
Grab
Buckets and Grapples:
Clamshell Type, Torque Arm (Scissor) Type and ·
Smelter
Equipments/Special Purpose Equipments: Crust Breaker ·
Process
Equipments: Pressure
Vessel, Heat Exchanger, Silos and Tank ·
Classification
Equipments: Cyclone,
Vibratory Separator, Classifier ·
Material
Handling Equipments: Conveyor
Pulley and Idler, Screw Conveyor, Bucket Conveyor ·
Size
Reducing Equipments:
Ball Mill, Mineral Microniser, Crusher ·
Special
Structurals: Press
Frame, Trusse, Steel Structure for Buildings ·
Precision
Spares: Gear and
Gear Box, Shaft, Ball Race |
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Imports: |
Direct Imports |
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Countries: |
(Imported components sourced from local market.) |
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Terms : |
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Selling : |
Credit ( 30-60 Days) |
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Purchasing : |
Credit ( 30 Days ) |
GENERAL INFORMATION
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Suppliers : |
Dhoshi Steels Atuni Steel Cast Alloy Steel Private Limited ( Balgaum) |
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Customers : |
Sesa Goa Limited ( Sesa Industries Limited, Chowgule ( Hindalco Limited, Solaris Chemical Limited V.S. Dempo Engineering ( Zuari Agro Chemical Limited, V.M. Salgaonkar and Brothers Limited |
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No. of Employees : |
50 Persons |
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Bankers : |
Catholic Syrian Bank Limited, ICICI Bank, |
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Facilities : |
Over Draft Limited about Rs.5.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kelkar and Company, Chartered Accountants |
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Memberships : |
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Associates/Subsidiaries : |
Turner and Miller, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.8.000 millions |
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Borrowed : |
--- |
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Total : |
Rs.8.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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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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30.000 |
20.000 |
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Profit/Loss for the year |
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About 15% |
About 15% |
LOCAL AGENCY FURTHER INFORMATION
Average Value Of Inventories At Any Given Time: Rs. 0.500 millions
WEBSITES DETAILS:
The Company Metalscrafts, were established in the year 1968, and backed by
synergic blend of excellence & professionalism have grown into a leading
brand in the country. A one stop work center equipped with multidisciplinary
capabilities, they are geared to deliver high quality services or equipments.
Their company has been exhibiting brilliant performance consistently since its
beginning, and catering to the requirements of varied industries with world
class products.
Besides being a
highly prominent manufacturer of
products, they are also a service provider offering a range of of
services such as reconditioning, repair, modification, etc. For them, customer satisfaction is the
touchstone of success, and this approach is the secret behind their undisputed
leadership in the industry for the last few decades.
General Services
They are also a service provider offering a range of of services such as reconditioning,
repair, modification, etc. The services include Horizontal Boring, Planning, Milling, Slotting,
Drilling, Shaping, Grinding, Lapping, Honing, Heat Treatment, welding,
TIG/MIG/MMA, Gas & Plasma Cutting.
Quality
The quality policy of Metalcrafts starts and ends with the customer as a focal
point. They strive to understand their requirements better and deeper than
anyone and design products that exactly cater to their requirements. Serving
them with world class products ensuring best performance and reliability has
been their aim since their inception. To ensure it, stringent quality checking
is done at every stage of the manufacturing process, right from the procurement
of raw material to the final delivery of finished products. At Metalcrafts, it
is their utmost endeavor to create a culture of total quality where continuous
improvement is the way of life. They have been in this industry almost for the
last four decades, and since the beginning they have created a new level of
confidence among their customers adhering to the highest quality standards with
all their products and services.
Infrastructure
They are of the belief that the strength of any organization lies in its
infrastructural base. Inspired by such attitude and their passion for success
through stability in every arena of their business, they have built up a robust
infrastructure for their company. It comprises of a perfect blend of cutting
edge technology and unmatched expertise of their technocrats with several years
of experience. Their company is equipped with captive facilities for
production, quality control and R&D all of which are operated under the
strict supervision of their experts. In addition, they have also established a
countrywide business network so that their valued customers can be served with
efficient product delivery and highly reliable after sale services.
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.41.06 |
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1 |
Rs.55.34 |
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Euro |
1 |
Rs.81.41 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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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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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
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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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