MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
PARIKH UDYOG |
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Registered Office : |
C-14, MIDC, Gokul Shirgaon, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1988 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP08296B |
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PAN No.: [Permanent
Account No.] |
AADFP4349L |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners. |
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Line of Business : |
Manufacturer of steel, Alloys steels, stainless steel etc. |
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 440000 |
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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. Partners are 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 : |
C-14, MIDC, Gokul Shirgaon, |
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Tel. No.: |
91-231-2672269 / 2672438 |
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Fax No.: |
91-231-2672520 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. mts. |
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Location : |
Leased |
PARTNERS
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Name : |
Mr. Rajiv Parikh |
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Designation : |
Main Partner |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.E. Mechanical |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of steel, Alloys steels, stainless steel etc. |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
120 |
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. R. Doshi Chartered Accountant |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 110.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 110.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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120.000 |
Expected Sales (2007-08): Rs. 150.000 Millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES :
·
L & T
·
Telco (Tata
Motors)
·
Godrej &
Bayce
AS PER WEBSITE DETAILS:
Profile :
Subject is a professionally managed concern which started in 1988 & is manufacturing Carbon Steel, Alloy Steel, Stainless Steel & Heat Resistant Steel Castings upto a single piece weight of 3000 Kgs. They can Cast in practically any Grade like IS, DIN, ASTM / AISI, BS, JIS etc.
Promoted
by technically qualified persons & operated by dedicated staff &
motivated workers, to meet the exacting Customers requirements. From the
inception the company has satisfied Customer all over with the supply of the
best & the most reliable products - a trait that goes in line with the
Company's culture. Every member of the company epitomizes a culture that is
Customer oriented. A culture which spells quality, Reliability, Efficiency
& Service.
Facilities:
Melting : Melting is done in three medium Frequency Coreless Induction Furnaces.
Moulding & Core Making : Facilities for handling CO2, No, Bake &
Shell making for usage in a wide range of Moulds & Cores are there, to
cater to our diversified Casting range. Sand treatment facilities to give a
better Surface finish to the Castings are also there.
Pattern Shop: A Pattern Shop wherein all Patterns are made in
house. This reduces Pattern development time & subsequent sample delivery.
Heat Treatment : Facilities for Heat Treatment like Annealing,
Normalising, Quenching, Solution Annealing & Tempering etc are available.
Fettling : Three Compressors generating 1200 cfm which takes
care of the compressed Air needs for the Fettling operations are present at the
plant. Proper tools for proper fettling of the castings, Overhead Cranes, Jib
Cranes, Shot Blasting facility etc which all together make our set up complete
for producing Good Quality Castings.
Quality Assurance : A Quality Assurance dept looks after the
full Quality norms laid down by the company. Weekly meetings to review Quality
aspects and also to hear and implement suggestions form Staff & workers,
are held. Regular training sessions are held. Experts from the relevant fields
are called to make their people aware of the Quality norms so as to upgrade
themselves.
Testing Facilities : Ultrasonic Testing, Dye Penetrant Testing,
Magnetic Testing, Radiography Testing are the various Testing facilities to
check Chemical composition, Physical properties and Hardness.
Their Castings are inputs to many diverse
core sector industries. That these Industries have reposed their faith in us
speaks for our ability to meet challenges with success. The industry range that
Parikh Udyog cater to are as under:
- Heavy Engineering
- Automobile Industry
- Sugar Industry
- Cement Industry
- Turnkey Projects
- Railway Sector
- Dam Machinery
- Earthmoving Equipments
- Pumps & Valves
- Shipping Industry
- Material Handling
- Steel Plant Equipments
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. 41.18 |
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1 |
Rs. 82.41 |
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Euro |
1 |
Rs. 55.85 |
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 |
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 |
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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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
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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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